| Schedule of Segment Reporting Information |
The following table presents segment revenue and a reconciliation of adjusted EBITDA to net loss by segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax expense (benefit) |
2 |
|
|
(335) |
|
|
— |
|
(341) |
|
|
|
|
2 |
|
6 |
|
|
| (Gain) loss on sale of assets |
(10) |
|
|
— |
|
(6) |
|
|
— |
|
|
|
(4) |
|
— |
|
|
| 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
|
|
|
$ |
90,228
|
|
|
$ |
24,148
|
|
|
$ |
25,853
|
|
|
|
|
$ |
65,005
|
|
|
$ |
64,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA Reconciliation by Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
$ |
(15,153) |
|
|
$ |
(73,937) |
|
|
(14,757) |
|
|
$ |
(34,686) |
|
|
|
|
$ |
(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
|
|
|
$ |
4,893
|
|
|
$ |
(831) |
|
|
$ |
(28) |
|
|
|
|
$ |
5,412
|
|
|
$ |
4,921
|
|
|