Good afternoon, everyone, and thank you for participating in today's conference call to discuss BurgerFi International's financial results for the first quarter ended April 3rd, 2023. Joining us today are John Iannucci, COO, and Mike Rabinovitch, CFO. Following their remarks, we'll open the lines for your questions. Before we begin today, I want to remind everyone that this conference call may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be related to BurgerFi's estimates of its future business outlook, liquidity, store opening plans, same-store sales, and restaurant operating margin growth plans, prospects or financial results included in projected sales, restaurant EBITDA, or financial results from the company's acquisition of Anthony's Coal Fired Pizza & Wings. Forward-looking statements generally can be identified by words such as anticipates, believes, estimates, expects, intends, plans, predicts, projects, will be, will continue, will likely result, and similar expressions. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause the company's actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the annual report on Form 10-K for the year ended January 2nd, 2023, and those disclosed in other documents that the company files with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to BurgerFi or persons acting on BurgerFi's behalf are expressly qualified in their entirety by the cautionary statements included in this conference call. The company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these statements and uncertainties, listeners are cautioned not to place undue reliance on such forward-looking statements. Also, the following discussion may contain non-GAAP financial measures. For a discussion and reconciliation of these non-GAAP financial measures, please see the earnings release for the first quarter, 2023. I would also like to remind everyone that this call will be available via telephonic replay for two weeks starting today. A webcast replay will also be available via the link provided in today's press release, as well as on the company's website at www.BurgerFi.com. As a result, today's call is being recorded. I would like to turn the call over to BurgerFi's COO, John Iannucci. John, please go ahead. Thank you for joining us today. We appreciate your continued interest in BurgerFi. Let me begin by thanking our entire team, franchisees, and employees for their dedication and hard work in this challenging environment. Before I begin today, last week, Ian Baines, our Chief Executive Officer, announced his retirement effective June seventh. As the board searches for a new CEO, I look forward to leading the organization on an interim basis. Over the last year, I've immersed myself into both Anthony's and BurgerFi and believe we have two high-quality brands with great growth potential. In this role, I plan to work with our talented teams on driving initiatives as well as continued margin expansion. On behalf of the entire company, I wish Ian the best in the next chapter of his life. My plan this afternoon is to first recap our quarter one performance and then discuss current initiatives. Following that, Mike will review the quarterly financials in greater detail and reiterate our 2023 guidance. Key highlights for the first quarter include total revenue growth of 2% to $45.7 million. The growth is in line with the first quarter's contribution towards our annual guidance of $175 million-$180 million for fiscal 2023. Consolidated system-wide sales were $73.4 million compared to $73.1 million in the same period of 2022, which includes $40.3 million in BurgerFi and $33.1 million in Anthony's. Restaurant operating margins improved in both brands, more pronounced in Anthony's, where both continued stabilization of food costs and positive same-store sales flow-through was achieved. Adjusted EBITDA grew by 12% to $2.6 million. Importantly, we remain confident that we are on track to achieve our guidance of $10 million-$12 million in Adjusted EBITDA for fiscal year 2023. Our focus remains on continuing to improve operational execution with a goal of increased sales and margin improvement in both brands for the year. During the first quarter, Anthony's saw a 3% increase in same-store sales growth. Notably, we are continuing to see sales recover in our locations in the Northeast, which previously had lacked the improvement we had seen in our home market of Florida in 2022. The top-line momentum at Anthony's has translated into margin expansion. At Anthony's, we ended Q1 with a store-level operating margin of 17.9%, which is 310 basis points above the same period in the prior year. Sequentially, Anthony's margin increased 270 basis points from 15.2% in the fourth quarter. This margin improvement is a testament to our continued sales leverage coupled with continued stable procurement costs. Both were pillars of our investment thesis underpinning our acquisition rationale. Looking at BurgerFi, system-wide comparable store sales decreased 4% from prior year. While this is an improvement from the trends we saw exiting 2022, we continue to work on improving the guest experience, marketing, and menu innovation to increase frequency. We ended Q1 with a store-level operating margin of 12.6%, which is 100 basis points above the same period in the prior year. Sequentially, margins increased 320 basis points from 9.4% in the fourth quarter. These improvements are resulting from stable procurement, pricing and controlling Store Operating Expenses. Across both brands, we continue to expect a reduction in food costs comparatively and the opportunity to continue operating margins compared to the prior year. This is primarily a result of