Red Robin Gourmet Burgers Inc (RRGB) 2022 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to the Red Robin Gourmet Burgers, Inc., Third Quarter 2020 Earnings Call. This conference is being recorded. During management's presentation and in response to your questions, they will be making forward-looking statements about the company's business outlook and expectations. These forward-looking statements and all other statements that are not historical facts reflect management's beliefs and predictions as of today and, therefore, are subject to risks and uncertainties as described in the safe harbor discussion found in the company's SEC filings.

大家下午好，歡迎來到 Red Robin Gourmet Burgers, Inc. 2020 年第三季度財報電話會議。正在錄製此會議。在管理層的介紹和回答您的問題時，他們將對公司的業務前景和預期做出前瞻性陳述。這些前瞻性陳述和所有其他非歷史事實的陳述反映了管理層截至今天的信念和預測，因此受到公司提交給美國證券交易委員會的文件中安全港討論中所述的風險和不確定性的影響。

Management will also discuss non-GAAP financial measures as part of today's conference call. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles but are intended to illustrate an alternative measure of the company's operating performance that may be useful. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures can be found in the earnings release. The company has posted its fiscal third quarter 2020 earnings release on its website at ir.redrobin.com. Now I would like to turn the call over to Red Robin's new CEO, G.J. Hart.

作為今天電話會議的一部分，管理層還將討論非 GAAP 財務措施。這些非 GAAP 指標並非根據公認的會計原則編制，而是旨在說明可能有用的衡量公司經營業績的替代指標。在收益發布中可以找到非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬。該公司已在其網站 ir.redrobin.com 上發布了 2020 財年第三季度財報。現在我想把電話轉給 Red Robin 的新任首席執行官 G.J.哈特。

Hello, and thank you for joining us today. With me is Lynn Schweinfurth, our Chief Financial Officer. After providing some opening remarks, Lynn will review our fiscal third quarter results and financial outlook. I'm very excited to be here as the CEO of Red Robin and my optimism around what this brand can achieve has only grown since assuming the role in early September. Although new to the executive team, I've served on the Board since August 2019, which I believe provides a great deal of continuity during this leadership transition.

您好，感謝您今天加入我們。和我一起的是我們的首席財務官 Lynn Schweinfurth。在發表一些開場白之後，林恩將回顧我們第三財季的業績和財務前景。我很高興能以 Red Robin 的首席執行官的身份來到這裡，自從 9 月初擔任該職位以來，我對這個品牌能夠取得的成就持樂觀態度。雖然我是執行團隊的新成員，但自 2019 年 8 月以來一直在董事會任職，我相信這在領導層交接期間提供了很大的連續性。

While I've always been a big fan of this brand over the last several years, I've gained a deeper understanding of the organization, and with that, a heightened appreciation for the culture, values and brand equities that have made Red Robin so iconic for more than five decades. My predecessor, Paul Murphy, is serving as a special adviser to the company through next March, and I want to thank him on behalf of the Red Robin team and Board for his many contributions over the past three years. He's successfully navigated us through the pad demic while building key platforms of growth that will continue leveraging going forward. On a personal note, I am also grateful to be benefiting from his insights and perspective.

雖然在過去的幾年裡我一直是這個品牌的忠實粉絲，但我對這個組織有了更深入的了解，並因此對使 Red Robin 如此受歡迎的文化、價值觀和品牌資產有了更高的認識。超過五個十年的標誌性。我的前任保羅·墨菲 (Paul Murphy) 將擔任公司的特別顧問，直到明年 3 月，我要代表 Red Robin 團隊和董事會感謝他在過去三年中做出的諸多貢獻。他成功地帶領我們度過了流行病，同時建立了將繼續利用未來發展的關鍵增長平台。就個人而言，我也很高興能從他的見解和觀點中受益。

Having worked in the restaurant industry for approximately 35 years at both public and private companies, I probably already know many of the people listening to this call. And to those I have not yet met, I look forward to speaking and meeting you over the coming months ahead. By way of background, I most recently served as CEO of Torchy's Taco for almost four years, and prior to that, as the Executive Chairman and CEO of California Pizza Kitchen for over seven years. I was also with Texas Roadhouse for more than a decade as President and ultimately CEO and took the company public. Through those experiences and others, I believe that I have demonstrated my commitment to profitable growth and the ability to drive long-term shareholder value. I intend to do the same here at Red Robin.

我在餐飲業的上市公司和私營公司工作了大約 35 年，我可能已經認識很多聽這個電話的人。對於那些我還沒有見過面的人，我期待著在接下來的幾個月裡與你們交談和見面。作為背景，我最近擔任 Torchy's Taco 的首席執行官近四年，在此之前，我擔任 California Pizza Kitchen 的執行主席兼首席執行官超過七年。我還在 Texas Roadhouse 工作了十多年，擔任總裁併最終擔任首席執行官，並帶領公司上市。通過這些經歷和其他經歷，我相信我已經證明了我對盈利增長的承諾和推動長期股東價值的能力。我打算在 Red Robin 做同樣的事情。

I've spent my initial eight weeks meeting the team, visiting restaurants, digging into the business and learning as much as I can and as quickly as I can. People have always been a key priority for me in building a successful culture in business, and I really have been impressed by the team members I have encountered, both inside the restaurants and at the restaurant support center. My attention is urgently focused on delivering on our brand promise, starting with building an extraordinary restaurant experience and being more relevant to our guests.

我花了最初的八週時間與團隊會面、參觀餐廳、深入了解業務並儘可能多地、盡可能快地學習。在建立成功的商業文化方面，人一直是我的首要任務，我遇到的團隊成員給我留下了深刻的印象，無論是在餐廳內部還是在餐廳支持中心。我的注意力迫切地集中在兌現我們的品牌承諾上，從打造非凡的餐廳體驗開始，並與我們的客人更加相關。

New initiatives that we are pursuing to capture the opportunities include, among others, strengthening the restaurant management structure and service model, improving food quality, optimizing the menu with some new items and creating a playful environment that allows our guests to enjoy connecting with friends over a great meal. After all, this is what Red Robin was built upon. Red Robin will be an operations-driven brand with a maniacal focus on quality execution and being of service to our operators. We are also looking at how we can improve the efficiency and effectiveness for how we operate our business overall. Our intention is to prioritize capital spending on refreshing our restaurant base.

