Red Robin Gourmet Burgers Inc (RRGB) 2023 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to the Red Robin Gourmet Burgers, Inc. First Quarter 2023 Earnings Call. This conference is being recorded. During management's presentation and in response to your questions, these will be -- 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 company's SEC filings.

大家下午好，歡迎參加 Red Robin Gourmet Burgers, Inc. 2023 年第一季度收益電話會議。本次會議正在錄製中。在管理層的演講和回答您的問題時，他們將做出有關公司業務前景和期望的前瞻性陳述。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目前的信念和預測，因此受到公司向 SEC 文件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 the generally accepted accounting principles but are intended to illustrate an alternative measure of the company's operating performance that may be useful.

作為今天電話會議的一部分，管理層還將討論非公認會計準則財務措施。這些非公認會計準則衡量標準並非根據公認會計原則制定，而是旨在說明可能有用的公司經營業績的替代衡量標準。

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 first quarter 2023 earnings release on its website at ir.redrobin.com.

非公認會計原則財務指標與最直接可比的公認會計原則指標的調節表可以在收益報告中找到。該公司已在其網站 ir.redrobin.com 上發布了 2023 年第一季度收益報告。

Now I'd like to turn the call over to Red Robin's CEO, G.J. Hart.

現在我想將電話轉給 Red Robin 的首席執行官 G.J.哈特。

Good afternoon, and thank you all for joining us today. With me is Todd Wilson, our Chief Financial Officer, who will review our first quarter results and discuss our upwardly revised 2023 financial guidance outlook among other items after I conclude my remarks. We are pleased with our performance to start 2023 and the traction we are seeing as we roll out our North Star plant. I want to thank our operators and restaurant and support center team members. You are doing a fantastic job. Your dedication and hard work drove our success in Q1 and will carry us into the future.

下午好，感謝大家今天加入我們。與我一起的是我們的首席財務官托德·威爾遜 (Todd Wilson)，在我結束髮言後，他將回顧我們第一季度的業績，並討論我們上調的 2023 年財務指導前景等。我們對 2023 年開始的表現以及我們在推出北極星工廠時所看到的牽引力感到滿意。我要感謝我們的經營者、餐廳和支持中心團隊成員。你做得非常出色。你們的奉獻和辛勤工作推動了我們第一季度的成功，並將帶領我們走向未來。

Our strong results in the first quarter are a great first step on this journey. And we know this is a comeback that will take time to fully deliver. We are encouraged to see early proof points of success: first, guest satisfaction scores have now increased 5 percentage points as compared to 2022. We are seeing gains across the full portfolio with the greatest increase in our bottom quartile restaurants as we would expect.

我們第一季度的強勁業績是這一旅程的重要第一步。我們知道這是一次捲土重來，需要時間才能完全實現。我們很高興看到成功的早期證據：首先，與 2022 年相比，賓客滿意度得分現已提高了 5 個百分點。正如我們所預期的那樣，我們看到整個投資組合都取得了增長，其中排名靠後四分之一的餐廳增幅最大。

Second, guest wait times and false waits have declined substantially as we staff our restaurants properly. A year ago, more than 10% of our guests reported waiting more than 15 minutes to be seasoned. Now that it's down to only 2% of our guests. Shorter wait times result in happier guests and reduced walkaways.

其次，隨著我們為餐廳配備適當的人員，客人等待時間和錯誤等待時間大幅減少。一年前，超過 10% 的客人表示等待調味的時間超過 15 分鐘。現在，我們的客人只剩下 2%。更短的等待時間可以讓客人更加滿意並減少走失。

Third, first quarter results exceeded the Black Box casual dining industry benchmark for both same-store sales and traffic. That beat increased as the quarter progressed. We attribute the speed to the benefits of capturing sales that we previously lost due to false waits and extended wait times.

第三，第一季度的同店銷售額和客流量都超過了 Black Box 休閒餐飲行業基準。隨著本季度的進展，這一增速有所增加。我們將速度歸因於我們之前因錯誤等待和延長等待時間而損失的銷售額。

Red Robin is a 16-week first quarter is unique as compared to many of our peer restaurant companies. We'll more typically report a 13-week first quarter. As a point of comparison, based on our point of sale, sales data, our comparable restaurant sales increased 10% in the first 13 weeks of the quarter. We also celebrated over 700 new sales records established in the first quarter. These are hourly, daily and weekly high watermarks per restaurant. In a brand that is nearly 50 years old to set more than 700 new records is a testament to the incredible work of our restaurant teams and the overall direction of our company.

與我們的許多同行餐飲公司相比，Red Robin 第一季度的 16 周是獨一無二的。我們通常會報告為期 13 週的第一季度。作為比較，根據我們的銷售點銷售數據，我們的可比餐廳銷售額在本季度的前 13 週增長了 10%。我們還慶祝第一季度創下的 700 多項新銷售記錄。這些是每家餐廳每小時、每天和每週的高水位線。在一個擁有近 50 年曆史的品牌中創造 700 多項新紀錄，證明了我們餐廳團隊的出色工作和我們公司的整體方向。

Lastly, we printed a meaningful first step to restore restaurant level profitability to historical levels and significant gains in adjusted EBITDA. As I initially shared in January, our blueprint for the comeback of this iconic brand is our Five-Point North Star Plan. The changes we are implementing are designed to cement our competitive positioning, drive sustainable growth and build long-term shareholder value.

