Document

FORT LAUDERDALE, FL – August 16, 2023 – BurgerFi International, Inc. (Nasdaq: BFI, BFIIW) (“BurgerFi” or the “Company”), owner of one of the nation’s leading fast-casual “better burger” dining concepts through the BurgerFi brand, and the high-quality, casual dining pizza and wings concept under the name Anthony’s Coal Fired Pizza & Wings (“Anthony’s”) brand, today reported financial results for the second quarter ended July 3, 2023.

Carl Bachmann, Chief Executive Officer of BurgerFi stated, “I am thrilled to have joined the BurgerFi organization because I believe both Anthony’s and BurgerFi are high quality brands with growth potential. My prior experience in turnaround situations at pizza and burger concepts has given me a deep understanding of how to help drive improvement and growth for these businesses. I plan to use the same proven and successful playbook here.”

With only a little over a month on the job, there is no question we can do better, as the challenges both brands face are not new to the industry. To say that I have seen it all before and prevailed is not a stretch. Importantly, we are already experiencing better trends at Anthony’s, especially from our northern restaurant locations. As we progress into fall, we believe these positive trends will follow typical seasonality and spread to our southern restaurant locations as well. At BurgerFi, we have been focused on improving the products and customer experience, with several initiatives expected to reach stores during the second half of the year and directly address the biggest challenges the brand faces today. Some of these include launching a much-needed new crispy chicken and grilled chicken sandwiches and improving the milk shakes. In both instances, we currently run below industry average in terms of contribution, and combined should have a meaningful impact to topline. Perhaps the most important opportunity is in fixing the

french fries, which currently accounts for a large number of customer complaints and is as simple as changing processes in the kitchen. The bottom line is that we cannot accept performance like 2Q and are committed to driving better results for all of our stakeholders. While we have limited our comments on what we have in store to drive the turnaround today, we do expect to provide a more detailed and thoughtful update by third quarter earnings or earlier.“

Christopher Jones, Chief Financial Officer of BurgerFi, added, “Like Carl, I am thrilled to be joining the BurgerFi team, as I see great potential for the business and have confidence in Carl and the BurgerFi team to lead the company to increased profitability and investor returns. The path to improved profitability is not a complex one. It will require improved execution at the stores and from management along with improvements on cost controls. Rewarding success when it’s earned while also demanding accountability from all members of the team will be central to this effort. Carl mentioned we are already seeing some encouraging trends, as we are cautiously optimistic that restaurant level margins will improve going forward, as we expect food costs to remain a positive tail wind, at least for the third quarter and into the fourth. Additionally, we expect Store Labor and Corporate G&A to begin to improve throughout the remainder of the year, assuming the economy remains stable and trends in hourly turnover at both brands continue to improve. These trends are why we are maintaining our full year financial guidance, while also guiding towards the low end of the previously provided range. Importantly, with new leadership in place, we have also started to see growing interest from new and existing franchise partners as we look to unlock the value of the Anthony’s brand with a franchise program and reengage with the BurgerFi brand, all of which should lead to increases in topline growth.”


	Consolidated
	Quarter Ended						Six Months Ended
(in thousands, except for percentage data)	July 3, 2023			June 30 , 20222			July 3, 2023			June 30 , 20222
Systemwide Restaurant Sales	$	70,683		$	74,292		$	144,128		$	147,387
Systemwide Restaurant Sales Growth	(5)		%	(2)		%	(2)		%	2		%
Systemwide Restaurant Same-Store Sales Growth	(5)		%	(3)		%	(3)		%	—		%
Corporate-Owned Restaurant Sales	$	40,808		$	42,058		$	84,117		$	84,035
Corporate-Owned Restaurant Sales Growth	(3)		%	5		%	—		%	9		%
Corporate-Owned Restaurant Same-Store Sales Growth	(3)		%	—		%	(1)		%	4		%
Franchise Restaurant Sales	$	29,875		$	32,233		$	60,010		$	63,352
Franchise Restaurant Sales Growth	(7)		%	(9)		%	(5)		%	(6)		%
Franchise Restaurant Same-Store Sales Growth	(8)		%	(7)		%	(5)		%	(5)		%
Digital Channel % of Systemwide Sales	31		%	35		%	32		%	36		%