我們為把握機遇而採取的新舉措包括（其中包括）加強餐廳管理結構和服務模式、提高食品質量、通過一些新項目優化菜單以及創造一個有趣的環境，讓我們的客人享受與朋友交流的樂趣一頓美餐。畢竟，這就是 Red Robin 的基礎。 Red Robin 將成為一個以運營為導向的品牌，專注於質量執行和為我們的運營商提供服務。我們也在研究如何提高我們整體業務運營的效率和有效性。我們的意圖是將資本支出優先用於更新我們的餐廳基礎。

Now I'd like to provide some opening thoughts on the current state of the business. Importantly, category sales and traffic improved in Q3 when comparing our own sales and traffic trends relative to peers we outperformed. We believe there are several reasons for this. First, our new limited-time product offerings have proven extremely popular with guests, generating a higher check average. We have balanced these with compelling promotions, including our $10 gourmet meal deal that continues driving incremental profitable traffic and positive value sentiment that exceeds the category. These initiatives are complemented by everyday value that includes affordable prices, generous portions and signature bottomless sides and drinks. We recently launched our $4.99 margaritas and are testing other everyday value offers around specific dayparts, such as Happy Hour, which is currently featured in about a third of our restaurants.

現在我想就當前的業務狀況提供一些開放的想法。重要的是，當比較我們自己的銷售和流量趨勢與我們表現出色的同行時，第三季度的品類銷售和流量有所改善。我們認為這有幾個原因。首先，事實證明，我們新推出的限時產品非常受客人歡迎，產生了更高的平均支票。我們通過引人注目的促銷活動平衡了這些，包括我們的 10 美元美食交易，它繼續推動增量盈利流量和超出類別的積極價值情緒。這些舉措得到日常價值的補充，包括實惠的價格、豐盛的份量和標誌性的無底邊和飲料。我們最近推出了 4.99 美元的瑪格麗塔酒，並正在圍繞特定時段測試其他日常超值優惠，例如歡樂時光，目前我們大約三分之一的餐廳都提供這種服務。

Several other initiatives are driving sales growth for the brand. Catering is well ahead of plan and above 2019 levels, driven by our talented catering sales team, increased field engagement and readiness and our new virtual catering storefronts. Our Donatos Pizza offering continues to exceed our expectations. We are driving incremental sales and the gap is widening between those restaurants with Donatos and those without it. In fact, restaurants with Donatos outperformed non-Donatos restaurants by 10.1% versus 2019. That was up from approximately 8% in Q2 and approximately 5% in Q1.

其他幾項舉措正在推動該品牌的銷售增長。在我們才華橫溢的餐飲銷售團隊、更多的現場參與和準備以及我們新的虛擬餐飲店面的推動下，餐飲遠超計劃並高於 2019 年的水平。我們的 Donatos Pizza 產品繼續超出我們的預期。我們正在推動增量銷售，並且那些有 Donatos 的餐廳和沒有它的餐廳之間的差距正在擴大。事實上，與 2019 年相比，擁有 Donatos 的餐廳比沒有 Donatos 的餐廳高出 10.1%。這高於第二季度的約 8% 和第一季度的約 5%。

Our digital guest experience, which includes a new website, mobile app and an enhanced loyalty platform is driving frequency, traffic and check. We currently stand at one million app downloads, and the app itself has earned high ratings on Apple and Android. Additionally, the integration of our Red Robin Royalty platform into our app and online ordering experience has resulted in best-ever levels of engagement with guests. Royalty membership continues to grow and is now over 11 million members as of the quarter end, an improvement of 800,000 members since the end of 2021.

我們的數字客戶體驗，包括一個新的網站、移動應用程序和一個增強的忠誠度平台，正在推動頻率、流量和檢查。我們目前的應用程序下載量達到 100 萬次，應用程序本身在 Apple 和 Android 上也獲得了很高的評價。此外，我們將 Red Robin Royalty 平台集成到我們的應用程序和在線訂購體驗中，從而實現了與客人的最佳互動。版稅會員繼續增長，截至本季度末，會員人數已超過 1100 萬，自 2021 年底以來增加了 80 萬。

Now let's talk about our operational execution. While we are making progress in areas of hiring and retention, leading to incremental improvements in guest satisfaction, our guest satisfaction scores remain at levels below best-in-class for casual dining. Our implementation of the HotSchedules platform will provide greater scheduling flexibility, which is very important to team members and gives time back to the managers. Our focus will remain on setting our general managers and team members up for success.

現在讓我們談談我們的運營執行。雖然我們在招聘和保留方面取得進展，從而逐步提高客人滿意度，但我們的客人滿意度得分仍低於休閒餐飲的一流水平。我們實施 HotSchedules 平台將提供更大的調度靈活性，這對團隊成員非常重要，並將時間回饋給管理者。我們的重點仍將是讓我們的總經理和團隊成員為成功做好準備。

While commodity and other operating costs were higher than expected, we do believe that restaurant margins will improve in the fourth quarter and beyond. Lynn will provide more detail summarizing what we are doing to address this. We are also piloting a refresh program that touches external and internal elements and we will complete a handful of projects in Q4. We will then collect guests and team member feedback and track results to refine the go-forward scope of the work. I look forward to sharing our North Star vision and strategy, including new initiatives and our 2023 outlook at the upcoming ICR Conference in January. Lastly, I'd like to sincerely thank the team for their continuing efforts in moving Red Robin forward and for welcoming me to the organization.