stabilization in input prices, especially chicken wings and beef prices, but also as a result of the procurement activities that the team has been very busy implementing over the course of last year. These activities include things like changing our suppliers and negotiating in existing suppliers to get the best possible price. I would like to update you on some of the strategic initiatives we are working on to improve sales and operations, starting with BurgerFi. We are having a lot of fun with BurgerFi's LTO program. In February, we launched the BBQ Rodeo Burger, which won The Very Best Burger Award at the 2023 South Beach Wine & Food Festival Burger Bash. As a result of its success, we have extended this LTO and launched a new patty melt version to further drive interest in our brand and our products. All-Natural Angus Beef patties grilled with charred jalapeños and topped with pepper jack cheese, homemade crispy haystack onions and tangy Memphis Sweet BBQ sauce. It's served between two pieces of Texas Toast for a savory, sweet and spicy flavor profile. Ahead of St. Patrick's Day, we launched a new mint shake with Oreo. The sweet and minty flavor profile was a fun take on one of America's top three favorite ice cream flavors, mint chocolate chip, and is based on our signature cookies and cream with Oreo custard shake. Around St. Patrick's Day, guests look for fun ways to celebrate their love of green treats. This was the perfect opportunity to revamp our cookies and cream with Oreo custard shake and make it minty green. Recently, on May second, we debuted a new Texas Toast Patty Melt LTO. The new Texas Toast Patty Melt features a 100% All-Natural Angus Beef, melted American cheese, caramelized onions and BurgerFi's signature Fi Sauce, all pressed between two pieces of Texas Toast. Finally, in late April, we held a BurgerFi Franchisee Summit in Kissimmee, Florida, for our franchisees, general managers, restaurant support leaders, and our supply partners. This was the first time that we hosted our convention in person since the pandemic began, and the energy level and enthusiasm couldn't have been higher. It was great to see old friends and meet new ones as everyone strategically aligned to bring our love of the brand to our guests in new ways. Now turning to Anthony's. We continue to lean into digital marketing and our loyalty reward program to drive engagement. This has been paying dividends as seen in our increase in same-store sales, especially outside of our home market of Florida, which had lagged in the recovery during 2022. In April, we launched a new LTO with Mike's Hot Honey. Hot Honey is a very popular flavor profile, especially when paired with pizza. The new LTO features a thick-cut pepperoni pizza made with fresh mozzarella and the brand's signature imported Italian tomato sauce, topped with a drizzle of Mike's Hot Honey. Anthony's famous fresh jumbo coal-fired wings are also being tossed in Mike's Hot Honey for the best blend of sweet and spicy. Anthony's also introduced a new improved wine menu to all of its locations, featuring 11 new wines and Proseccos. We are excited about this new menu launch as wine and spirits are a high margin part of our business. Turning to development. As of April 3rd, our portfolio consists of 12 BurgerFi restaurants, 27 corporate owned and 85 franchise, and 60 corporate owned Anthony's. During the first quarter, we opened two new franchise BurgerFi restaurants and two locations transferred from franchisees to corporate owned. We kicked off our 2023 development in January with the opening of a BurgerFi franchise in Newark Liberty Airport. Airports continue to deliver high volumes and continue to be a growing part of our development strategy. We plan to grow our presence in airports across the country in 2023, with a second location in Fort Lauderdale-Hollywood International Airport opening later this year, with several others under negotiation for later this year and into 2024. In February, we opened a beautiful new franchise BurgerFi in Orlando's O-Town West, one of Orlando's most desirable destinations, featuring restaurant retail and entertainment spaces. For the full year, we still plan to open 15-20 new restaurants, all of which will be franchised. Included in this number is one new franchised Anthony's location. In the second quarter of 2023, we opened one franchised BurgerFi location with a second franchised BurgerFi location expected by month-end. As a part of our development plan this year, we're excited to launch our first ever co-branded Anthony's and BurgerFi location with our franchisee NDM Hospitality Services in Kissimmee, with an existing BurgerFi expected to be open in the third quarter of this year. Our agreement with them calls for three franchised Anthony's locations in Florida over the next two years. The second and third Anthony's locations through the NDM agreement will both be the freestanding, smaller Anthony's prototypes slated to open in the Miami World Center Development near the Miami Brightline Station. In closing, we have two very high-quality brands that are on trend with the consumer and are laser focused on enhancing operations and driving sales to achieve profitable growth. We further believe we're in the early innings of our growth story with significant white space ahead. Once again, I'd like to thank all of our team members for their tireless efforts and dedication. I'll now turn the call over to our CFO, Mike Rabinovitch, who will provide additional commentary on our first quarter 2023 performance. Go ahead, Mike. Thank you, John, and good afternoon, everyone. First quarter total revenues were $45.7 million, increasing 2% from $44.9 million for the same quarter