Boston Pizza Royalties Income Fund

hello this is the chorus call conference operator thank you for standing by welcome to the Boston pizzas fourth quarter 2022 quarterly earnings conference call as a reminder all participants are in listen-only mode and the conference is being recorded on February 9th 2023 after the presentation there will be a question-and-answer session participants on the call may also pose their questions via email to Boston pizzas investor relations department at investorrelationsatbostonpizza.com. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Michael Harbinson, Chief Financial Officer. Please go ahead.

Thank you and welcome to the call. Today we'll be discussing the 2022 fourth quarter results for both Boston Pizza Royalties Income Fund, or the fund, and for Boston Pizza International or BPI. For complete details on our financial results, please see our fourth quarter materials filed earlier today on CDAR or visit the fund's website at bpincomefund.com. Should you require additional information after the call, you can reach us via the investor relations phone number that's listed in our press release. The fund is a limited purpose open-ended trust established under the laws of British Columbia to acquire indirectly certain trademarks and trade names used by BPI in its Boston Pizza restaurants in Canada. BPI pays royalty and distribution income to the fund based on franchise revenues of royalty pool restaurants. For a complete description of the fund and its business, please see the annual information form dated February 8, 2023, which was filed on CDAR.com. Before I turn the call over to Jordan Holm, President of BPI, I would like to note that certain information in the following discussion may constitute forward-looking information. For a more complete definition of forward-looking information and the associated risks, please refer to the Fund's management discussion and analysis issued earlier today. Forward-looking information is provided as of the date of this call and, except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. And with that, I will turn the call over to Jordan. Jordan?

Thank you, Michael, and welcome everyone to Boston Pizza's fourth quarter investor conference call. Today, I'll be discussing our fourth quarter results and share a brief outlook. Michael will summarize our key financial highlights, and as usual, we'll save time for your questions at the end of today's call. COVID-19 continued to impact the business of Boston Pizza during 2021 and the first half of 2022. Since then, COVID-19 case counts have improved. Government restrictions related to COVID-19 have largely been eliminated and sales levels at Boston Pizza restaurants have returned to pre-pandemic levels. Turning to our financial results, the fund posted franchise sales from restaurants in the royalty pool of $227.2 million for the quarter and $855 million for the year, representing an increase of 24% and 29.5% respectively versus the same periods one year ago. Same restaurant sales was 24.5% for the quarter, and 30.4% for the year. The increase in SRS for the quarter and year compared to the same periods in 2021 was principally due to increases in restaurant guest traffic, mainly due to the easing and elimination of dining restrictions and increased average guest check. We are pleased that our sales results have supported another monthly increase to the fund's distribution rate and a special cash distribution, which Michael will elaborate on later in the call. From a marketing standpoint, we began the fourth quarter of 2022 with our HockeyNet in Canada partnership, which was supported by significant TV, digital, and social media channels, along with in-restaurant promotions at participating Boston Pizza restaurants across the country. In addition to this, we launched our 2022 holiday menu, which featured a selection of innovative items, along with a promotional bonus card offer. Guests also receive a free Ferrero Rocher 3-pack with the purchase of any qualifying holiday menu item. Also, we have the highest gift card sales in 2022 that we've had in any previous year, helped by a successful year-end holiday gift card promotion. Turning to restaurant development, Boston Pizza opened no new restaurants and closed three Boston Pizza restaurants during the quarter. BPI also completed eight restaurant renovations during the fourth quarter, and 18 renovations for the full year. Restaurants typically close or partially close for two or three weeks to complete a renovation, which incorporates updated design elements that result in a refreshed and more appealing restaurant. We have some exciting initiatives planned to drive sales in 2023, which I'll speak about in a moment. First, however, I'll turn the call back to Michael for a review of the fund's financial performance. Michael.