雖然商品和其他運營成本高於預期，但我們確實相信餐廳利潤率將在第四季度及以後有所提高。 Lynn 將提供更多詳細信息，總結我們為解決此問題所做的工作。我們還在試行一項涉及外部和內部元素的更新計劃，我們將在第四季度完成一些項目。然後，我們將收集客人和團隊成員的反饋並跟踪結果，以完善工作的後續範圍。我期待在 1 月即將舉行的 ICR 會議上分享我們的北極星願景和戰略，包括新舉措和我們的 2023 年展望。最後，我要衷心感謝團隊為推動 Red Robin 向前發展所做的持續努力，並歡迎我加入該組織。

Now I'll turn the call over to Lynn to review our Q3 results.

現在我會把電話轉給林恩來審查我們第三季度的結果。

Thank you, G.J. For our third quarter results, we grew comparable restaurant revenues by 5.3% compared to 2021 in the third quarter, surpassing the casual dining segment in both sales and traffic as measured by Black Box Intelligence. Compared to 2019, our third quarter comparable restaurant revenues increased 5.9%, marking the third consecutive full quarter of positive comparable restaurant revenues versus pre-pandemic sales. We delivered our 10th consecutive quarter of off-premises sales dollars at more than double pre-pandemic levels, demonstrating the sustainability of our higher off-premises sales channel since 2019.

謝謝你，G.J.對於我們第三季度的業績，與 2021 年相比，我們第三季度的可比餐廳收入增長了 5.3%，根據 Black Box Intelligence 的衡量，在銷售額和流量方面都超過了休閒餐飲領域。與 2019 年相比，我們第三季度的可比餐廳收入增長了 5.9%，這是連續第三個完整季度可比餐廳收入與大流行前銷售額相比為正。我們連續第 10 個季度實現了大流行前水平的兩倍以上的場外銷售收入，證明了我們自 2019 年以來更高的場外銷售渠道的可持續性。

As a percentage of total off-premises sales, third-party delivery represented 53.5% To-Go represented 34.9%, catering represented 7.5% and Red Robin Delivery represented 4.1%. Full year net cash provided by operating activities was $38.8 million, while cash used in investing activities was $18.3 million, and cash provided by financing activities was $14.9 million. During the quarter, we received $8.5 million in final proceeds related to the sale of a restaurant in our Pacific Northwest market. We will opportunistically pursue replacing the restaurant if and when an appropriate site in this trade area is identified and are pleased with the boost to our liquidity.

第三方配送佔場外銷售總額的百分比為 53.5%，To-Go 佔 34.9%，餐飲佔 7.5%，Red Robin Delivery 佔 4.1%。全年經營活動提供的現金淨額為 3880 萬美元，投資活動使用的現金為 1830 萬美元，籌資活動提供的現金為 1490 萬美元。本季度，我們收到了 850 萬美元的最終收益，這些收益與出售我們太平洋西北市場的一家餐廳有關。如果在這個貿易區確定了合適的地點並且對我們的流動性增加感到滿意，我們將機會主義地尋求更換餐廳。

We ended the quarter with liquidity of approximately $75 million, including cash and cash equivalents and $25 million available borrowing capacity under our revolving line of credit. Now turning to some of the specifics related to the third fiscal quarter. Q3 2022 comparable restaurant revenues increased 5.3%, driven by a 9% increase in average guest check and a 3.7% decrease in guest traffic. The increase in average guest check resulted from a 7.7% increase in pricing, 2.5% increase in menu mix and a 1.2% decrease from higher discounts. Third quarter total company revenue increased 4.2% to $286.9 million, up $11.4 million from a year ago, driven by increased pricing and favorable menu mix shifts, partially offset by declining category traffic. Restaurant-level operating profit as a percentage of restaurant revenue was 12.6%, an increase of 10 basis points compared to 2021, primarily due to the following: restaurant revenue increased by $12.2 million, primarily driven by increased pricing and favorable menu mix shift, partially offset by lower traffic. Cost of goods sold increased by 180 basis points, primarily driven by commodity inflation, partially offset by pricing and favorable mix shift. Commodity inflation was approximately 16% in Q3.

本季度結束時，我們的流動資金約為 7500 萬美元，包括現金和現金等價物以及我們循環信貸額度下的 2500 萬美元可用借款能力。現在轉向與第三財季相關的一些細節。 2022 年第 3 季度可比餐廳收入增長 5.3%，這主要是受平均客人消費增長 9% 和客流量下降 3.7% 的推動。客人平均入住率的增加是由於價格上漲了 7.7%，菜單組合增加了 2.5%，折扣增加了 1.2%。第三季度公司總收入增長 4.2% 至 2.869 億美元，比去年同期增長 1140 萬美元，這主要是由於價格上漲和有利的菜單組合轉變，部分被品類流量下降所抵消。餐廳級營業利潤佔餐廳收入的百分比為 12.6%，與 2021 年相比增加了 10 個基點，主要原因如下： 餐廳收入增加了 1220 萬美元，這主要是由於價格上漲和有利的菜單組合轉變，部分被較低的流量所抵消。商品銷售成本增加了 180 個基點，這主要是由商品通脹推動的，部分被定價和有利的組合轉變所抵消。第三季度商品通脹率約為 16%。

Labor costs decreased by 130 basis points, primarily driven by sales leverage, lower hiring costs and lower management incentive compensation costs, partially offset by wage rate inflation. Wage rate inflation was approximately 7% in Q3. Other operating expenses decreased by 30 basis points, primarily driven by lower hiring advertising costs, lower off-premise is supplies and sales leverage, partially offset by increases in utilities and credit card fees and occupancy costs decreased by 20 basis points, primarily driven by sales leverage.