last year. Anthony's contributed $33.1 million to revenues in the current period. The increase in revenue is a result of Anthony's positive same-store sales, partially offset by a decrease in same-store sales at BurgerFi. Shifting to our individual brands results. The BurgerFi corporate-owned restaurant sales increased 8% to $10.2 million, driven by the addition of new corporate-owned restaurants over the last year, offset by a decrease in same-store sales. BurgerFi's system-wide store sales decreased 4% for the first quarter compared to the same period in 2022. For corporate-owned BurgerFis, same-store sales decreased 6% and franchise restaurant same-store sales decreased 3%. System-wide sales for BurgerFi in the first quarter decreased 1% to $40.3 million compared to $40.6 million in the year-ago quarter, primarily due to the decline in same-store sales coupled with the closure of underperforming franchises. BurgerFi's restaurant-level Operating Expenses decreased 100 basis points to 87.4% of sales for the quarter, compared to 88.4% in the prior year's first quarter, primarily to lower input costs, partially offset by loss leverage on fixed costs due to the same-store sales declines. Turning to Anthony's. Restaurant sales were $33.1 million in the first quarter compared to $32.5 million in the prior year. The increase was driven by a 3% increase in same-store sales when compared to the first quarter of 2022. Regarding restaurant profitability, Anthony's restaurant level operating expenses improved 310 basis points to 82.1% for the quarter, compared to the prior year's first quarter. As John noted, we are beginning to see a stabilization of commodity costs, especially chicken wing prices, and we expect operating margins to continue improving throughout 2023. On a consolidated basis, we reported a net loss of $9.2 million in the first quarter compared to a net loss of $13.6 million in the year ago quarter. This year's net loss included $4.7 million of share-based compensation expenses, $3.2 million of depreciation and amortization, $2.1 million of interest expense, $900,000 of restructuring costs, $300,000 of merger acquisition integration related costs, and $300,000 of legal settlements included within general administrative expenses. Adjusted EBITDA grew 12% in the first quarter to $2.6 million compared to $2.3 million in the prior year's first quarter. Moving on to the balance sheet. Our cash balance at April 3rd was $9 million compared to $11.9 million at January 2nd, 2023. When considering our available but undrawn $4 million line of credit, we have $13 million of liquidity at the end of the quarter. The decrease in cash was the result of term loan and line of credit repayments and capital expenditures offset by cash produced by operations. We are also in compliance with all debt covenants at quarter end. Now turning to our fiscal 2023 outlook. We are reiterating our 2023 guidance, which is the following. Total revenue of $175 million-$180 million, which assumes a low single -digit increase in same-store sales. The addition of 15-20 new franchised restaurants, including 1 new Anthony's. Adjusted EBITDA of $10 million-$12 million. We are expecting capital expenditures to be approximately $2 million for the full year. With that, operator, please open the call for questions. Thank you, sir. We will now begin the Q&A session. To ask a question, you may press Star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question is from Peter Saleh with BTIG. Please go ahead. Hey, great, thanks for taking the question. You know, just wanted to ask about the trajectory on same-store sales as we go through the year. I think your, you know, low single-digit same-store sales guidance suggests, you know, some, I guess a meaningful improvement here. Can you just talk about what you're expecting and maybe if you care to share what you're seeing so far, in the second quarter? Are you seeing that materialize, particularly for the BurgerFi brand as we go through the year? Yeah. Hey, Peter, it's Mike. Thanks for joining. Thanks for calling. You know, our guide for the year of low single digit same-store sales is on a consolidated basis. When you, when you realize that Anthony's comprises 70%-80% of that same-store sales calculation, we're really looking at the Anthony's numbers. The Anthony's numbers being up 3% for the first quarter is certainly in line with our guide. The improvement in the negative trend experienced by BurgerFi last year is also in line with our plan. Both of those would fold together nicely into supporting our guide of low single digits. Kinda answering the second part of your question. Do we see that continuing through the year? You know, based on the strength and the recovery and the initiatives in play, especially in an Anthony's where a majority of the math supports our guide. You know, that is how we built our plan for the year. Second quarter to date is operating generally in line with the first quarter and still supporting that guidance. Great. Then can you just give us a little bit more color on the commodity outlook? I know you talked about wings being, you know, more stable or maybe even down year-over-year for Anthony's. Could you give us a little bit more color on the decline there? Also just thoughts on BurgerFi and beef costs for the balance of this year? Sure. Good question. On Anthony's, as you noted, chicken wings are a significant part of our food costs, and during COVID, they had risen from a, call it somewhere in the mid $2 a pound range into the high $3s. We started noting in the middle of last year that they were recovering to pre-COVID levels. In the fourth quarter, they actually improved below the fourth quarter, before