Q2 2024 Boston Pizza Royalties Income Fund Earnings Call Transcript

Aug 02, 2024 / 03:30PM GMT

Release Date Price: $11.84 (-1.32%)

Transcript

Key Points

Positve

Boston Pizza Royalties Income Fund (BPZZF) reported positive second quarter sales despite high interest rates and inflation challenges.
Franchise sales from restaurants in the Royalty Pool increased by 1.3% for the quarter and 0.2% year to date compared to the previous year.
The company launched successful marketing initiatives, including a dynamic playoff promotion and an updated main menu, which received positive feedback.
Boston Pizza opened two new restaurants and completed renovations on ten others year to date, indicating ongoing expansion and improvement efforts.
The company celebrated its 60th anniversary with a successful summer patio campaign, enhancing guest experience and engagement.

Negative

The Fund's net and comprehensive income decreased by $5.3 million for the quarter compared to the same period in 2023, primarily due to a decrease in fair value gain.
Guest traffic faced challenges due to macroeconomic factors, despite menu price increases contributing to sales.
The Fund's payout ratio increased to 96.2% for the quarter, up from 88% in the same period in 2023, indicating higher distribution relative to distributable cash.
Cash flows generated from operating activities decreased slightly both for the quarter and year to date compared to 2023.
The Fund experienced a decrease in distributable cash per unit by 3.6% for the quarter and 0.4% year to date, reflecting financial pressures.

Operator

Welcome to Boston Pizza's second quarter 2024 conference call. (Operator instructions) At this time, I would like to turn the conference over to Michael Harbinson, Chief Financial Officer. Please go ahead.

Michael Harbinson

Boston Pizza Royalties Income Fund - Chief Financial Officer, Director

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 SEDAR+ 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 in its Boston Pizza restaurants in Canada.

BPI pays royalty and distribution

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