勞動力成本下降了 130 個基點，這主要是受銷售槓桿、較低的招聘成本和較低的管理激勵薪酬成本的推動，部分被工資率通脹所抵消。第三季度的工資率通脹率約為 7%。其他運營費用減少 30 個基點，主要是由於招聘廣告成本降低、場外供應和銷售槓桿率降低，部分被公用事業和信用卡費用的增加所抵消，而入住成本減少 20 個基點，主要受銷售推動槓桿作用。

General and administrative costs were $21.5 million, an increase versus the prior year of $3.8 million, primarily driven by a timing shift of our annual leadership conference, increased stock-based compensation expense and merit increases, partially offset by lower corporate office costs. Selling expenses were $14.2 million, an increase versus the prior year of $1.5 million, driven by increased marketing spend. During the quarter, we recognized other gains of $5.2 million, including a $9.2 million gain related to the sale of a restaurant and $2.5 million in lease termination gains related to previously closed locations, partially offset by $2.2 million related to the impairment of long-lived assets, $1.8 million related to executive transition, $1 million in other financing costs, $0.9 million in costs related to restaurant closures, $0.3 million in corporate office sublease costs, $0.1 million related to litigation contingencies and $0.1 million for COVID-19 related costs.

一般和行政費用為 2150 萬美元，比上一年增加 380 萬美元，這主要是由於我們年度領導會議的時間轉移、基於股票的薪酬費用增加和績效增加，部分被較低的公司辦公成本所抵消。銷售費用為 1420 萬美元，比上年的 150 萬美元有所增加，這主要是由於營銷支出的增加。在本季度，我們確認了 520 萬美元的其他收益，包括與出售餐廳相關的 920 萬美元收益和與先前關閉的地點相關的 250 萬美元租賃終止收益，部分被與長壽減值相關的 220 萬美元所抵消資產，180 萬美元與行政過渡相關，100 萬美元其他融資成本，90 萬美元與餐廳關閉相關的成本，30 萬美元公司辦公室轉租成本，10 萬美元與訴訟或有費用相關，10 萬美元與 COVID-19 相關成本。

Third quarter adjusted EBITDA was $4 million as compared to adjusted EBITDA of $8.3 million in Q3 2021. Q3 adjusted loss per diluted share was $1.03 as compared to adjusted loss per diluted share of $0.88 in Q3 2021. At quarter end, our outstanding principal balance under our credit agreement was $199 million and letters of credit outstanding were $7.8 million. The company faced higher-than-expected commodity inflation pressure during the quarter. While these costs have begun to decline, as shared last quarter, we entered into a new distribution contract at the beginning of the fourth quarter. As a result, we are expecting Q4 cost of sales as a percent of restaurant sales to be at or slightly higher than Q3.

第三季度調整後的 EBITDA 為 400 萬美元，而 2021 年第三季度調整後的 EBITDA 為 830 萬美元。第三季度調整後的攤薄後每股虧損為 1.03 美元，而 2021 年第三季度調整後的攤薄後每股虧損為 0.88 美元。在季度末，我們的未償還本金餘額低於我們的信貸協議為 1.99 億美元，未償信用證為 780 萬美元。公司在本季度面臨高於預期的商品通脹壓力。雖然這些成本已經開始下降，正如上個季度所分享的那樣，但我們在第四季度初簽訂了一份新的分銷合同。因此，我們預計第四季度的銷售成本佔餐廳銷售額的百分比將與第三季度持平或略高於第三季度。

In addition, other operating costs in the third quarter were higher than our expectations, primarily related to higher repair and maintenance expenses, record utility rates and higher-than-expected usage, restaurant supplies and higher fees associated with higher credit card usage. Pricing net of discounts was 6.5% in the third quarter as we continued to strategically increase prices to mitigate inflation while retaining a strong value proposition.

此外，第三季度的其他運營成本高於我們的預期，主要與更高的維修和保養費用、創紀錄的水電費和高於預期的使用率、餐廳用品以及與信用卡使用率增加相關的更高費用有關。第三季度扣除折扣後的定價為 6.5%，因為我們繼續戰略性地提高價格以緩解通貨膨脹，同時保持強大的價值主張。

As a result of higher operating costs, we will implement additional pricing during the fourth quarter of approximately 1.5 percentage points starting in November. Importantly, we expect restaurant margins to improve sequentially in the fourth quarter related to incremental price, lower utility usage and lower maintenance costs as we reimplement internal cleaning and janitorial services now that we have stabilized staffing, which will enable us to improve our margins as we enter 2023.

由於運營成本較高，我們將從 11 月開始在第四季度實施大約 1.5 個百分點的附加定價。重要的是，我們預計第四季度餐廳利潤率將隨著增量價格、公用事業使用量的減少和維護成本的降低而連續提高，因為我們現在已經穩定了員工配置，因此我們重新實施了內部清潔和清潔服務，這將使我們能夠提高利潤率，因為我們進入2023年。

Due to higher commodity and operating costs and other strategic investments, we have updated our guidance for 2022 as provided in our earnings release that was published today. As this is my last conference call, I'd like to thank my colleagues and friends at Red Robin for their dedication, energy and collaboration that enabled us to get through a very challenging time. I look forward to partnering with Todd as he joins the management team to help ensure a smooth transition. I share G.J.'s optimism on what this brand has the potential to do and will be rooting from the sidelines as an interested shareholder and brand enthusiast.

由於商品和運營成本以及其他戰略投資的增加，我們更新了今天發布的收益報告中提供的 2022 年指引。由於這是我最後一次電話會議，我要感謝我在 Red Robin 的同事和朋友，感謝他們的奉獻、精力和協作，使我們能夠度過一個非常具有挑戰性的時期。我期待著與托德合作，因為他加入了管理團隊，以幫助確保平穩過渡。我和 G.J. 一樣對這個品牌的潛力持樂觀態度，並將作為感興趣的股東和品牌愛好者從場邊紮根。

With that, I will turn the call back over to G.J.

有了這個，我會把電話轉回給 G.J.

Thank you, Lynn. Before we take your questions, I wanted to conclude my prepared remarks with the leadership changes taking place here at Red Robin. As we announced in our press release earlier this week, Lynn has decided to retire from Red Robin at the end of 2022. For nearly four years, she has served us well, spearheading our finance organization through some of the most challenging periods of Red Robin's history. During her tenure, we welcomed in a new CEO in Paul Murphy, who has dealt with the challenges of the pandemic and most notably, established a new credit facility.