	Quarter Ended
	July 3, 2023						June 30, 2022
(in thousands, except for percentage data)	BurgerFi			Anthony's			BurgerFi			Anthony's2
Systemwide Restaurant Sales	$	38,823		$	31,860		$	42,452		$	31,840
Systemwide Restaurant Sales Growth	(9)		%	—		%	(4)		%	2		%
Systemwide Restaurant Same-Store Sales Growth	(10)		%	1		%	(9)		%	3		%
Corporate-Owned Restaurant Sales	$	8,948		$	31,860		$	10,219		$	31,840
Corporate-Owned Restaurant Sales Growth	(12)		%	—		%	17		%	2		%
Corporate-Owned Restaurant Same-Store Sales Growth	(15)		%	1		%	(14)		%	3		%
Franchise Restaurant Sales	$	29,875		N/A			$	32,233		N/A
Franchise Restaurant Sales Growth	(7)		%	N/A			(9)		%	N/A
Franchise Restaurant Same-Store Sales Growth	(8)		%	N/A			(7)		%	N/A
Digital Channel % of Systemwide Sales	31		%	32		%	34		%	36		%


	Six Months Ended
	July 3, 2023						June 30, 2022
(in thousands, except for percentage data)	BurgerFi			Anthony's			BurgerFi			Anthony's2
Systemwide Restaurant Sales	$	79,123		$	65,005		$	83,012		$	64,375
Systemwide Restaurant Sales Growth	(5)		%	1		%	(1)		%	7		%
Systemwide Restaurant Same-Store Sales Growth	(6)		%	2		%	(6)		%	8		%
Corporate-Owned Restaurant Sales	$	19,112		$	65,005		$	19,660		$	64,375
Corporate-Owned Restaurant Sales Growth	(3)		%	1		%	17		%	7		%
Corporate-Owned Restaurant Same-Store Sales Growth	(11)		%	2		%	(11)		%	8		%
Franchise Restaurant Sales	$	60,010		N/A			$	63,338		N/A
Franchise Restaurant Sales Growth	(5)		%	N/A			(6)		%	N/A
Franchise Restaurant Same-Store Sales Growth	(5)		%	N/A			(8)		%	N/A
Digital Channel % of Systemwide Sales	31		%	33		%	35		%	37		%

Total revenue in the second quarter of 2023 decreased 4% to $43.4 million compared to $45.3 million in the year-ago quarter, primarily driven by a decrease in same-store sales at BurgerFi partially offset by the additional revenue from new restaurants opened during the period and an increase in same-store sales at Anthony’s. For the BurgerFi brand, same-store sales decreased (15)% and (8)% in corporate-owned and franchised locations, respectively. For the Anthony’s brand, same-store sales for the second quarter increased 1% over the prior year period.

Restaurant-level operating expenses for the second quarter of 2023 were $35.2 million compared to $36.2 million in the second quarter of 2022. For the BurgerFi brand, restaurant-level operating expenses, as a percentage of sales, increased 500 basis points for the second quarter of 2023, compared to the second quarter of 2022, primarily due to lower leverage on sales. For the Anthony's brand, restaurant-level operating expenses, as a percentage

Adjusted EBITDA in the second quarter of 2023 decreased $0.6 million to $2.0 million compared to $2.6 million in the second quarter of 2022, driven by lost leverage on sales at BurgerFi partially offset by higher same-store sales and lower food costs at Anthony’s. See the definition of Adjusted EBITDA, a financial measure that is a non-generally accepted accounting principle in the United States (“GAAP”), and the reconciliation to the most comparable GAAP measure below.

“Systemwide Restaurant Sales” is presented as informational data in order to understand the aggregation of franchised stores sales, ghost kitchen and corporate-owned store sales performance. Systemwide Restaurant Sales growth refers to the percentage change in sales at all franchised restaurants, ghost kitchens and corporate-owned restaurants in one period from the same period in the prior year. Systemwide Restaurant Same-Store Sales growth refers to the percentage change in sales at all franchised restaurants, ghost kitchens, and corporate-owned restaurants after 14 months of operations. See definition below for “Same-Store Sales”.

“Corporate-Owned Restaurant Sales” represent the sales generated only by corporate-owned restaurants. Corporate-Owned Restaurant Sales growth refers to the percentage change in sales at all corporate-owned restaurants in one period from the same period in the prior year. Corporate-Owned Restaurant Same-Store Sales growth refers to the percentage change in sales at all corporate-owned restaurants after 14 months of operations. These measures highlight the performance of existing corporate-owned restaurants.

