TH International Limited (NASDAQ:THCH) Q1 2024 Earnings Call Transcript June 5, 2024 8:00 AM ET

Company Participants

Gemma Bakx - Investor Relations
Yongchen Lu - Chief Executive Officer
Dong Li - Chief Financial Officer

Conference Call Participants

Steve Silver - Argus Research

Operator

Ladies and gentlemen, welcome to Tims China's First Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode during management’s prepared remarks and there will be a question-and-answer session to follow. Today's conference is being recorded.

At this time, I would like to turn the call over to Gemma Bakx, who heads Tims China's Investor Relations efforts, for prepared remarks and introductions. Please go ahead, Gemma.

Gemma Bakx

Thank you very much. Good morning and good evening, everyone, and thank you for joining us on today's call. My name is Gemma Bakx, Head of Investor Relations at TH International, and we announced our first quarter financial results 2024 earlier today. The press release as well as an accompanying presentation, which contains operational and financial highlights, are now available on the company's IR website at ir.timschina.com. Today, you will hear from Yongchen Lu, our CEO and Director; and Albert Li, our CFO.

After the company's prepared remarks, the management team will conduct a question-and-answer session. You can find the webcast of today's earnings call on our website.

Before we get started, I'd like to remind you that our earnings presentation and investor materials contain forward-looking statements, which are subject to future events and uncertainties. Statements that are not historical facts, including, but not limited to, statements about the company's beliefs and expectations, are forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and our actual results may differ materially from those forward-looking statements. All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and risk factors included in our filings with the SEC. This presentation also includes non-GAAP financial measures, which we believe can be helpful in evaluating our performance. However, those measures should not be considered substitutes for the comparable GAAP measures. The accompanying reconciliation information related to these non-GAAP and GAAP measures can be found in our earnings press release issued earlier today.

With all that said, I'd like now to turn it over to Yongchen Lu, our CEO and Director. Over to you, Yongchen.

Yongchen Lu

Thank you, Gemma. My name is Yongchen Lu, CEO and Director of Tims China. During the first quarter of 2024, which is historically the weakest quarter in terms of seasonality, we delivered 7.1% year-over-year growth in system sales and our seventh consecutive quarter of positive adjusted EBITDA.