Good afternoon, ladies and gentlemen, and welcome to the Good Times Restaurants Inc. Fiscal 2024 fourth quarter and year-end earnings call. I am Keri August, the company's Senior Vice President of Finance and Accounting. By now, everyone should have access to the company's earnings release, which is available in the investor section of the company's website. As a reminder, a part of today's discussion will include forward-looking statements within the meaning of federal securities laws. These forward-looking statements are not guarantees of future performance, and therefore, you should not put undue reliance on them. These statements involve known and unknown risks which may cause the company's actual results to differ materially from results expressed or implied by the forward-looking statements. Such risks and uncertainties include, among other things, the market price of the company's stock prevailing from time to time, the nature of other investment opportunities presented to the company, the disruption to our business from pandemics and other public health emergencies, the impact of staffing constraints at our restaurants, the impact of supply chain constraints and inflation, the uncertain nature of current restaurant development plans, and the ability to implement those plans and integrate new restaurants. Delays in developing and opening new restaurants because of weather, local permitting, or other reasons, increased competition, cost increases, or ingredient shortages, general economic and operating conditions, risks associated with our share repurchase program, risks associated with the acquisition of additional restaurants, adequacy of cash flows, and the cost and availability of capital or credit facility borrowings to provide liquidity, changes in federal, state, or local laws and regulations affecting our restaurants, including wage and tip credit regulations, and other matters discussed under the Risk Factors section of Good Times annual report on Form 10-Ks, for the fiscal year ended September 24, 2024, and other reports filed with the SEC. During today's call, we will discuss non-GAAP measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP, and reconciliation to comparable GAAP measures is available in our earnings release. And now, I would like to turn the call over to our Chief Executive Officer, Ryan Zink.

Thank you, Keri. Thank you all for joining us today. The fourth quarter of fiscal 2024 was an encouraging brand for Bad Daddy's as we posted a strong increase in same-store sales and improving margins. While our Good Times brand experienced some challenges, as a combination of escalating beef prices and intense discounting by our competition resulted in a bit weaker margins, our first negative same-store sales quarter, albeit only a tenth of a percent, since the second quarter of fiscal 2022. Nevertheless, my confidence is not wavered in the Good Times brand. Throughout this call, I will share the positive momentum we are building. A year ago, we took a back-to-basics approach for the Bad Daddy's brand and implemented or redesigned some processes to improve restaurant-level accountability for four-wall execution. This has included redesigned standards reviews completed by the above-store restaurant leaders, which beginning in fiscal 2025 we have now incorporated into the performance metrics used to determine each restaurant management team's monthly performance-based compensation. I believe these operational changes are part of the story as to our improved same-store sales in an environment where only the exceptional operators have been able to report meaningfully positive sales. Our internal mantra has been to indulge in excellence, reflecting the indulgent and guilty pleasure element of our brand architecture with our team's laser focus on operations excellence. As we discussed on last quarter's call, Bad Daddy's released our version of smashed patty burgers as a limited-time summer seasonal special. The classic smash immediately became a top-five menu item as it was something completely different from the pub-style, thick and juicy burgers that Bad Daddy's is otherwise known for. After the seasonal period ended in late August, the item left merchandising but existed as a hidden item available in our restaurants until…

Thank you, Ryan. Let's review this quarter's results. Total revenues increased approximately 4.3% for the increase approximately 3% compared to fiscal 2023 to $142.3 million. Our 2024 total revenues are a new all-time record for the company. Let's discuss Bad Daddy's first. Total restaurant sales increased $1 million to $25.6 million for the quarter, and increased $1.3 million to $103.8 million for the full year. The sales increase was primarily driven by additional sales from the Madison, Alabama restaurant that opened in late fiscal 2023. Our average menu price during the quarter was 5.3% higher than Q4 of 2023. We closed the Longmont restaurant during the quarter, which impacted sales. But had been a perennial underperformer and with about fifteen months left on the lease as of the end of the fiscal year, made the decision to close early with continued regulatory-driven wage pressures. Same-store sales increased 3.2% for the quarter with thirty-eight Bad Daddy's in the comp base at quarter end. Same-store sales remained strong into the first quarter of the New Year, though due to holiday shift, we have seen and we continue to expect some unfavorable comparisons. Thanksgiving fell on the latest possible date this year, resulting in one fewer holiday shopping week this year compared to last year. And Christmas is on a Wednesday this year versus Monday last year, which was an ideal day for our restaurants to be closed. We took a blended approximate 2.5% price increase in the middle of November. But this will be offset by negative mix shift resulting from the high level of popularity of our Smash patty burgers. Except for certain targeted adjustments due to menu engineering, we do not expect further price increases for the foreseeable future. And as of January 1st, when we rolled over last year's…

Thank you, Keri. We can open the call for questions at this time, Christa.

Thank you. And we will now begin the question and answer session. In Ryan, we have no questions at this time.

Okay. The future is bright for both the Bad Daddy's and the Good Times concepts. Our product and promotional roadmap at both concepts is more complete than it has been at any time since the pandemic. The experiments we are conducting with advertising and promotion activity at Good Times will provide learning that we can leverage across both concepts. Further, we have expanded much of our back-to-basics approach that we implemented last year at Bad Daddy's into Good Times this year. Which should continue to drive operating improvements translating into great guest experiences. The leaders and team members in our restaurants and our support center do the hard work that creates value for our guests, and ultimately our shareholders. I extend my sincere thanks to them for their passion, commitment to operations excellence to our brands, and to exceptional guest experiences. Finally, thank you all for joining us today.

This does conclude today's conference call. Thank you for your participation and you may now disconnect.