最後，我們邁出了有意義的第一步，將餐廳層面的盈利能力恢復到歷史水平，並在調整後的 EBITDA 上取得顯著收益。正如我在一月份最初分享的那樣，我們這個標誌性品牌的捲土重來的藍圖是我們的五點北極星計劃。我們正在實施的變革旨在鞏固我們的競爭地位，推動可持續增長並建立長期股東價值。

Now I will share updates on each pillar of the North Star plan: Number one, we are transforming to an operations-focused restaurant company. This change is well underway as we are involving our frontline operators in all key decisions. With the start of the second quarter, we launched our market partner program to all multiunit operators. This program changes the compensation structure for these partners to reward them based on the profits of the restaurants they oversee. By making this change, these leaders are incentivized and rewarded for driving and delivering results. We are learning from the rollout of this multiunit operator program and will incorporate this learning into our single-unit operator program, which we expect to launch with the start of 2024.

現在我將分享北極星計劃每個支柱的最新情況：第一，我們正在轉型為一家以運營為中心的餐飲公司。這一變革正在順利進行，因為我們讓一線操作員參與所有關鍵決策。從第二季度開始，我們向所有多機組運營商推出了市場合作夥伴計劃。該計劃改變了這些合作夥伴的薪酬結構，根據他們監管的餐廳的利潤來獎勵他們。通過做出這一改變，這些領導者會因推動和交付成果而受到激勵和獎勵。我們正在從該多機組運營商計劃的推出中學習，並將將此經驗納入我們的單機組運營商計劃中，我們預計該計劃將於 2024 年初啟動。

Number two, elevating the guest experience. Our top 2 investment priorities related to the guest experience are: number one, staffing and hospitality levels; and number two, food quality enhancements and breadth of menu options. Our hospitality model changes and investments represent a return to an industry standard staffing model and the staffing model Red Robin used for many years to generate great success. Key changes add back busters, hosts, bartenders and expo roles that were eliminated or reduced in Red Robins past and reverting back to our more traditional hospitality standard where servers have fewer tables and do not rely as heavily on server assistance. We made significant progress in the first quarter and are more than 50% complete with these additions. We expect to be substantially complete by the end of the second quarter.

第二，提升賓客體驗。我們與賓客體驗相關的兩大投資重點是：第一，人員配備和接待水平；第二，食品質量的提高和菜單選項的廣泛性。我們的酒店模式變革和投資代表了對行業標准人員配置模式和 Red Robin 多年來取得巨大成功的人員配置模式的回歸。關鍵的變化增加了紅羅賓過去被消除或減少的服務員、主持人、調酒師和博覽會角色，並恢復到我們更傳統的接待標準，即服務器的桌子更少，並且不那麼嚴重依賴服務器的協助。我們在第一季度取得了重大進展，這些新增內容已完成 50% 以上。我們預計將在第二季度末基本完成。

For our food and menu updates. On the side of every one of our restaurants, hangs assigned proclaiming Gourmet Burgers, the bar has been raised over the years on what it means to deliver a truly Gourmet Burger and we are upping the [ante]. The first step in upgrading our cooking platform from a legacy conveyor belt-driven system to a flat top grill. Changing the cooked method alone delivers our guests a 20% larger, juicier and more flavorful burger. We tested the flat-top grills in the first quarter of the year and began the system-wide rollout in April. We have moved very quickly and already installed flat-top grills in nearly 300 restaurants and expect to complete the system-wide implementation in the second quarter. Not only does this change provide great flavor, quality and value to our guests. Team members are excited by this change, have a greater sense of pride for the work and report it is easier to execute.

用於我們的食物和菜單更新。在我們每家餐廳的一側，都懸掛著標有“美味漢堡”的標語，多年來，對於提供真正的“美味漢堡”意味著什麼，標準已經提高，我們正在提高[賭注]。將我們的烹飪平台從傳統的傳送帶驅動系統升級為平頂烤架的第一步。僅改變烹飪方法就可以為我們的客人帶來 20% 更大、更多汁、更美味的漢堡。我們在今年第一季度測試了平頂烤架，並於四月份開始在全系統範圍內推廣。我們的行動非常迅速，已經在近 300 家餐廳安裝了平頂烤架，預計在第二季度完成全系統的實施。這一變化不僅為我們的客人提供了美味、品質和價值。團隊成員對這一變化感到興奮，對工作有更大的自豪感，並報告說它更容易執行。

Finally, we expect the flat-top grills will significantly reduce repair and maintenance costs, cleaning costs as compared to our legacy system. The investments in the burger patty is a critical first step and we are not stopping there. In February, we welcomed chef Brian Sullivan to lead our culinary efforts. He and the team have done a fantastic work to identify and solve key upgrades to burger toppings and new menu options. Following completion of the flat top installation, we will phase in upgrades to buns, baking, mayonnaise, wine, ripen tomatoes and other [produce] amongst other changes. We will also change our preparation procedure to deliver more delicious, caramelized onions and sauteed mushrooms.