謝謝你，林恩。在我們回答您的問題之前，我想以 Red Robin 的領導層變動來結束我準備好的發言。正如我們在本週早些時候的新聞稿中宣布的那樣，Lynn 已決定在 2022 年底從 Red Robin 退休。近四年來，她為我們提供了良好的服務，帶領我們的財務組織度過了 Red Robin 最具挑戰性的時期歷史。在她任職期間，我們迎來了保羅·墨菲 (Paul Murphy) 的新任首席執行官，他應對了大流行病的挑戰，最值得注意的是，他建立了一個新的信貸機制。

I want to thank Lynn for her dedication, her commitment and her leadership and wish her the very best that she pursues her aspirations outside of Red Robin. Lynn will continue to play a role here through the end of the year as we transition her responsibilities to our new EVP and CFO, Todd Wilson, who will start next week. Todd brings a wealth of financial management experience to Red Robin, and we are eager for him to join us. Most recently, he served as the CFO for Hopdoddy Burger Bar. He also held the role of Vice President, Finance and Investor Relations at Jamba Juice and served as division and CFO for Carrabba's Italian Grill and Fleming's Prime Steakhouse, while spending 10 years at Bloomin' Brands.

我要感謝 Lynn 的奉獻精神、承諾和領導能力，並祝愿她在 Red Robin 之外追求自己的理想。 Lynn 將在今年年底之前繼續在這裡發揮作用，因為我們會將她的職責移交給我們的新執行副總裁兼首席財務官 Todd Wilson，他將於下週上任。 Todd為Red Robin帶來了豐富的財務管理經驗，我們期待他的加入。最近，他擔任 Hopdoddy Burger Bar 的首席財務官。他還在 Jamba Juice 擔任財務和投資者關係副總裁，並在 Carrabba's Italian Grill 和 Fleming's Prime Steakhouse 擔任部門和首席財務官，同時在 Bloomin' Brands 工作了 10 年。

In addition, Darla Morse, EVP and Chief Information Officer and Jonathan Muhtar, EVP and Chief Concept Officer, will also be leaving us to pursue other personal and career interests. Darla joined us in March of 2021 and helped to lead the launch of our new Red Robin app last year as well as the introduction of HotSchedules platform in 2022. Jonathan joined Red Robin in December 2015 as Senior Vice President and Chief Marketing Officer and became the EVP and Chief Concept Officer in January 2018. Jonathan and his team have been on the forefront of recent menu innovations, limited time offers as well as the growth of our loyalty program. I want to thank both Darla and Jonathan for their contributions to Red Robin and wish them the very best as they transition to new opportunities.

此外，執行副總裁兼首席信息官 Darla Morse 和執行副總裁兼首席概念官 Jonathan Muhtar 也將離開我們去追求其他個人和職業興趣。 Darla 於 2021 年 3 月加入我們，並幫助領導了我們去年推出的新 Red Robin 應用程序以及 2022 年 HotSchedules 平台的推出。Jonathan 於 2015 年 12 月加入 Red Robin，擔任高級副總裁兼首席營銷官，並成為2018 年 1 月擔任執行副總裁兼首席概念官。Jonathan 和他的團隊一直處於近期菜單創新、限時優惠以及忠誠度計劃發展的前沿。我要感謝 Darla 和 Jonathan 對 Red Robin 的貢獻，並祝愿他們在過渡到新機遇時一切順利。

Effective today, we are launching a search to replace both Darla and Jonathan and will hopefully find suitable candidates in the near future. In the meantime, I've asked Deena DePhilips, VP of Technology, to take on the role of Interim Chief Information Officer; and Amy Woolen, VP of Marketing and Brand Management, to take on the role as interim Chief Marketing Officer.

從今天開始，我們正在尋找替代 Darla 和 Jonathan 的人選，並有望在不久的將來找到合適的人選。與此同時，我已請技術副總裁 Deena DePhilips 擔任臨時首席信息官一職；營銷和品牌管理副總裁 Amy Woolen 擔任臨時首席營銷官。

Lastly, I have a great pleasure to announce that Sarah Mussetter will return to Red Robin in December as our new EVP, Chief Legal Officer. Sarah is replacing Michael Kaplan, who recently left us to work for a local employer in the homebuilding industry. Sarah's no stranger to Red Robin having previously worked here from August 2011 to September 2021. During the 10-year time frame, she held the roles of Associate General Counsel and Vice President, Deputy General Counsel. Most recently, Sarah has been Deputy General Counsel for Skillsoft, a learning application and technology company based here in Denver. Until Sarah's arrival in December, Jeff Hoban will continue as our interim Chief Legal Officer, and we have promoted him to Senior Vice President, Deputy General Counsel. Jeff joined Red Robin in 2019 after working with Ross Stores as a Group Vice President for real estate. Prior to working at Ross, Jeff Work to Brinker International as Senior Vice President, Assistant General Counsel.

最後，我很高興地宣布 Sarah Mussetter 將於 12 月返回 Red Robin，擔任我們的新執行副總裁兼首席法務官。 Sarah 正在接替 Michael Kaplan，後者最近離開我們，為當地一家房屋建築行業的雇主工作。 Sarah 對 Red Robin 並不陌生，她曾於 2011 年 8 月至 2021 年 9 月在這里工作。在這 10 年的時間裡，她擔任過副總法律顧問和副總裁、副總法律顧問。最近，Sarah 擔任 Skillsoft 的副總法律顧問，這是一家位於丹佛的學習應用程序和技術公司。在 Sarah 於 12 月到來之前，Jeff Hoban 將繼續擔任我們的臨時首席法務官，我們已將他提升為高級副總裁、副總法律顧問。 Jeff 在 Ross Stores 擔任房地產集團副總裁後，於 2019 年加入 Red Robin。在 Ross 工作之前，Jeff 在 Brinker International 擔任高級副總裁兼助理總法律顧問。

As I said earlier, I am squarely focused on ensuring that we are delivering an exceptional restaurant experience and fulfilling our brand promise for our guests. Please be assured that we are urgently working on accelerating the consistent delivery of this high standard, and I look forward to sharing in January how we will achieve this goal. Together with everyone at our support center and within our restaurants themselves, I'm excited to be working in pursuit of our North Star, and thank you for your interest in Red Robin.