pre-COVID levels. We started to get a really strong tailwind on our largest category of purchasing in Anthony's in the fourth quarter. We saw that tailwind continue in the first quarter, and we're seeing that tailwind continue in the second quarter. There's other lines, right? Anthony's also has meat that supports our toppings and our meatballs. That has also behaved relatively well here in the first part of the year. We also have some inflating items, whether they be our imported tomatoes and some of our dried goods. The mix of it all is still a very significant benefit in the first quarter, and we are seeing that continue into our second quarter and hopeful that we'll be able to continue to have those tailwinds throughout the year. On the BurgerFi side, we are seeing some modest inflation in beef as we clip through the months here, January, February, March and April. Those rates are significantly better than we experienced last year. On a comparative basis, and even on a looking back to fourth quarter basis, we're still getting a tailwind on our beef procurement from BurgerFi. Is there as much confidence that we'll be able to continue that tailwind? Maybe a little bit less because we're starting to see a little bit of uptick, that's very normal for beef. We've seen beef go up in May and June every year for the BBQ holiday season, then it moderates down. Our outlook for the year on food costs has not come off our initial guide, which is a substantial improvement from 2022. Understood. Okay, maybe just a few more. Just, can you give us an update on your pricing plans for the year? How much pricing do you guys have or how much pricing did you have in the comp in the first quarter? Are you anticipating taking more price as we go through the year? Good question. First on Anthony's, we took no additional price in the first quarter. We took a very modest price increase mid-second quarter recently, really under 1%. We did take some price increases last year at Anthony's, one in June and one in February. One in February, one in June. In terms of how much price is being carried in the first quarter, it might be a few percent, it might be 2%-4%. In terms of pricing actions going forward on Anthony's, we monitor it every quarter. We're certainly sensitive to our commodity costs and enjoying those tailwinds, but we also wanna drive transactions. We, you know, we'll evaluate that one quarter at a time. On BurgerFi, the price increases we took last year were larger than Anthony's. We looked at our competitor set as to what our share of wallet competitors and other better burger options were doing, and we brought prices to the appropriate levels to be competitive with those, with those brands. You know, in terms of how much have we been carrying, I would say in the first quarter, it might be, you know, a good 6%-8%. We don't have any pricing actions at BurgerFi planned for this quarter, and we'll evaluate third and fourth quarter. You know, there's a tie-in, Peter, to pricing but then promotions. You know, we use promotions to drive traffic and transactions into the stores. Sometimes those promotions can eat away at some of the systemic price increases that we've put in place, and that's why you don't necessarily see them in our same-store sales completely. Understood. Thank you very much. I'll pass it along. Okay, thank you. The next question is from Mike Albanese with EF Hutton. Please go ahead. Mike, John, how are you guys? Good. Good. Thanks for joining, Mike. Yeah, absolutely. Yeah, congratulations here on a nice quarter. Definitely happy to see you know, reiterate your guidance. Just a couple quick ones from me. I think just to kind of peel back the onion a little bit more on the unit level economics, I guess, at both brands. You, you know, you kinda get into the commodity and food costs. Any, any updates really in terms of labor efficiency, labor turnover? I know that's something we had talked about before. Yeah, I think here in the first quarter and heading into the beginning of the second quarter, I think we've seen some improvements in turnover at the store level. What I would say is they're directional improvements. They're not. Sorry, there's a train going by behind me. They're not at the point that they're driving the frequency change that the higher level of guest service would count. We're seeing the needle move from increasing to decreasing, and we're very pleased with that. We believe that as that trend continues, that those guest experiences keep getting higher and those frequencies go back up to where they were. Got it. Thanks. Thank you for the color there. My next question, you know, you guys have had some success in the past with LTO offerings, and obviously, you know, just using BurgerFi as the example, you're extending the, you know, the Rodeo Burger. Any notable sales lift? I mean, I guess what's the, what's the takeaway out of those LTOs? I'm assuming it's positive since you're continuing to kind of push those forward. I think the feedback that our marketing and operations team is getting is that they're really welcomed. Our loyal BurgerFi and Anthony's, if you think about the Hot Honey promotions, our loyal customers are really enjoying and really appreciative of these diversity options. Are they really driving a sales lift in terms of incrementality? Probably not. They're probably not moving the needle, but they really give us a great platform to communicate with the customer and continue that love affair that they have with both of our brands. Okay, great. Yeah, I got to, I need to try the Rodeo Burger. That's, that's on my list here. I guess lastly, just in regards to the franchise base, you know, BurgerFi, what, closed