最後，我們預計與我們的舊系統相比，平頂烤架將顯著降低維修和維護成本以及清潔成本。對漢堡肉餅的投資是關鍵的第一步，我們不會就此止步。二月份，我們迎來了主廚 Brian Sullivan 來領導我們的烹飪工作。他和團隊在識別和解決漢堡配料和新菜單選項的關鍵升級方面做了出色的工作。平頂安裝完成後，我們將分階段升級麵包、烘焙、蛋黃醬、葡萄酒、成熟的西紅柿和其他[農產品]以及其他變化。我們還將改變我們的準備程序，以提供更美味的焦糖洋蔥和炒蘑菇。

Red Robin has historically presented its burgers wrapped in wax paper, which fit at the time the brand was developed. With an upgraded burger patty and the best and fresh ingredients we can source, we think the time has come to showcase the beauty and deliciousness of our truly Gourmet Burger. Later this year, we will move away from the wax paper wrapping to introduce new [plate wear] allowing each burger to stand tall on its own next to the plentiful serving of our Bottomless Fries and other [sites].

紅羅賓（Red Robin）歷史上曾推出過用蠟紙包裹的漢堡，這適合該品牌開發的時間。有了升級版的漢堡肉餅和我們能找到的最好的新鮮食材，我們認為現在是時候展示我們真正的美食漢堡的美麗和美味了。今年晚些時候，我們將不再使用蠟紙包裝，而是引入新的[盤子磨損]，讓每個漢堡都能在我們的無底薯條和其他[網站]的充足服務旁邊獨立站立。

Lastly, as it relates to the menu, we were in final development stages for new entrees beyond our burger lineup with new non-fried appetizers that provide guests greater variety and enable a true barbell menu pricing strategy. We expect all these upgrades will be implemented across the system by October of this year.

最後，就菜單而言，我們正處於漢堡系列之外的新主菜的最後開發階段，其中包括新的非油炸開胃菜，為客人提供更多品種，並實現真正的槓鈴菜單定價策略。我們預計所有這些升級將於今年 10 月在整個系統中實施。

Number three, removing costs and complexity. In order to help support our guest-facing investments, we have been hard at work identifying areas where we can thoughtfully reduce or remove costs that do not impede the guest experience or detract from our commitment to quality. Our supply chain team has done a great job identifying and now capturing opportunities that provide our guests a parity or better product at a reduced cost. In addition, many vendors have partnered with us to restructure contracts that provide more favorable rates and the opportunity for both sides to benefit as our business grows.

第三，消除成本和復雜性。為了幫助支持我們面向賓客的投資，我們一直在努力尋找可以深思熟慮地降低或消除成本的領域，但這些成本不會妨礙賓客體驗或損害我們對質量的承諾。我們的供應鏈團隊在識別和抓住機會方面做得非常出色，以更低的成本為我們的客人提供同等或更好的產品。此外，許多供應商與我們合作重組合同，提供更優惠的價格以及隨著我們業務的增長雙方都有機會受益。

Number four, optimizing the guest engagement. As we move to an operator focused company and strive to become the most loved brand and communities that we serve, we are empowering our restaurants to engage with their communities directly. Red Robin was the original leader in local marketing, and we will drive to return this to our local marketing routes. We are fortunate to have an incredibly strong Red Robin Royalty -- loyalty program, now with 11.5 million members, up from 11.3 million members a quarter ago. We have begun the work to engage and evolve the program further by focusing on rewarding our most loyal guests rather than what was primarily a discount strategy in the past. Our new Chief Marketing Officer, Kevin Mayer, and the team have hit the ground running, and I'll share more progress in the future.

第四，優化賓客參與度。當我們轉向以運營商為中心的公司並努力成為我們所服務的最受歡迎的品牌和社區時，我們正在使我們的餐廳能夠直接與社區互動。 Red Robin 是本地營銷的最初領導者，我們將努力將其回歸到我們的本地營銷路線中。我們很幸運，擁有極其強大的 Red Robin Royal 忠誠度計劃，目前擁有 1150 萬會員，而上季度的會員數為 1130 萬。我們已經開始致力於進一步參與和發展該計劃，重點是獎勵我們最忠實的客人，而不是過去主要採用的折扣策略。我們的新任首席營銷官凱文·梅耶爾 (Kevin Mayer) 和團隊已經開始行動，我將在未來分享更多進展。

Number five, driving growth in comparable restaurant revenue and unit level profitability to deliver on our financial commitments. Q1 results demonstrate what we can accomplish when we have the right strategy in place and execute accordingly, and we have only just begun. The credibility with the investment community is critical, and this first quarter results are a good start and a first step on this journey. We will continue to be diligent in our operational execution to drive sales and profit growth and confident that when we provide financial commitments, we can deliver on them.

第五，推動可比餐廳收入和單位盈利能力的增長，以兌現我們的財務承諾。第一季度的結果表明，當我們制定正確的戰略並相應執行時，我們可以取得什麼成就，而我們才剛剛開始。投資界的信譽至關重要，第一季度的業績是一個良好的開端，也是這一旅程的第一步。我們將繼續勤勉地執行業務，以推動銷售和利潤增長，並相信當我們提供財務承諾時，我們能夠兌現它們。

Let me now turn the call over to Todd.

