Boston Pizza Royalties Income Fund

Hello, this is the course call conference operator. Thank you for standing by. Welcome to Boston Pizzas second quarter 2024 conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded on August 2nd, 2024. After the presentation, there will be an opportunity to ask questions. Participants on the call may also pose their questions via email to Boston Pizza's Investor Relations Department at investorrelationsatbostonpizza.com. Should anyone need assistance during the conference call, they may signal an operator by pressing star then 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, everyone. So today we'll be discussing the 2024 second 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 second quarter materials filed earlier today on CDAR Plus, 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 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 and 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 the 13th, 2024, which was filed on cdarplus.ca. Before I turn the call over to Jordan Hone, 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 funds 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'll now turn the call over to Jordan.

Thank you, Michael, and welcome, everyone, to Boston Pizza's second quarter investor conference call. Today, I'll be discussing our second quarter results, and we'll share a brief outlook Michael will summarize our key financial highlights, and as usual, we'll leave time at the end of the call for your questions. Boston Pizza is pleased to announce positive second quarter sales despite high interest rates and inflation having created difficulties for the restaurant industry. The fund posted franchise sales from restaurants in the Royalty pool of $236.8 million for the quarter and $458.8 million year-to-date, representing an increase of 1.3%, and 0.2% respectively versus the same periods one year ago. Same restaurant sales was 1.7% for the quarter and 0.4% year to date. SRS for the quarter was principally due to menu price increases. Year to date, same restaurant sales was principally due to menu price increases partially offset by macroeconomic challenges faced by the full-service restaurant industry that negatively impacted guest traffic. From a marketing perspective, we began the second quarter of 2024 with a dynamic playoff promotion during the hockey and basketball playoffs. This initiative featured a variety of new shareable menu items and innovative cocktails supported by TV and digital media advertising centered on Boston Pizza's Team Up for the Win campaign. Our efforts enhanced every aspect of the Boston Pizza Sports Bar experience, ensuring maximum enjoyment for guests, The presence of a Canadian team in contention leading up to the final round of the hockey playoffs boosted sales toward the end of the quarter. Additionally, the launch of an updated main menu in May featuring several new items garnered positive feedback from our guests. Turning to restaurant development, one restaurant opened, no restaurants closed. and three restaurants were renovated during the quarter. Year to date, two restaurants have opened, three restaurants have closed, and 10 restaurants have been completed full renovations. We have some exciting initiatives lined up to enhance the sales and increase guest traffic in the third quarter of 2024, which I'll discuss shortly. But first, I'll hand the call back to Michael for a review of the fund's financial performance. Michael?