four, opened two. I mean, what is your expectation in terms of further attrition within the BurgerFi franchise base? You know, obviously, you transferred two of them from franchise to corporate-owned. I'm assuming, you know, you like the location, and thought that maybe those could be run a little bit more efficiently. I don't know. I'll let you, I'll let you add color to that. I'm wondering if there's more room for that, essentially. I'd say that the two additions that were transfers were very unique situations. We had a litigation matter with the former owner of BurgerFi and a significant shareholder, and as part of that legal settlement, we agreed to take back, and own and operate two of the locations that he still had. He had a larger number, I think six, but they had mostly closed during COVID, and so he was getting out of the business of that, and we agreed to take them on. It's nothing more than that. In terms of the overall health of the franchise base, you do see that there were four closed during the 1st quarter. What I would tell you is that those four were terminations. They had actually closed in terms of business back in 2022. What we saw throughout 2022 and into the first quarter of 2023 is kind of the finalization, those termination, franchise terminations of stores and franchisees that couldn't make it during COVID. If you think about our development plan for the year, and you kinda compare it to our closings, we expect 2023 to be a net unit positive year, you know, with opening 15-20, and we're not projecting many more closures. We're expecting net unit growth and net revenue growth out of our franchise system. Got it. Awesome. Thank you. That's a good segue, the 15-20, you know, new venues. Obviously, you guys, and I really like the strategy of opening locations and, you know, I don't know, we'll call it unique venues, such as airports. I mean, of the 15-20, you know, what% of that is a continuation of that strategy? From a count perspective, John, in the non-traditionals, do we have one to two in there? Yeah. One. Okay. One to two. Yep. in there. We are in LOI, and as part of our development plan, I would expect that you're gonna see a larger proportion of our development being in these high-volume, great brand exposure, airport-type locations. Got it. Got it. Okay. My last question, then I'll leave it for anybody else that wants to hop in. Just, you know, I guess very broadly, the franchise summit. Nice. I'm glad you guys were able to get back and do that in person. I mean, any major takeaways from that? I'll let John comment because he really led that summit. I think that there were some very, very good intangibles that came out of it, but I'll let John. Yeah. It was good. Thanks for the question, Mike. It was, you know. Thanks for being here. It's great participation from our franchisees and our corporate locations. It was our first in four years. You know, I think as we attempted to unify the brand, you know, I would say we were pretty successful. We actually have launched a summit, a survey following and, you know, received a lot of great results and feedback from the franchise team in regards to the direction of the brand and the initiatives for the brand and the, you know, enthusiasm and excitement about BurgerFi. You know, it was really good. It was really important. You know, it turned out to be, I think, a catalyst for what we expect to see for the rest of the year as far as excitement for the brand. Right. It also- Awesome. Okay, great. Thanks for all that, color and insight there. Again, congrats, on a fairly strong quarter here. Thanks for taking my questions. Thank you. Thank you. The next question is from Lynn Orenstein with Drexel Hamilton. Please go ahead. Hi, everyone. Thank you so much and congrats on the quarter. Can you please talk about the growth of your kiosks and your strategy there a little bit more? Yeah, sure. Lynn, thank you for joining, and thank you for asking the question. We launched kiosks last spring in 2022 as a test in three locations. Based on its success, we rolled it out to almost all of the corporate locations over the fall season. Some of our franchisees began adopting it in the fourth quarter. The summit that John was just talking about, we actually got a number of franchisees who got to visibly see it that are in remote locations and had not engaged with it prior and are signing up for it. I think we're probably at, give or take, about a 50% system-wide adoption of kiosks being used in the restaurants. We consistently see a higher average sale because of the AI suggestive offerings that the kiosk system gives the consumer. It's very interesting. If you take our kiosk penetration of in-restaurant orders and you add it to our first party and our third-party ordering platforms, whether it be BurgerFi.com or acfp.com or one of our delivery providers, you know, we're at 60%-70% digital revenue generation. It's just another complement. I think that there's still more room to go. We'd love to see the kiosks becoming a critical element of all of our franchises. We'd like to see the customer experience continue to improve because the software on the kiosk is not fixed. It's something that we reintroduce and augment all the time. It's a very good tool, and we're excited with it. That's great. Thank you so much. At this time, this concludes our Q&A session. I would now like to turn the call back over to Mr. Iannucci for closing remarks. Thank you, Gary. I'd like to thank everyone for listening to today's call, and we look forward to speaking with you when we report our second quarter results in August of 2023. Thanks again for joining. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.