現在讓我把電話轉給托德。

Thank you, G. J., and good afternoon, everyone. I will begin with a recap of our financial performance for the first quarter, which is a 16-week quarter and then walk you through our upwardly revised financial guidance for 2023. Total revenues in Q1 were approximately $418 million, an increase of $22.4 million versus the first quarter of fiscal 2022. The increase in revenue resulted from an increase in comparable restaurant sales of 8.6%, the ninth consecutive quarter of positive comp sales growth and an acceleration from the 2.5% growth we posted in the fourth quarter of 2022. Comparable restaurant traffic increased 0.6%. The balance of our comparable sales growth was due to menu price increases and favorable sales channel mix. Of note, dine-in sales increased 16% as compared to the first quarter of 2022. Dine-in sales represent 74% of restaurant sales in the first quarter. We believe these figures reflect a broad post-COVID normalization and a further proof point of the effectiveness of our North Star plan with guests seeking and enjoying the dynamic experience at Red Robin.

謝謝你，G.J.，大家下午好。我將首先回顧一下我們第一季度（為期 16 週的季度）的財務業績，然後向您介紹我們向上修訂的 2023 年財務指引。第一季度的總收入約為 4.18 億美元，比去年同期增加了 2240 萬美元。 2022 財年第一季度。收入的增長是由於可比餐廳銷售額增長 8.6%，這是連續第九個季度實現可比銷售額正增長，並且比我們在 2022 年第四季度公佈的 2.5% 的增長有所加速。餐廳客流量增加了 0.6%。我們的可比銷售額增長的平衡是由於菜單價格上漲和有利的銷售渠道組合。值得注意的是，與 2022 年第一季度相比，堂食銷售額增長了 16%。堂食銷售額佔第一季度餐廳銷售額的 74%。我們相信這些數字反映了新冠疫情后的廣泛正常化，並進一步證明了我們的北極星計劃對於尋求並享受紅羅賓動態體驗的客人的有效性。

Restaurant-level operating profit as a percentage of restaurant revenue was 14.7%, an increase of approximately 70 basis points compared to the first quarter of 2022 and a 330 basis points sequential increase from 11.4% in the fourth quarter of 2022. While we experienced cost inflation across many categories, we were able to grow restaurant-level operating profit margin through the growth in comparable restaurant revenue and the initial implementation of cost savings measures.

餐廳級營業利潤佔餐廳收入的百分比為14.7%，較2022年第一季度增長約70個基點，較2022年第四季度的11.4%環比增長330個基點。在許多類別的通貨膨脹中，我們能夠通過可比餐廳收入的增長和初步實施成本節約措施來提高餐廳層面的營業利潤率。

Commodity inflation was approximately 8% in the first quarter of 2023 and moderated faster than expected from the 13% we experienced in the fourth quarter of 2022. We anticipate year-over-year inflation will continue to sequentially step down through the balance of the year. In labor expenses, hourly wage inflation was approximately 6%. We also invested approximately $3 million in the quarter to add staffing in the operational roles G.J. mentioned earlier.

2023 年第一季度大宗商品通脹率約為 8%，較 2022 年第四季度的 13% 有所放緩，增速快於預期。我們預計同比通脹率將在今年剩餘時間內繼續逐步下降。在勞動力支出中，每小時工資上漲約6%。我們還在本季度投資了約 300 萬美元，以增加運營角色的人員配置。之前提到。

Additionally, incentive compensation expense for our restaurant management teams increased over $1 million versus the first quarter of 2022 due to the significant gains in sales and profit performance the restaurant teams produced. While these are added costs we see real evidence of the benefits of these investments in guest satisfaction, sales and profit results. Even with these investments, total labor costs declined 60 basis points as compared to the first quarter of 2022, led by leverage from the sales gains.

此外，由於餐廳團隊的銷售額和利潤業績顯著增長，我們餐廳管理團隊的激勵薪酬費用與 2022 年第一季度相比增加了 100 萬美元以上。雖然這些都是額外的成本，但我們看到了這些投資在賓客滿意度、銷售和利潤方面帶來的好處的真實證據。即使進行了這些投資，在銷售收益的槓桿作用下，總勞動力成本仍比 2022 年第一季度下降了 60 個基點。

In other operating expenses, we experienced lower third-party sales commissions resulting from lower third-party sales mix, which was generally offset by higher repair and maintenance costs. General and administrative costs were $26.8 million, an increase versus the prior year of approximately $2.5 million. The increase is led by accrual of higher incentive compensation expenses and legal and professional fees associated with the sale leaseback and franchise acquisition transactions partially offset by reductions in staffing levels.

在其他運營費用中，由於第三方銷售組合較低，我們的第三方銷售佣金較低，但這通常被較高的維修和維護成本所抵消。一般及行政費用為 2,680 萬美元，比上一年增加約 250 萬美元。這一增長是由於與售後回租和特許經營收購交易相關的較高激勵補償費用以及法律和專業費用的應計費用部分被人員配置水平的減少所抵消。

Selling expenses were $7.7 million, a decrease versus the prior year of approximately $2.2 million, led by reductions in print agency and website spending. Adjusted EBITDA was $36.1 million compared to $28 million in the first quarter of 2022. Capital expenditures totaled $16.1 million and were primarily related to $7.4 million of reinvestment into existing restaurants and $5.9 million into the continued expansion of Donatos. We anticipate that 2023 CapEx related to Donatos will be complete in the second quarter of 2023 as the installations for 2023 were front-loaded in the year and are now substantially complete. We expect to continue the expansion of Donatos in 2024.

