Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.23.1
Segment Information
 12 Months Ended
Jan. 02, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
Prior to the Anthony's acquisition in November 2021, the Company had one operating and reportable segment. Following the Anthony's acquisition, the Company has two operating and reportable segments:

•BurgerFi, which includes operations of corporate-owned and franchised BurgerFi restaurants, which offer a fast-casual “better burger” concept; and

•Anthony's, which includes operations of casual dining pizza restaurants under the name Anthony’s Coal Fired Pizza & Wings.

The CODM includes the CEO, CFO, and Executive Chairman as they assess the performance of the reportable segments and make all the significant strategic decisions, including the allocation of resources.

External sales are derived principally from food and beverage sales, royalty and franchise revenue. The Company does not rely on any major customers as a source of sales, and the customers and long-lived assets of its reportable segments are predominantly in the U.S. There were no material transactions among reportable segments.

The following tables present revenue, capital expenditures, depreciation and amortization, pre-opening costs, interest expense and net loss by segment:
(in thousands) Year Ended January 2, 2023 Year Ended December 31, 2021
Revenue:
BurgerFi $ 49,901  $ 46,448 
Anthony's* 128,819  22,419 
Total $ 178,720  $ 68,867 
Capital expenditures:
BurgerFi $ 1,428  $ 10,348 
Anthony's* 1,090  317 
Total $ 2,517  $ 10,665 
Depreciation and amortization:
BurgerFi $ 9,571  $ 8,694 
Anthony's 7,567  1,366 
Total $ 17,138  $ 10,060 
Pre-opening costs:
BurgerFi $ 474  $ 1,905 
Anthony's —  — 
Total $ 474  $ 1,905 
Interest expense:
BurgerFi $ 3,843  $ 673 
Anthony's 4,816  733 
Total $ 8,659  $ 1,406 
Net loss:
BurgerFi $ (50,375) $ (121,352)
Anthony's* (53,057) (142)
Total $ (103,432) $ (121,494)
* Amounts for Anthony's are only presented from November 3, 2021, the date of acquisition.


Total assets by segment are as follows:

(in thousands) Year Ended January 2, 2023 Year Ended December 31, 2021
Total assets:
BurgerFi $ 136,811  $ 161,675 
Anthony's 139,969  156,044 
Total $ 276,780  $ 317,719