| Summary of Store Activity |
Store activity for the six month period ended June 30, 2022 and the year ended December 31, 2021 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2022 |
|
December 31, 2021 |
|
Corporate-owned |
Franchised |
Total |
|
Corporate-owned |
Franchised |
Total |
| Total BurgerFi and Anthony's |
86
|
|
97
|
|
183
|
|
|
86
|
|
93
|
|
179
|
|
|
|
|
|
|
|
|
|
| BurgerFi stores, beginning of the period |
25 |
|
93 |
|
118 |
|
|
17 |
|
102 |
|
119 |
|
| BurgerFi stores opened |
3 |
|
5 |
|
8 |
|
|
10 |
|
6 |
|
16 |
|
| BurgerFi stores transferred |
(3) |
|
3 |
|
— |
|
|
(1) |
|
1 |
|
— |
|
| BurgerFi stores closed |
— |
|
(4) |
|
(4) |
|
|
(1) |
|
(16) |
|
(17) |
|
| BurgerFi total stores, end of the period |
25
|
|
97
|
|
122
|
|
|
25
|
|
93
|
|
118
|
|
|
|
|
|
|
|
|
|
| Anthony's stores, beginning of period |
61 |
|
— |
|
61 |
|
|
61 |
|
— |
|
61 |
|
| Anthony's total stores, end of the period |
61
|
|
—
|
|
61
|
|
|
61
|
|
—
|
|
61
|
|
|
| Summary of Calculation of Basic and Diluted Income (Loss) Per Common Share |
Basic and diluted net (loss) income per common share is calculated as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands, except for per share data) |
Three Months Ended |
|
Six Months Ended |
| Numerator: |
June 30, 2022 |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 30, 2021 |
| Net (loss) income attributable to common shareholders |
$ |
(60,377) |
|
|
$ |
8,991
|
|
|
$ |
(73,937) |
|
|
$ |
781
|
|
| Reversal of gain on change in value of warrant liability |
— |
|
|
(12,619) |
|
|
— |
|
|
(7,673) |
|
| Net (loss) available to common shareholders - diluted |
$ |
(60,377) |
|
|
$ |
(3,628) |
|
|
$ |
(73,937) |
|
|
$ |
(6,892) |
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
| Weighted-average shares outstanding, basic |
22,214,628 |
|
|
17,888,140 |
|
|
22,089,799 |
|
|
17,852,493 |
|
| Effect of dilutive securities: |
|
|
|
|
|
|
|
| Restricted stock grants and warrants |
— |
|
|
847,417 |
|
|
— |
|
|
2,261,954 |
|
| UPOs |
— |
|
|
17,381 |
|
|
— |
|
|
30,837 |
|
| Diluted weighted-average shares outstanding |
22,214,628
|
|
|
18,752,938
|
|
|
22,089,799
|
|
|
20,145,284
|
|
|
|
|
|
|
|
|
|
| Basic net (loss) income per common share |
$ |
(2.72) |
|
|
$ |
0.50
|
|
|
$ |
(3.35) |
|
|
$ |
0.04
|
|
| Diluted net loss per common share |
$ |
(2.72) |
|
|
$ |
(0.19) |
|
|
$ |
(3.35) |
|
|
$ |
(0.34) |
|
|
| Business Combination, Segment Allocation |
The following table presents goodwill by reportable segment as of June 30, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
|
Goodwill, gross |
|
Accumulated Impairment Loss |
|
Goodwill, net |
| BurgerFi |
|
$ |
123,981 |
|
|
$ |
(123,981) |
|
|
$ |
— |
|
| Anthony's |
|
80,684 |
|
|
(37,663) |
|
|
43,021 |
|
| Total |
|
$ |
204,665
|
|
|
$ |
(161,644) |
|
|
$ |
43,021
|
|
|
|
|
|
|
|
|
|