銷售費用為 770 萬美元，比上年減少約 220 萬美元，主要是印刷代理和網站支出的減少。調整後 EBITDA 為 3610 萬美元，而 2022 年第一季度為 2800 萬美元。資本支出總計 1610 萬美元，主要與對現有餐廳的再投資 740 萬美元和 Donatos 持續擴張的 590 萬美元有關。我們預計與 Donatos 相關的 2023 年資本支出將在 2023 年第二季度完成，因為 2023 年的安裝已於當年提前完成，目前已基本完成。我們預計 Donatos 將在 2024 年繼續擴張。

We ended the quarter with approximately $49 million of cash and cash equivalents and $10 million available borrowing capacity under our revolving line of credit. At quarter end, our outstanding principal balance under our credit agreement was $213 million and letters of credit outstanding were $9 million. In view of our great start and outperformance in Q1, we are raising our financial guidance expectations for fiscal 2023.

截至本季度末，我們的循環信貸額度下擁有約 4900 萬美元的現金和現金等價物以及 1000 萬美元的可用借款能力。截至季度末，我們的信貸協議項下的未償本金餘額為 2.13 億美元，未償信用證為 900 萬美元。鑑於我們第一季度的良好開局和出色表現，我們正在提高 2023 財年的財務指導預期。

Our revised guidance is as follows: total revenue of at least $1.3 billion, comparable restaurant revenue growth of 2% to 4%. This is a new addition to our guidance that we believe will be helpful to the investment community. Restaurant-level operating profit of at least 13.5%, inclusive of investments in the guest experience. Selling and general and administrative expense of $127 million to $132 million. The increase from our prior guidance is led by expected higher incentive compensation costs due to performance. Capital expenditures from $45 million to $50 million, adjusted EBITDA from $70 million to $80 million, an increase from our original guidance of $62.5 million to $72.5 million.

我們修訂後的指引如下：總收入至少​​13億美元，可比餐廳收入增長2%至4%。這是我們指南的新增內容，我們相信這將對投資界有所幫助。餐廳級營業利潤至少為 13.5%，包括對賓客體驗的投資。銷售及一般管理費用為 1.27 億至 1.32 億美元。與我們之前的指導相比，這一增長是由於績效導致的預期激勵薪酬成本增加所致。資本支出從 4500 萬美元增至 5000 萬美元，調整後的 EBITDA 從 7000 萬美元增至 8000 萬美元，從我們最初的指導值 6250 萬美元增至 7250 萬美元。

There is a thoughtful phasing to our investments and our approach is to earn our way to additional investments. This guidance reflects our confidence to both accelerate investments in food and labor, while also increasing our adjusted EBITDA outlook. As we look to the balance of the year, comparable restaurant sales have remained positive and better than the industry benchmarks to start the second fiscal quarter. Due to typical seasonal sales shifts and the accelerated investments, we expect second quarter restaurant level operating profit margin to take a step back from first quarter levels, then sequentially increase through the balance of the year as cost savings achieved a full run rate.

我們的投資有一個深思熟慮的分階段，我們的方法是贏得額外投資。這一指導反映了我們對加快食品和勞動力投資的信心，同時也提高了我們調整後的 EBITDA 前景。展望今年餘下的時間，可比餐廳銷售額仍然保持正值，並且好於第二財季開始時的行業基準。由於典型的季節性銷售變化和加速投資，我們預計第二季度餐廳水平的營業利潤率將較第一季度的水平回落，然後隨著成本節約實現全面運行率而在今年餘下時間裡連續增長。

Finally, I would like to update our previous communication regarding evaluating a sale-leaseback transaction. Following our evaluation in the first quarter, we marketed an initial tranche of 10 owned properties to investors. The marketing process included multiple interested parties and multiple rounds of bidding. We are currently progressing through the final stages of documentation and diligence with the winning buyer. We expect to close the transaction in the second quarter and generate gross proceeds of approximately $30 million. We anticipate the transaction will add occupancy expense of approximately $2 million and we have incorporated an additional $1.2 million of occupancy expense into our 2023 guidance in anticipation of completing the transaction.

最後，我想更新我們之前關於評估售後回租交易的溝通。根據第一季度的評估，我們向投資者推銷了第一批 10 處自有房產。營銷過程包括多個利益相關方和多輪投標。目前，我們正在與中標買家進行文件記錄和盡職調查的最後階段。我們預計將在第二季度完成交易，並產生約 3000 萬美元的總收益。我們預計此次交易將增加約 200 萬美元的佔用費用，並且為了完成交易，我們已將額外的 120 萬美元的佔用費用納入我們的 2023 年指導中。

The expected closing of this transaction supports the increase in our 2023 capital expenditure guidance. We expect proceeds from the sale-leaseback transaction will be used to repay debt, fund capital investments and support repurchasing shares of company stock, subject to the terms of our credit agreement and Board approval.

此次交易的預期完成將支持我們上調 2023 年資本支出指引。我們預計售後租回交易的收益將用於償還債務、為資本投資提供資金並支持回購公司股票，但須遵守我們的信貸協議條款和董事會批准。

In closing, we are extremely pleased with our first quarter performance, our track for 2023 and the overall direction of Red Robin.