正如我之前所說，我正專注於確保我們提供卓越的餐廳體驗並履行我們對客人的品牌承諾。請放心，我們正在加緊努力，加快實現這一高標準的一致性，我期待在 1 月份分享我們將如何實現這一目標。我很高興能與我們支持中心和餐廳內的每個人一起努力追求我們的北極星，並感謝您對 Red Robin 的關注。

And now we will open the call for questions. Thank you.

現在我們將開始提問。謝謝你。

We will now begin the question and answer session. (Operator Instructions.] The first question comes from Alex Slagle with Jefferies.

我們現在開始問答環節。 （操作員說明。] 第一個問題來自 Jefferies 的 Alex Slagle。

Thank you. Good afternoon. G.J., great to have you on the call and in this seat. Hi, Lynn. Best wishes on your next chapter, we'll miss you for sure.

謝謝你。下午好。 G.J.，很高興你能接聽電話並坐在這個位子上。嗨，林恩。祝你下一章順利，我們一定會想念你的。

I appreciate that. Thank you.

我很感激。謝謝你。

Good to hear from you, Alex.

很高興收到你的來信，亞歷克斯。

Yes. And G.J., I guess with all your past experience in the casual dining segment and a couple of very different situations, I'd love to just dig a little deeper and hear some more of your views on the current strategy at Red Robin and how you think that should play into the current macro backdrop and perhaps any learnings from your past experience, leading other organizations that resonate as you approach your new role at Red Robin.

是的。 G.J.，我想根據你過去在休閒餐飲領域的所有經驗和一些非常不同的情況，我想更深入地挖掘一下，聽聽你對 Red Robin 當前戰略的更多看法，以及你如何認為這應該考慮到當前的宏觀背景，也許還有你過去經驗中的任何教訓，當你在 Red Robin 擔任新角色時，領導其他組織產生共鳴。

Sure. Well, first, let me say, I've been here just on -- not even eight weeks, almost eight weeks. So, I am still learning a ton. So much of this is what I've believed thus far and what I believe that we can do. Look, I think Red Robin has been an iconic brand for five decades. And over the years, it's -- if you look at the core guests and the core guest expectations back in the heyday, to be honest, if you look at that and you look at what our guests are expecting today, I think it's very, very similar. They may look different, but they expect the same things. And I think over the time, for whatever reason, Red Robin, some of those things have slipped away or changed or they vanished completely.

當然。好吧，首先，讓我說，我剛來這裡還不到八週，快八週了。所以，我仍在學習很多東西。到目前為止，這就是我一直相信的，也是我相信我們可以做到的。聽著，我認為 Red Robin 已經成為一個標誌性品牌已有 5 年之久。多年來，如果你看看鼎盛時期的核心客人和核心客人的期望，老實說，如果你看看那個，看看我們客人今天的期望，我認為這非常，非常相似。他們可能看起來不同，但他們期望相同的東西。而且我認為隨著時間的流逝，無論出於何種原因，紅羅賓，其中一些東西已經溜走或改變或完全消失。

So, we're taking a long look at that and taking a long look at what we can do to bring back the fun, playful nature of Red Robin, execute at a higher level as an example. We have gourmet burgers on every building that we have out there and really challenging ourselves, or I'm challenging the team, are we producing a gourmet burger that we all are very, very proud of? Or is it just average or is it better than average. We want to be the best that we can be. So really challenging the norm. We do a great job when our burgers are prepared today, but I think we can improve upon that.

因此，我們正在深入研究這一點，並深入研究我們可以做些什麼來恢復 Red Robin 的有趣、好玩的本質，例如在更高水平上執行。我們在那裡的每一棟建築上都有美味漢堡，真正挑戰我們自己，或者我正在挑戰團隊，我們是否正在生產一個我們都非常非常自豪的美味漢堡？或者它只是平均水平還是優於平均水平。我們想做到最好。所以真的挑戰常態。今天準備漢堡時，我們做得很好，但我認為我們可以在此基礎上改進。

In addition to that, I think we need to have a full barbell menu strategy, where from appetizers to entrees that there's a wide range. And we've got a pretty limited entree section. Today, it's really about fish and chips. We have three items in total. And I think we need to expand that. And we have some room relative to some of the work we've done on the menu itself so that we can potentially take some menu items off and allow us to put some entries back on. So, we'll be testing that in the near future as well to see how that shakes out. We want to go back to owning shakes as an example. And so, we're looking at how do we improve our shakes. And we do a good job today. I want to do a great job relative to that.

除此之外，我認為我們需要有一個完整的槓鈴菜單策略，從開胃菜到主菜，範圍很廣。我們的主菜部分非常有限。今天，它真的是關於炸魚和薯條。我們總共有三個項目。我認為我們需要擴大它。相對於我們在菜單本身上所做的一些工作，我們還有一些空間，這樣我們就可以取消一些菜單項，並允許我們重新添加一些條目。因此，我們也將在不久的將來對其進行測試，看看效果如何。我們想回到擁有奶昔的例子。因此，我們正在研究如何改善震動。我們今天做得很好。我想在這方面做得很好。

From an execution perspective, I would tell you that, candidly, some of the decisions of the past, this company has suffered from and continues to suffer from. The decision that we all know about taking bussers out of the restaurant was a major one. Management complement going to two salaried managers and the rest from hourly associate managers. I think those things definitely have affected the ability to execute at a high level. And so, we're taking a long look at that and see how do we help strengthen the management teams within the restaurant so they better can execute against the brand promise. And what I mean by that is that instead of having two salaried manager covered 14 shifts, depending on the volume, we look at going to four or five depending on the volume that can cover shifts and have specific responsibilities within the restaurant, specifically a kitchen manager. I think those things will result in some good learnings and what we can do going forward.