“Franchise Restaurant Sales” represent the sales generated only by franchisee-owned restaurants and are not recorded as revenue, however, the royalties based on a percentage of these franchise restaurant sales are recorded as revenue. Franchise Restaurant Sales growth refers to the percentage change in sales at all franchised restaurants in one period from the same period in the prior year. Franchise Restaurant Same-Store Sales growth refers to the percentage change in sales at all franchised restaurants after 14 months of operations. These measures highlight the performance of existing franchised restaurants.

“Same-Store Sales” is used to evaluate the performance of our store base, which excludes the impact of new stores and closed stores, in both periods under comparison. We include a restaurant in the calculation of Same-Store Sales after 14 months of operations. A restaurant which is temporarily closed, is included in the Same-Store Sales computation. A restaurant which is closed permanently, such as upon termination of the lease, or other permanent closure, is immediately removed from the Same-Store Sales computation. Our calculation of Same-Store Sales may not be comparable to others in the industry.

“Digital Channel” % of systemwide sales is used to measure performance of our investments made in our digital platform and partnerships with third party delivery partners. We believe our digital platform capabilities are a vital element to continuing to serve our customers and will continue to be a differentiator for the Company as compared to some of our competitors. Digital Channel as percentages of Systemwide Restaurant Sales are indicative of the sales placed through our digital platforms and the percentage of those digital sales when compared to total sales at all our franchised and corporate-owned restaurants.

“Adjusted EBITDA,” a non-GAAP measure, is defined as net loss before goodwill impairment, lease termination recovery, share-based compensation expense, depreciation and amortization expense, interest expense (which includes accretion on the value of preferred stock and interest accretion on related party note), restructuring costs, merger, acquisition and integration costs, legal settlements, store closure costs, loss (gain) on change in value of warrant liability, income tax expense (benefit) and (gain) loss on sale of assets.

Unless otherwise stated, Systemwide Restaurant Sales, Systemwide Sales growth, and Same-Store Sales are presented on a systemwide basis, which means they include franchise restaurants and company-owned restaurants. Franchise restaurant sales represent sales at all franchise restaurants and are revenues to our franchisees. We do not record franchise sales as revenues; however, our royalty revenues and brand royalty revenues are calculated based on a percentage of franchise sales.

BurgerFi. BurgerFi is among the nation’s fast-casual better burger concepts with 114 BurgerFi restaurants (87 franchised and 27 corporate-owned) as of July 3, 2023. BurgerFi is chef-founded and committed to serving fresh, all-natural and quality food at all locations, online and via first-party and third-party deliveries. BurgerFi uses 100% American Angus Beef with no steroids, antibiotics, growth hormones, chemicals or additives. BurgerFi's menu also includes high-quality Wagyu Beef Blend Burgers, Antibiotic and Cage-Free Chicken offerings, Hand-Cut Sides, and Frozen Custard Shakes. BurgerFi was named "The Very Best Burger" at the 2023 edition of the nationally acclaimed SOBE Wine and Food Festival and “Best Fast Food Burger” in USA Today’s 10Best 2023 Readers’ Choice Awards for its BBQ Rodeo Burger, "Best Fast Casual Restaurant" in USA Today's 10Best 2023 Readers' Choice Awards for the third consecutive year, QSR Magazine's Breakout Brand of 2020 and Fast Casual's 2021 #1 Brand of the Year. In 2021, Consumer Reports awarded BurgerFi an “A Grade Angus Beef” rating for the third consecutive year. To learn more about BurgerFi or to find a full list of locations, please visit www.burgerfi.com. Download the BurgerFi App on iOS or Android devices for rewards and 'Like' or follow @BurgerFi on Instagram, Facebook and Twitter. BurgerFi® is a Registered Trademark of BurgerFi IP, LLC, a wholly-owned subsidiary of BurgerFi.