最後，我們對第一季度的表現、2023 年的發展軌跡以及 Red Robin 的整體方向感到非常滿意。

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

這樣，我會將電話轉回給 G.J.

Thank you, Todd. We have recently announced appointments to our leadership team, including the addition today. I'd like to welcome Jody Lynch, our Chief Technology Officer; Kevin Mayer, our Chief Marketing Officer; Mark Simpson as Interim Chief People Officer, and congratulations to Jason Rusk on his promotion to Chief Business Development Officer. These changes complete our leadership team. I am confident these leaders will help drive the success of Red Robin and empower our people to achieve their full potential.

謝謝你，托德。我們最近宣布了領導團隊的任命，包括今天的新成員。我謹歡迎我們的首席技術官喬迪·林奇 (Jody Lynch)；凱文·梅耶爾 (Kevin Mayer)，我們的首席營銷官；馬克·辛普森 (Mark Simpson) 擔任臨時首席人力官，並祝賀傑森·臘斯克 (Jason Rusk) 晉升為首席業務發展官。這些變化完善了我們的領導團隊。我相信這些領導人將幫助推動紅羅賓的成功，並使我們的員工充分發揮潛力。

In closing, our mission is very simple, serving up awesome American food and bottomless fun. We are empowering our operators and providing them tools and resources to succeed. The initial proof points of success are evident in our Q1 results, and we will continue to execute our strategic plan. I remain incredibly optimistic about the future of our company, and thank you all for your interest.

最後，我們的使命非常簡單，即提供美味的美國美食和無盡的樂趣。我們正在賦予我們的運營商權力，並為他們提供取得成功的工具和資源。我們第一季度的業績已經證明了初步的成功，我們將繼續執行我們的戰略計劃。我對我們公司的未來仍然非常樂觀，感謝大家的關注。

We will now be happy to take your questions. Operator, please open the lines.

我們現在很樂意回答您的問題。接線員，請開通線路。

(Operator Instructions) Our first question comes from the line of Todd Brooks with The Benchmark Company.

（操作員說明）我們的第一個問題來自 Benchmark Company 的 Todd Brooks。

Congrats on some really excellent results and evident improvement in the quarter. Great job. I wanted to jump in, it's kind of a combined question. What -- 2 big areas of opportunity that you had cited were attacking the false waits and supply chain efficiency, you pointed at real progress against both in the quarter. How much of that opportunity has been harvested, how much is still in front of us as we start to think about the model and revenue trend going forward?

祝賀本季度取得的一些非常出色的成果和明顯的進步。做得好。我想跳進去，這是一個綜合問題。您提到的兩大機遇領域是解決錯誤等待和供應鏈效率問題，您指出了本季度這兩個領域的實際進展。當我們開始思考未來的模式和收入趨勢時，我們已經收穫了多少機會？還有多少機會擺在我們面前？

Todd, this is Todd here. I'll start and then let G.J. add in. But he quoted some numbers that I think give you some guidance, at least on the false wait, right? We were -- as we started to look at this data, we were over 10% last year, down to 2% most recently. So super encouraging to see the progress and still a little bit of room to go, but we feel like we've made very quick significant progress there.

托德，這是托德。我先開始，然後讓 G.J.但他引用了一些數字，我認為這些數字可以給你一些指導，至少在虛假等待方面，對嗎？當我們開始查看這些數據時，我們去年的比例超過 10%，最近降至 2%。看到進展非常令人鼓舞，而且還有一點進步空間，但我們覺得我們已經取得了非常快的重大進展。

In terms of the cost savings, in particular, as it relates to the supply chain, really very early innings in Q1. We ultimately captured a little bit over $1 million of the save in Q1. We expect that will ratchet up really quickly in Q2 and really hit its full run rate in Q3 and Q4. So we're on the pace that we expected. And so that was fully in line with our expectations. But I would say as far as cost saves, we expect that to ramp quickly through the balance of the year.

就成本節約而言，特別是與供應鏈相關的成本節約，確實是第一季度的早期階段。我們最終在第一季度節省了 100 萬多美元。我們預計第二季度這一數字將迅速上升，並在第三季度和第四季度真正達到滿負荷運轉。所以我們正按照我們預期的速度前進。這完全符合我們的預期。但我想說，就成本節省而言，我們預計這一成本將在今年餘下時間迅速增加。

And Todd, I'll just finish up by saying that from a false wait perspective, we have some room to go, but we've made significant progress. But where we're really going to make progress as our staffing levels and our training is fully in place, is on a sales per hour perspective. You heard me quote, we broke 700 sales records during the period, and that was individual sales records per hour, per week, et cetera. But the sales per hour levels that we are seeing from some of our best operators are incredible. And so that gives me great hope on what we can do here in the future.