從執行的角度來看，我會坦率地告訴你，過去的一些決定，這家公司已經遭受並將繼續遭受痛苦。眾所周知，將巴士從餐廳帶走的決定是一個重大決定。管理層由兩名受薪經理補充，其餘由小時工副經理補充。我認為這些事情肯定影響了高水平執行的能力。因此，我們對此進行了長期研究，看看我們如何幫助加強餐廳內的管理團隊，以便他們更好地履行品牌承諾。我的意思是，不是讓兩名受薪經理負責 14 個班次，具體取決於工作量，我們希望根據工作量進行四到五個輪班，並在餐廳內承擔具體職責，特別是廚房經理。我認為這些事情會導致一些好的學習以及我們可以做些什麼。

So, it's things like that, that we're going to take a look at that will allow us and allow the restaurant management teams to execute at a higher level, have better throughput and thus grow sales and give our guests what they expect. So just -- that's just a few things that we're looking at right now. Again, it's early. So, I've got much more to do, but at least it gives you a little insight.

所以，就是這樣，我們要看看這將使我們並允許餐廳管理團隊在更高的水平上執行，具有更好的吞吐量，從而增加銷售額並為我們的客人提供他們所期望的。所以 - 這只是我們現在正在研究的幾件事。再說一次，時間還早。所以，我還有很多事要做，但至少它能給你一點洞察力。

That's very helpful and actually answered a couple of my other questions. But on the guidance, Lynn, maybe you could help with that. It didn't seem like the inflation and pricing outlook's changed a whole lot in G&A, a touch lower, but the EBITDA outlook is slightly lower. Is the shortfall due to the commodities or maybe a lower implied revenue outlook or maybe utilities? Just a little more clarity on what drove that.

這非常有幫助，實際上回答了我的其他幾個問題。但根據指導，Lynn，也許你可以幫忙。 G&A 的通貨膨脹和定價前景似乎沒有太大變化，略有下降，但 EBITDA 前景略低。短缺是由於大宗商品還是隱含的收入前景較低或公用事業造成的？只是更清楚地了解是什麼推動了這一點。

Yes. The majority of the change is really commodities and other operating costs that we experienced in the third quarter and then looking to improve some of those costs as we move through fourth quarter, but they were higher than we expected.

是的。大部分變化實際上是我們在第三季度經歷的商品和其他運營成本，然後在我們進入第四季度時希望改善其中一些成本，但它們高於我們的預期。

Okay. And on Donatos, again, really strong results coming out of this program. And G.J., your thoughts maybe on Donatos and the pace of the rollout now. I mean, I guess the goal is to get to 20 -- 250 company units this year. And I don't know if you have any updated thoughts or initial views on what the rollout for 2023 could look like?

好的。在多納托斯，這個項目再次產生了非常好的結果。 G.J.，你可能對 Donatos 和現在推出的速度有想法。我的意思是，我猜今年的目標是達到 20 - 250 個公司單位。我不知道您是否對 2023 年的推出有什麼最新想法或初步看法？

Yes. At this point, it's a little bit too early to tell. I will tell you this, though, that we have some work to do on our existing restaurant base. We need to do some refreshes, some deferred maintenance that's going to be a priority. Clearly, we are having great success with Donatos, so we want to continue to expand it. But it's a little too early for me to say exactly how we'll allocate that capital. But I will tell you that we do think that getting it as fast as we can will make sense, but we do need to give priority to our existing restaurant base.

是的。在這一點上，現在下結論還為時過早。不過，我要告訴你的是，我們在現有的餐廳基礎上還有一些工作要做。我們需要做一些更新，一些延遲維護將成為優先事項。顯然，我們在 Donatos 方面取得了巨大成功，因此我們希望繼續擴展它。但現在說我們將如何分配這筆資金還為時過早。但我會告訴你，我們確實認為盡快獲得它是有道理的，但我們確實需要優先考慮我們現有的餐廳基礎。

[Operator Instructions.] The next question comes from Todd Brooks with Benchmark Company.

[操作員說明。]下一個問題來自 Benchmark 公司的 Todd Brooks。

G.J., welcome aboard and Lynn, again, best wishes on next steps for you as well. A couple of questions here. And G.J., you just talked about having to prioritize work that you want to do on the existing base. I saw CapEx was guided up a few million in Q4. Is there a real need identified from a deferred maintenance standpoint of what you're looking to tackle in the existing base that you could think about what's -- or maybe communicate what sort of claim on capital that may be to get the base where you want it to grow from?

G.J.，歡迎加入 Lynn，再次祝愿你接下來的步驟。這裡有幾個問題。 G.J.，你剛剛談到必須優先考慮你想在現有基礎上做的工作。我看到資本支出在第四季度被引導了數百萬美元。從延期維護的角度來看，是否確實需要確定您希望在現有基地中解決什麼問題，您可以考慮什麼是 - 或者可能會傳達什麼樣的資本要求，以獲得您想要的基地它從哪里長出來？

No. Again, Todd, we haven't done all that work yet. We have done an assessment with our operators and our maintenance teams to understand what deferred maintenance needs to be done. So, we're looking to prioritize that. As many companies through the pandemic clearly cut back some of that spending, and we need to make sure that we're taking care of these facilities. So, it's a little bit early to tell you exactly how much of that capital we'll allocate, but as soon as we do get that plan, we'll share it.

不，托德，我們還沒有完成所有工作。我們已經與我們的運營商和維護團隊進行了評估，以了解需要進行哪些延期維護。所以，我們希望優先考慮這一點。由於大流行期間許多公司明顯削減了部分支出，我們需要確保我們正在照顧這些設施。所以，現在告訴你我們將分配多少資金還為時過早，但一旦我們得到該計劃，我們就會分享它。

Okay. Great. And then secondly, and I'm just trying to put the pieces together as far as what does the profitability model look like for Red Robin as we get to 2023 at the restaurant level. Hearing about improved quality and signature items, and I don't know how much additional that costs on the food cost side to get you where you want to be, improved staffing, including salaried managers. I guess if you're looking at the recovery in restaurant level margins, importance of maybe investing in labor and food cost for a couple of your key initiatives versus maybe trying to harvest quick wins on restaurant-level operating profit as we're looking out to fiscal 2023? Is it more of an investment year to cement the programs that you've identified?

