Boston Pizza Royalties Income Fund

Hello, this is a chorus call conference operator. Thank you for standing by. Welcome to Boston Pizza's third quarter 2024 conference call. As a reminder, all participants are on listening mode and the conference is being recorded on November 7th, 2024. After the presentation, there will be a question and answer session. Participants on the call may also pose questions via email to Boston Pizza's Investor Relations Department at InvestorRelations at BostonPizza.com. Should you need assistance during the conference call, please see to an operator by pressing star then zero on your 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 2024 third 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 third 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 and its Boston Pizza restaurants in Canada. BPI pays royalty and distribution income to the fund based on franchise revenue 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 cedarplus.ca. Before I turn the call over to Jordan Holm, President of the BPI, I'd 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 reverse forward-looking information to reflect new events or circumstances. And with that, I will now turn the call over to Jordan. Jordan?

Thank you, Michael, and welcome, everyone, to Boston Pizza's third quarter investor conference call. Today, I'll be discussing our third quarter results and share a brief outlook. Michael will then summarize our key financial highlights, and as usual, we'll leave time at the end of today's call for your questions. Boston Pizza's third quarter sales remained stable, with total franchise sales in line with previous quarters in 2024. Although the current economic conditions remain challenging, Boston Pizza was able to mitigate these issues with effective promotions. The fund posted franchise sales from restaurants in the royalty pool of $238.6 million for the quarter and $697.4 million a year to date, representing decreases of 0.6% for the quarter and 0.1% year to date versus the same periods one year ago. Same restaurant sales was negative 0.6% for the quarter and positive 0.1% year to date. Same restaurant sales for the quarter was principally due to macroeconomic challenges faced by the full-service restaurant industry. Year-to-date, SRS was primarily driven by flat franchise sales when compared to the same period in 2023. From a marketing standpoint, we kicked off the third quarter of 2024 with a summer patio campaign, spotlighting our latest food and drink innovations. Through a combination of billboard and digital media advertising, Boston Pizza invited Canadians nationwide to experience the inviting atmosphere, delicious food, and refreshing drinks on our patios. As the season shifted, we introduced a fall-inspired menu alongside a football-themed menu, offering indulgent new items tailored to both fall and football fans alike. Both promotions resonated well with our guests. In late third quarter, our popular Boston Pizza Kids Cards promotion returned, allowing families to receive five free kids meals with a $5 donation to the Boston Pizza Foundation. This effective campaign generated over $1 million for the foundation, an over 6% increase compared to 2023. We closed the quarter with a successful Kids Eat Free promotion in September. In terms of restaurant development, no new restaurants were opened during the third quarter. One was closed, and another eight completed full renovations during the quarter. Year to date, two restaurants have been opened, four have been closed, and 18 have undergone renovations. We have several exciting initiatives planned for the fourth quarter of 2024 to boost sales and attract more guests, which I'll cover shortly. But first, let's hear from Michael about the fund's financial performance. Michael?