托德，我最後想說的是，從錯誤的等待角度來看，我們還有一些發展空間，但我們已經取得了重大進展。但是，隨著我們的人員配備水平和培訓完全到位，我們真正要取得進展的地方是從每小時銷售額的角度來看。你聽到我引用了，我們在此期間打破了 700 項銷售記錄，這是每小時、每周等的個人銷售記錄。但我們從一些最好的運營商那裡看到的每小時銷售額令人難以置信。這讓我對我們未來能在這裡做的事情充滿希望。

That's great. And my final one, and I'll jump back in queue. With the rapid progress that you showed with these results and just some of the acceleration in CapEx spending and maybe faster than expected upgrading of the equipment platform behind flat tops. Is the overall plan as you've started to dig in and execute against North Star, which I know you gave yourself a 3-year window, do you feel like it's accelerating as you guys really started to work against the goals there? It feels like maybe we're getting some of the initiatives pulled forward here given the early strength that we've seen in the first part of the year?

那太棒了。這是我的最後一個，我會插回隊列。這些結果顯示出快速進展，資本支出支出有所加速，平頂設備平台的升級速度可能比預期更快。當你開始深入研究並執行針對北極星的總體計劃時，我知道你給了自己一個三年的時間窗口，當你們真正開始為實現那裡的目標而努力時，你是否覺得它正在加速？考慮到今年上半年我們看到的早期勢頭，我們感覺也許我們正在推進一些舉措？

Well, Todd, listen, we want to move as fast as we earn our way to do so. And that's exactly what we're trying to do to say that we're ahead of the 3-year plan. It's really not -- I'm really not ready to say that yet. There's so much uncertainty out there in terms of the economy and all the things that we all know that are out there from a macro perspective. So are we pleased where we are? Yes, I've been here 8 months and I feel like this team has come around and we're doing some incredible work. But I wouldn't say that we're ready to raise the flag to say, "Hey, we're feeling super, super bullish about we can move this up significantly", but we are happy where we are.

好吧，托德，聽著，我們希望盡可能快地採取行動。這正是我們試圖做的，以表明我們已經提前完成了三年計劃。事實並非如此——我真的還沒準備好這麼說。從宏觀角度來看，經濟以及我們都知道的所有事情都存在很多不確定性。那麼我們對目前的情況感到滿意嗎？是的，我已經在這裡 8 個月了，我覺得這個團隊已經轉變，我們正在做一些令人難以置信的工作。但我不會說我們已經準備好舉旗說：“嘿，我們對我們能夠大幅提升這一目標感到非常非常樂觀”，但我們對目前的情況感到高興。

(Operator Instructions) Our next question comes from the line of Andrew Wolf with CL King.

（操作員說明）我們的下一個問題來自 Andrew Wolf 和 CL King 的線路。

Congratulations on all the progress. Both, obviously, with your customers, but financially as well. I just had kind of a simple question. If I understand it, so you -- over 10% of the guests were waiting a year ago and now around 2% are waiting. So obviously, a lot less of them leave. But obviously, that gap is how do you correlate that? Or how do you measure how many of them actually walked away and didn't -- in other words, how do you measure what the boost is to traffic based upon that information?

祝賀所有的進展。顯然，兩者都與您的客戶有關，但在財務方面也是如此。我只是有一個簡單的問題。如果我理解的話，那麼一年前有超過 10% 的客人在等待，而現在只有 2% 左右在等待。很明顯，離開的人少了很多。但顯然，這種差距是如何關聯起來的？或者你如何衡量他們中有多少人實際上離開了而沒有離開——換句話說，你如何根據這些信息來衡量對流量的提升？

Yes, Andy, this is Todd. The data that we're capturing there is through our survey methodology. And so it's as reported by our guests. One of the key pieces, as G.J. and myself and this team got in, that was striking to us was we saw rates reported across all dayparts, all week parts. And just to give an example there, right, we would look at our data and see our guests on an extended weight randomly, right, at 03:00 on a Wednesday afternoon, a time period that we should never be on a wait. We want to be on a wait when we're full on a Friday night, right? But it's across that breadth of the spectrum that initially caught our attention. And so the data is reported through our survey and we're looking across that full spectrum of when are we on waits? And is it because we're truly at capacity? Or is it because we truly haven't filled all of these positions yet.

是的，安迪，這是托德。我們在那裡捕獲的數據是通過我們的調查方法獲得的。正如我們的客人所報告的那樣。關鍵作品之一，如 G.J.我和這個團隊加入了，令我們震驚的是我們看到了所有日間、所有周內報告的比率。舉個例子，我們會查看數據，並隨機看到我們的客人在周三下午 03:00 增加體重，這是我們永遠不應該等待的時間段。當我們週五晚上吃飽的時候，我們想等待，對嗎？但最初引起我們注意的是這個範圍的廣度。因此，數據是通過我們的調查報告的，我們正在全面了解我們何時需要等待？是因為我們真的已經滿負荷了嗎？或者是因為我們確實還沒有填補所有這些職位。

We're making great progress, but we know there's still more progress to come. And ultimately, we're going to look at our sales and our traffic results as it compares to the industry, as G.J. called out, right? We beat the industry on both. We continue to see that into the second quarter. And so all of those are encouraging signs to us.

我們正在取得巨大進展，但我們知道還有更多進展。最終，我們將把我們的銷售和流量結果與行業進行比較，正如 G.J.叫出來了是嗎？我們在這兩方面都擊敗了行業。我們在第二季度繼續看到這一點。因此，所有這些對我們來說都是令人鼓舞的跡象。

Got it. I think last quarter, you may have said this, obviously, the biggest goal is to build long-term traffic on an uptrend and outperform as you are doing now. Again, the sort of a simple question. I mean, is that going to be -- with the store base perhaps not growing rapidly in the near term, just regaining lapsed customers, people who haven't come maybe stopped coming at all through previous disappointment or is it going to be -- especially with the loyalty programs as developed as Red Robins to help with that? Or do you envision it being gaining new customers from either other chains or from who are dining at home.

