| Schedule of Segment Reporting Information |
The following table presents segment revenue and a reconciliation of adjusted EBITDA to net loss by segment:
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Consolidated |
Anthony’s |
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BurgerFi |
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| (in thousands) |
|
January 1,
2024 |
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January 2,
2023 |
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January 1,
2024 |
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January 2,
2023 |
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January 1,
2024 |
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January 2,
2023 |
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| Revenue by Segment |
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$ |
170,100 |
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$ |
178,720 |
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$ |
125,637 |
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$ |
128,819
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$ |
44,463
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$ |
49,901
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| Net Loss |
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$ |
(30,708) |
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$ |
(103,432) |
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$ |
(3,132) |
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(53,057) |
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$ |
(27,576) |
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(50,375) |
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| Goodwill impairment |
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— |
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66,569 |
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— |
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49,064 |
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— |
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17,505 |
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| Asset impairment charges |
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4,524 |
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6,946 |
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1,240 |
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256 |
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3,284 |
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6,690 |
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| Employee retention credits |
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— |
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(2,626) |
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— |
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— |
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— |
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(2,626) |
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| Share-based compensation expense |
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5,612 |
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10,239 |
|
188 |
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— |
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5,424 |
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10,239 |
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| Depreciation and amortization expense |
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13,154 |
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17,138 |
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4,544 |
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7,567 |
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8,610 |
|
9,571 |
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| Interest expense |
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8,828 |
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8,659 |
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4,766 |
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4,816 |
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4,062 |
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3,843 |
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| Restructuring costs |
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2,657 |
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1,459 |
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1,068 |
|
763 |
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1,589 |
|
696 |
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| Merger, acquisition and integration costs |
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818 |
|
2,787 |
|
127 |
|
154 |
|
691 |
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2,633 |
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| Legal settlements |
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564 |
|
1,623 |
|
99 |
|
35 |
|
465 |
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1,588 |
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| Store closure costs |
|
587 |
|
1,949 |
|
303 |
|
16 |
|
284 |
|
1,933 |
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| (Gain) on change in value of warrant liability |
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(13) |
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(2,511) |
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— |
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— |
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(13) |
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(2,511) |
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| Pre-opening costs |
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203 |
|
474 |
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— |
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— |
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203 |
|
474 |
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| (Gain) loss on sale of assets |
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(93) |
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(15) |
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(94) |
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19 |
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1 |
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(34) |
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Income tax (benefit) expense |
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(65) |
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(95) |
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(61) |
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(335) |
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(4) |
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240 |
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| Adjusted EBITDA |
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$ |
6,068
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$ |
9,164
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$ |
9,048
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$ |
9,298
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$ |
(2,980) |
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$ |
(134) |
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The following table summarizes information for the Company’s capital expenditures, long lived assets (including property and equipment, net and operating lease right-of-use assets), and total assets by segment as of and for the years ended January 1, 2024 and January 2, 2023:
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| (in thousands) |
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January 1, 2024 |
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January 2, 2023 |
| Capital Expenditures: |
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|
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| BurgerFi |
|
$ |
1,573 |
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$ |
1,428 |
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| Anthony’s |
|
930 |
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$ |
1,089 |
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| Total |
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$ |
2,503 |
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$ |
2,517 |
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| Long-lived assets: |
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| BurgerFi |
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$ |
19,184 |
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$ |
20,093 |
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| Anthony’s |
|
42,989 |
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$ |
45,019 |
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| Total |
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$ |
62,173
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$ |
65,112
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| Total Assets: |
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| BurgerFi |
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$ |
120,792 |
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$ |
136,810 |
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| Anthony’s |
|
137,684 |
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$ |
139,970 |
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| Total |
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$ |
258,476
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$ |
276,780
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