Anthony’s. Anthony’s was acquired by BurgerFi on November 3, 2021 and is a premium pizza and wing brand that operates 60 corporate-owned casual restaurant locations, as of July 3, 2023. Known for serving fresh, never frozen and quality ingredients, Anthony’s is centered around a 900-degree coal-fired oven with menu offerings including “well-done” pizza, coal-fired chicken wings, homemade meatballs, and a variety of handcrafted sandwiches and salads. Anthony’s was named “The Best Pizza Chain in America” by USA Today's Great American Bites and “Top 3 Best Major Pizza Chain” by Mashed in 2021. To learn more about Anthony’s, please visit www.acfp.com.

We use this non-GAAP financial measure for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance and when planning, forecasting, and analyzing future periods. This non-GAAP financial measure also facilitates management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results. We believe this non-GAAP financial measure is useful to investors both because (1) it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) it is used by our institutional investors and the analyst community to help them analyze the health of our business.

A reconciliation of Adjusted EBITDA guidance is not being provided due to the nature of this forward-looking non-GAAP measure containing certain elements that are impractical to predict given their market-based nature, such as share-based compensation expense and gain and losses on change in value of warrant liabilities, without unreasonable efforts. For the same reasons, we are unable to address the probable significance of the unavailable information, nor can we accurately predict all of the components of the applicable non-GAAP financial measure and reconciling adjustments thereto; accordingly, guidance for the corresponding GAAP measure may be materially different than guidance for the non-GAAP

This press release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, including statements relating to BurgerFi's estimates of its future business outlook, liquidity, prospects or financial results, long-term opportunities, executing on growth and improvement strategies, new franchise opportunities, increased revenue, liquidity, improved operating margins in both brands, improved labor trends,, seasonality trends, product improvements, including new products and services, store opening plans, and expectations regarding adjusted EBITDA in 2023, as well as statements set forth under the section titled “2023 Outlook” above. 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 our 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 our Annual Report on Form 10-K for the year ended January 2, 2023, and those discussed in other documents we file with the Securities and Exchange Commission, including our ability to continue to access liquidity from our credit agreement and remain compliant with financial covenants therein, as well as to successfully realize the expected benefits of the acquisition of Anthony’s or any other factors. 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 press release. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.


	Unaudited
(in thousands, except for per share data)	July 3, 2023		January 2, 2023
Assets
Current Assets
Cash	$	10,711	$	11,917
Accounts receivable, net	1,457		1,926
Inventory	1,438		1,320
Assets held for sale	1,527		732
Prepaid expenses and other current assets	1,525		2,564
Total Current Assets	$	16,658	$	18,459
Property & equipment, net	18,247		19,371
Operating right-of-use assets, net	45,565		45,741

Goodwill	31,621		31,621
Intangible assets, net	155,213		160,208
Other assets	971		1,380
Total Assets	$	268,275	$	276,780
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable - trade and other	$	7,723	$	8,464
Accrued expenses	8,381		10,589
Short-term operating lease liability	12,274		9,924
Short-term borrowings, including finance leases	3,485		4,985
Other current liabilities	2,842		6,241
Total Current Liabilities	$	34,705	$	40,203
Non-Current Liabilities
Long-term borrowings, including finance leases	49,786		53,794
Redeemable preferred stock, $0.0001 par value, 10,000,000 shares authorized, 2,120,000 shares issued and outstanding as of July 3, 2023 and January 2, 2023, $53 million principal redemption value, respectively	53,482		51,418
Long-term operating lease liability	40,889		40,748
Related party note payable	14,412		9,235
Deferred income taxes	1,223		1,223
Other non-current liabilities	1,330		1,212
Total Liabilities	$	195,827	$	197,833
Stockholders' Equity
Common stock, $0.0001 par value, 100,000,000 shares authorized, 26,724,218, and 21,303,500 shares issued and outstanding as of July 3, 2023 and January 2, 2023, respectively	2		2
Additional paid-in capital	314,749		306,096
Accumulated deficit	(242,303)		(227,151)
Total Stockholders' Equity	$	72,448	$	78,947
Total Liabilities and Stockholders' Equity	$	268,275	$	276,780