知道了。我想上個季度，您可能已經說過了，顯然，最大的目標是在上升趨勢上建立長期流量並跑贏大盤，就像您現在所做的那樣。又是一個簡單的問題。我的意思是，這是否會——商店數量在短期內可能不會快速增長，只是重新獲得流失的顧客，那些沒有來的人可能會因為之前的失望而不再來，或者會是——尤其是像 Red Robins 這樣開發的忠誠度計劃可以幫助實現這一目標？或者您是否設想它會從其他連鎖店或在家用餐的人那裡獲得新客戶。

Well, I actually think the answer is both and we're working towards both. And we're just getting started. When we think about the first quarter, it's really around hospitality improvements or service, if you will, we call hospitality here. When we start implementing in the second quarter here, these changes that I spoke about from cooking to what we're doing with burgers and into the third and fourth quarter, it's going to be really, really interesting what happens, particularly with those lapsed users and even our existing guests that come with us and dine with us a lot, they are our most loyal guests. So in terms of acquiring new guests, we think that the word of mouth and some of the work that we'll do from a marketing perspective when already will help us there as well. We've got some pretty exciting things that we'll be speaking about later in terms of how we do that. But the answer is both.

嗯，我實際上認為答案是兩者兼而有之，我們正在努力實現兩者。我們才剛剛開始。當我們考慮第一季度時，它實際上是圍繞酒店的改進或服務，如果你願意的話，我們在這裡稱之為酒店。當我們在第二季度開始實施時，我談到的這些變化從烹飪到我們對漢堡所做的事情，再到第三和第四季度，發生的事情將非常非常有趣，特別是對於那些流失的用戶即使是我們現有的經常與我們一起用餐的客人，他們也是我們最忠實的客人。因此，在吸引新客人方面，我們認為口碑以及我們從營銷角度所做的一些工作已經對我們有所幫助。我們已經有了一些非常令人興奮的事情，稍後我們將討論如何做到這一點。但答案是兩者兼而有之。

And I guess the last thing I wanted to ask was on the -- just the food cost leverage, which was a big positive surprise how I was modeling things at least. I don't know if you call it vendor consolidation or however you think about it. But obviously, it seems like the cost saves came quite quicker. I mean, I guess I'm trying to ask -- Todd might have asked this as well, but clearly, this wasn't all just lower inflation, right? Or disinflation because costs were still up. So I assume a lot -- really the result is mainly giving vendors the opportunity to maybe sole source and make more money through volume. But again, how much of -- just sort of could proportionalize that for us. And I guess the other question obviously is how much more is to come with that.

我想我最不想問的就是食品成本槓桿，這至少對我建模的方式是一個很大的積極驚喜。我不知道你是否稱其為供應商整合，或者你如何看待它。但顯然，成本節省似乎來得更快。我的意思是，我想我想問——托德也可能問過這個問題，但顯然，這不僅僅是通脹下降，對吧？或者因為成本仍然上漲而導致通貨緊縮。所以我假設了很多——實際上，結果主要是給供應商提供了可能是唯一來源並通過數量賺更多錢的機會。但同樣，有多少——只是可以為我們成比例。我想另一個問題顯然是隨之而來的還有多少。

Yes, Andy, So I tried to add a little bit of texture there. We -- going, kind of, point by point to your comments. We did see commodity inflation that we talked about in the prepared remarks. So there was continued inflationary pressure there. Yes, I would point you to, we do have a little over 7% of price in place in the first quarter, and that certainly helped to offset that. As it relates to the cost saves, though, the Q1 number was a little over $1 million. certainly very much in line with what we expected, but also an expectation that we have a clear line of sight that, that number will accelerate through the balance of the year. And so those are really the key drivers within food costs.

是的，安迪，所以我嘗試在那裡添加一點紋理。我們——一點一點地聽取您的意見。我們確實看到了我們在準備好的講話中談到的商品通脹。因此，那裡存在持續的通脹壓力。是的，我想指出的是，我們第一季度的價格確實略高於 7%，這肯定有助於抵消這一影響。不過，就成本節省而言，第一季度的數字略高於 100 萬美元。當然非常符合我們的預期，但我們也有一個明確的預期，即這一數字將在今年餘下時間裡加速增長。因此，這些確實是食品成本的關鍵驅動因素。

(Operator Instructions) There are no further questions in the queue. I'd like to hand the call back to G.J. Hart for closing remarks.

（操作員說明）隊列中沒有其他問題。我想把電話轉給 G.J.哈特致閉幕詞。

All right. Well, thank you all for joining us today. We are at an exciting part of the journey here at Red Robin. We appreciate your support, and we look forward to reporting next quarter on our progress. So thank you guys very, very much. Take care.

好的。好的，謝謝大家今天加入我們。我們正處於紅羅賓旅程中令人興奮的部分。感謝您的支持，我們期待在下個季度報告我們的進展。非常非常感謝你們。小心。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。