| 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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Quarter Ended |
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Consolidated |
BurgerFi |
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Anthony's |
| (in thousands) |
October 2, 2023 |
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October 3, 2022 |
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October 2, 2023 |
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October 3, 2022 |
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October 2, 2023 |
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October 3, 2022 |
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| Revenue by Segment |
$ |
39,480
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$ |
43,255
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$ |
9,940
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$ |
11,775
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$ |
29,540
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$ |
31,480
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| Adjusted EBITDA Reconciliation by Segment: |
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| Net loss |
$ |
(4,958) |
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$ |
(3,332) |
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$ |
(4,167) |
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$ |
(1,752) |
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$ |
(791) |
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$ |
(1,580) |
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| Employee retention credits |
— |
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(2,626) |
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— |
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(2,626) |
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— |
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— |
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| Share-based compensation expense |
172 |
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1,010 |
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177 |
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1,010 |
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(5) |
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— |
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| Depreciation and amortization expense |
3,272 |
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4,253 |
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2,123 |
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2,212 |
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1,149 |
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2,041 |
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| Interest expense |
2,219 |
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2,245 |
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1,033 |
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1,003 |
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1,186 |
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1,242 |
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| Restructuring costs |
353 |
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— |
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311 |
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— |
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42 |
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— |
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| Merger, acquisition and integration costs |
96 |
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168 |
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62 |
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168 |
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34 |
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— |
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| Legal settlements, net of gains |
(193) |
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81 |
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(289) |
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81 |
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96 |
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— |
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| Store closure costs |
162 |
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568 |
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64 |
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548 |
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98 |
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20 |
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Gain on change in value of warrant liability |
(224) |
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(726) |
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(224) |
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(726) |
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— |
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— |
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| (Gain) loss on sale of assets |
(85) |
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1 |
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7 |
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(5) |
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(92) |
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6 |
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| Adjusted EBITDA |
$ |
814
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$ |
1,642
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$ |
(903) |
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$ |
(87) |
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$ |
1,717
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$ |
1,729
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Nine Months Ended |
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Consolidated |
BurgerFi |
|
Anthony's |
| (in thousands) |
October 2, 2023 |
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October 3, 2022 |
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October 2, 2023 |
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October 3, 2022 |
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October 2, 2023 |
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October 3, 2022 |
| Revenue by Segment |
$ |
128,634
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$ |
133,484
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$ |
34,089
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$ |
37,628
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$ |
94,545
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$ |
95,856
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| Adjusted EBITDA Reconciliation by Segment: |
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| Net loss |
$ |
(20,110) |
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$ |
(77,269) |
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$ |
(18,924) |
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$ |
(36,439) |
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$ |
(1,186) |
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$ |
(40,830) |
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| Goodwill impairment |
— |
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55,168 |
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— |
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17,505 |
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— |
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37,663 |
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| Lease termination recovery |
(42) |
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— |
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(42) |
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— |
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— |
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— |
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| Employee retention credits |
— |
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(2,626) |
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— |
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(2,626) |
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— |
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— |
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| Share-based compensation expense |
5,401 |
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9,295 |
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5,380 |
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9,295 |
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21 |
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— |
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| Depreciation and amortization expense |
9,794 |
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13,427 |
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6,360 |
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7,335 |
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3,434 |
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6,092 |
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| Interest expense |
6,508 |
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6,562 |
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2,955 |
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2,960 |
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3,553 |
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3,602 |
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| Restructuring costs |
2,397 |
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— |
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1,389 |
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— |
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1,008 |
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— |
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| Merger, acquisition and integration costs |
723 |
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2,472 |
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624 |
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2,359 |
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99 |
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113 |
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Legal settlements, net of gains |
317 |
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|
393 |
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218 |
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393 |
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99 |
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— |
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| Store closure costs |
333 |
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1,134 |
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|
138 |
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1,134 |
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|
195 |
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— |
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| Loss (gain) on change in value of warrant liability |
167 |
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(2,050) |
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167 |
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(2,050) |
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— |
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— |
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| Pre-opening costs |
— |
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|
474 |
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— |
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|
474 |
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— |
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— |
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| (Gain) loss on sale of assets |
(96) |
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1 |
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1 |
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(5) |
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(97) |
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6 |
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| Income tax expense (benefit) |
2 |
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(447) |
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— |
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(451) |
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2 |
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4 |
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| Adjusted EBITDA |
$ |
5,394
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$ |
6,534
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$ |
(1,734) |
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$ |
(116) |
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$ |
7,128
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$ |
6,650
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