	Quarter Ended				Six Months Ended
(in thousands, except for per share data)	July 3, 2023		June 30, 2022		July 3, 2023		June 30, 2022
Revenue
Restaurant sales	$	40,808	$	42,236	$	84,124	84,592
Royalty and other fees	2,190		2,611		4,160		4,714
Royalty - brand development and co-op	429		451		870		922
Franchise Fees	—		—		—		—
Total Revenue	$	43,427	$	45,298	$	89,154	$	90,228
Restaurant level operating expenses:
Food, beverage and paper costs	10,772		12,545		22,382		25,352
Labor and related expenses	12,699		12,328		25,916		24,910
Other operating expenses	7,760		7,421		15,216		14,613
Occupancy and related expenses	3,930		3,890		7,763		7,725
General and administrative expenses	5,812		7,406		12,388		13,432
Depreciation and amortization expense	3,295		4,730		6,522		9,174
Share-based compensation expense	556		909		5,230		8,285
Brand development, co-op and advertising expenses	933		1,126		2,029		1,839
Goodwill and intangible asset impairment	—		55,168		—		55,168


Restructuring costs and other charges, net	1,135		52		2,174		1,040

Total Operating Expenses	$	46,892	$	105,575	$	99,620	$	161,538
Operating Loss	(3,465)		(60,277)		(10,466)		(71,310)
Interest expense, net	(2,211)		(2,246)		(4,289)		(4,317)
(Loss) gain on change in value of warrant liability	(318)		1,858		(391)		1,324

Other loss	(5)		(47)		(5)		(80)
Loss before income taxes	$	(5,999)	$	(60,712)	$	(15,151)	$	(74,383)
Income tax (expense) benefit	(2)		335		(2)		447
Net loss	$	(6,001)	$	(60,377)	$	(15,153)	$	(73,936)
Weighted average common shares outstanding:
Basic	24,891,449		22,214,628		24,216,199		22,089,799
Diluted	24,891,449		22,214,628		24,216,199		22,089,799

Net loss per common share:
Basic	$	(0.24)	$	(2.72)	$	(0.63)	$	(3.35)
Diluted	$	(0.24)	$	(2.72)	$	(0.63)	$	(3.35)


	Quarter Ended
	Consolidated				BurgerFi				Anthony's
(in thousands)	July 3, 2023		June 30, 2022		July 3, 2023		June 30, 2022			July 3, 2023		June 30, 2022
Revenue by Segment	$	43,427	$	45,298	$	11,567	$	13,458		$	31,860	$	31,840

Adjusted EBITDA Reconciliation by Segment:
Net loss	$	(6,001)	$	(60,377)	$	(5,159)	$	(21,726)		$	(842)	$	(38,651)
Goodwill impairment	—		55,168		—		17,505			—		37,663
Lease termination recovery	(42)		—		(42)					—		—

Share-based compensation expense	556		909		529		909			27		—
Depreciation and amortization expense	3,295		4,730		2,147		2,616			1,148		2,114
Interest expense	2,211		2,246		1,004		992			1,207		1,254
Restructuring costs	1,127		—		413		—			714		—
Merger, acquisition and integration costs	299		1,893		234		1,846			65		47
Legal settlements	228		187		225		187			3		—
Store closure costs	50		52		9		52			41		—
Loss (gain) on change in value of warrant liability	318		(1,858)		318		(1,858)			—		—

(Gain) loss on sale of assets	(10)		—		(6)		—			(4)		—
Income tax expense (benefit)	2		(335)		—		(341)			2		6

Adjusted EBITDA	$	2,033	$	2,615	$	(328)	$	182		$	2,361	$	2,433


	Six Months Ended
	Consolidated				BurgerFi				Anthony's
(in thousands)	July 3, 2023		June 30, 2022		July 3, 2023		June 30, 2022			July 3, 2023		June 30, 2022
Revenue by Segment	$	89,154	$	90,231	$	24,148	$	25,854		65,005		$	64,377

Adjusted EBITDA Reconciliation by Segment:
Net loss	$	(15,153)	$	(73,938)	(14,757)		$	(34,687)		$	(396)	$	(39,251)
Goodwill impairment	—		55,168		—		17,505			—		37,663
Lease termination recovery	(42)		—		(42)					—		—
Employee retention credits	—		—		—		—					—
Share-based compensation expense	5,230		8,285		5,203		8,285			27		—
Depreciation and amortization expense	6,522		9,174		4,237		5,123			2,285		4,051
Interest expense	4,289		4,318		1,922		1,957			2,367		2,361
Restructuring costs	2,044		—		1,078		—			966		—
Merger, acquisition and integration costs	627		2,304		562		2,191			65		113
Legal settlements	510		312		507		312			3		—
Store closure costs	171		566		74		586			97		(20)
Loss (gain) on change in value of warrant liability	391		(1,324)		391		(1,324)			—		—
Pre-opening costs	—		474		—		474			—		—
Income tax expense (benefit)	2		(447)		—		(451)			2		4
(Gain) loss on sale of assets	(10)		—		(6)		—			(4)		—
Adjusted EBITDA	$	4,581	$	4,892	$	(831)	$	(29)		$	5,412	$	4,921