好的。偉大的。其次，我只是想把各個部分放在一起，看看 Red Robin 在餐廳層面到 2023 年時的盈利模式是什麼樣的。聽說改進了質量和標誌性項目，但我不知道在食品成本方面要花費多少額外費用才能讓您到達想要的地方，改善員工配置，包括受薪經理。我想如果你正在關注餐廳層面利潤率的複蘇，那麼可能投資勞動力和食品成本對於你的幾個關鍵舉措的重要性，而不是我們正在尋找的可能試圖在餐廳層面的運營利潤上快速取得勝利到 2023 財年？今年是否更像是鞏固您已確定的計劃的投資年？

Well, listen, as we -- we're not going to -- not to go into some of these initiatives without testing them and understanding what the ramifications and/or investment dollars are. If you take, as an example, the management complement there is significant, in my opinion, there will be significant improvement on how we train employees in terms of how we hire employees, the turnover in the restaurants, the amount of overtime that we're currently spending. So, all those factors will be offset by the investment -- the additional investment.

好吧，聽著，因為我們 - 我們不會 - 在沒有測試它們並了解後果和/或投資美元是什麼的情況下不要進入其中一些計劃。如果你舉個例子，我認為那裡的管理補充很重要，我們在僱用員工的方式、餐廳的營業額、我們的加班時間等方面培訓員工的方式將會有很大的改進。目前正在消費。因此，所有這些因素都將被投資 - 額外投資所抵消。

In addition, when you're paying more attention to guests and you're allowing our management teams to work with our teams to continue to coach them and be on the floor and be present when we're open, then I believe that we will grow sales. We're going to learn all that. So, it's not just pure investment dollars. We believe there's a return, and we will definitely look at what those returns will be, and we'll share some of that information as we go forward. So, it's -- I wouldn't say it's a total investment year. We recognize that we're going into a challenging economic environment. But I also believe that some of these things are necessary for this brand to get back in the direction that we all wanted to from where we've been in some of the decisions of the past, we have to correct those in my opinion.

此外，當您更加關注客人並允許我們的管理團隊與我們的團隊合作繼續指導他們並在我們開放時在場並在場時，我相信我們會增加銷售額。我們將學習所有這些。所以，這不僅僅是純粹的投資美元。我們相信會有回報，我們一定會看看這些回報是什麼，我們會在前進的過程中分享其中的一些信息。所以，這是 - 我不會說這是一個總投資年。我們認識到我們正在進入一個充滿挑戰的經濟環境。但我也相信，其中一些事情對於這個品牌從過去的一些決定中回到我們都想要的方向是必要的，我認為我們必須糾正這些。

Okay. Great. And then just one final kind of higher-level question. And I don't know if you formulate an opinion on this, but obviously, we've got a corporate-owned model to a large extent, but there is a franchisee base. And as you're looking beyond -- and I don't know if you're looking beyond stabilization of the brand now to future growth, do you see that being corporate-driven, franchise-driven, still trying to figure it out? Just would love to get your thoughts at that level, and I'll hop back in the queue after that.

好的。偉大的。然後是最後一種更高級別的問題。我不知道你是否對此發表意見，但顯然，我們在很大程度上擁有企業所有的模式，但也有特許經營者基礎。當你放眼未來時——我不知道你是否正在超越品牌現在的穩定到未來的增長，你是否看到公司驅動、特許經營驅動，仍在努力解決這個問題？只是很想听聽您在那個級別的想法，之後我會跳回到隊列中。

Sure. No problem. So, I think it's a combination of both. We -- it's a little bit -- we have a great group of franchise partners. And as we make some of these changes and have success, I believe that they'll get excited as well. And so, they may want to invest and grow their units. But prior to that, we have a lot of work to do before we start to get on the growth path on the company side. As we just talked about some of the deferred maintenance needs a refresh, a lot of testing, I want to get some of those things out of the way and learn from those and then we'll start thinking about opening new restaurants. We do have some backlog of new units. The one unit that we've opened this year is doing extremely well.

當然。沒問題。所以，我認為這是兩者的結合。我們 - 有點 - 我們有一群很棒的特許經營合作夥伴。當我們做出其中一些改變並取得成功時，我相信他們也會感到興奮。因此，他們可能想要投資和發展他們的單位。但在此之前，在我們開始走上公司方面的增長道路之前，我們還有很多工作要做。正如我們剛剛談到的一些延期維護需要刷新，大量測試，我想把其中一些事情排除在外並從中吸取教訓，然後我們將開始考慮開設新餐廳。我們確實有一些新單位積壓。我們今年開設的一個單元做得非常好。

And so, there's some good learnings there, but we have a lot of work to do around what does the prototype look like of the future, what does our kitchen look like in the future? What's the menu look like in the future. So, we have a whole lot of work to do first before we start talking about significant growth here on the company or the franchise side. I will say that early -- my early conversations with our franchise partners, I think they are excited about where we can go in the future and some of the things I've just shared with you all, I've shared with them. And I can tell you that so far, it seems like they're pretty excited about it.

因此，那裡有一些很好的經驗，但我們還有很多工作要做，圍繞著未來的原型是什麼樣子，我們的廚房在未來會是什麼樣子？未來的菜單是什麼樣子的。因此，在我們開始談論公司或特許經營方面的顯著增長之前，我們有很多工作要做。我會早點說——我與我們的特許經營合作夥伴的早期對話，我認為他們對我們未來的發展方向以及我剛剛與大家分享的一些事情感到興奮，我已經與他們分享了。我可以告訴你，到目前為止，他們似乎對此非常興奮。

As there are no further questions, this concludes the question-and-answer session and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

由於沒有其他問題，問答環節和今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。