	Quarter Ended						Six Months Ended
	July 3, 2023			June 30, 2022			July 3, 2023			June 30, 2022
(in thousands)	In dollars		% of restaurant sales	In dollars		% of restaurant sales	In dollars		% of restaurant sales	In dollars		% of restaurant sales
Restaurant Sales	$	40,808	100.0%	$	42,236	100.0%	$	84,124	100.0%	$	84,592	100.0%
Restaurant level operating expenses:
Food, beverage and paper costs	10,772		26.4%	12,545		29.7%	22,382		26.6%	25,352		30.0%
Labor and related expenses	12,699		31.1%	12,328		29.2%	25,916		30.8%	24,910		29.4%
Other operating expenses	7,760		19.0%	7,421		17.6%	15,216		18.1%	14,613		17.3%
Occupancy and related expenses	3,930		9.6%	3,890		9.2%	7,763		9.2%	7,725		9.1%
Total	$	35,161	86.2%	$	36,184	85.7%	$	71,277	84.7%	$	72,600	85.8%


	Quarter Ended						Six Months Ended
	July 3, 2023			June 30, 2022			July 3, 2023			June 30, 2022
(in thousands)	In dollars		% of restaurant sales	In dollars		% of restaurant sales	In dollars		% of restaurant sales	In dollars		% of restaurant sales
Restaurant Sales	$	31,860	100.0%	$	31,840	100.0%	$	65,005	100.0%	$	64,375	100.0%
Restaurant level operating expenses:
Food, beverage and paper costs	8,076		25.3%	9,133		28.7%	16,738		25.7%	18,910		29.4%
Labor and related expenses	9,849		30.9%	9,426		29.6%	20,089		30.9%	19,259		29.9%
Other operating expenses	5,759		18.1%	5,313		16.7%	11,128		17.1%	10,562		16.4%
Occupancy and related expenses	3,003		9.4%	2,988		9.4%	5,957		9.2%	5,860		9.1%
Total	$	26,687	83.8%	$	26,860	84.4%	$	53,912	82.9%	$	54,591	84.8%


	Quarter Ended						Six Months Ended
	July 3, 2023			June 30, 2022			July 3, 2023			June 30, 2022
(in thousands)	In dollars		% of restaurant sales	In dollars		% of restaurant sales	In dollars		% of restaurant sales	In dollars		% of restaurant sales
Restaurant Sales	$	8,948	100.0%	$	10,396	100.0%	$	19,119	100.0%	$	20,217	100.0%
Restaurant level operating expenses:
Food, beverage and paper costs	2,696		30.1%	3,412		32.8%	5,644		29.5%	6,442		31.9%
Labor and related expenses	2,851		31.9%	2,902		27.9%	5,827		30.5%	5,651		28.0%
Other operating expenses	2,001		22.4%	2,108		20.3%	4,088		21.4%	4,051		20.0%
Occupancy and related expenses	927		10.4%	902		8.7%	1,807		9.5%	1,865		9.2%
Total	$	8,475	94.7%	$	9,324	89.7%	$	17,366	90.8%	$	18,009	89.1%


	Quarter Ended			Six Months Ended
	July 3, 2023			July 3, 2023
	Corporate-owned	Franchised	Total	Corporate-owned	Franchised	Total
Total BurgerFi and Anthony's brands	87	87	174	87	87	174

BurgerFi stores, beginning of the period	27	85	112	25	89	114
BurgerFi stores opened	—	3	3	—	5	5
BurgerFi stores acquired / (transferred)	—	—	—	2	(2)	—
BurgerFi stores closed	—	(1)	(1)	—	(5)	(5)
BurgerFi total stores, end of the period	27	87	114	27	87	114

Anthony's stores, beginning of period	60	—	60	60	—	60
Anthony's stores closed	—	—	—	—	—	—
Anthony's total stores, end of the period	60	—	60	60	—	60