Red Robin Gourmet Burgers Inc (RRGB) 2023 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to the Red Robin Gourmet Burgers, Incorporated third quarter 2023 earnings call. This conference is being recorded.

大家下午好，歡迎參加 Red Robin Gourmet Burgers, Incorporated 2023 年第三季財報電話會議。本次會議正在錄製中。

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 company's SEC filings.

在管理層的演講和回答您的問題時，他們將對公司的業務前景和期望做出前瞻性陳述。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 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績效的替代衡量標準。

Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures can be found in the earnings release. The company has posted its third 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較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 年第三季財報。

Now I would like to turn the call over to Red Robin's President and CEO, G.J. Hart. Please go ahead.

現在我想將電話轉給 Red Robin 的總裁兼執行長 G.J.哈特。請繼續。

Good afternoon, and thank you all for your interest in Red Robin. I'm joined today by Chief Financial Officer, Todd Wilson, who will review our financial results for the third quarter, and annual financial guidance, after I conclude my opening remarks.

下午好，感謝大家對紅羅賓的興趣。今天，財務長 Todd Wilson 將與我一起，在我結束開場白後，他將審查我們第三季的財務表現和年度財務指引。

A little more than a year ago, and after having served on Red Robin's Board for two years, I agreed to take on the President and CEO roles, because I believed, and strongly believe today in the great potential of this iconic brand. And in January, we articulated our North Star Plan to restore Red Robin to growth, and align and enable all key stakeholders to measure our progress, against these strategic priorities. I will provide an update on each of the five pillars of our plan in a moment, and what we have accomplished so far.

一年多前，在 Red Robin 董事會任職兩年後，我同意擔任總裁兼首席執行官，因為我相信並且今天也堅信這個標誌性品牌的巨大潛力。一月份，我們制定了北極星計劃，以恢復 Red Robin 的成長，並調整並使所有主要利益相關者能夠根據這些策略優先事項衡量我們的進展。我稍後將介紹我們計劃的五個支柱的最新情況，以及我們迄今為止所取得的成就。

But to begin, we need to revamp our leadership team. Bringing on human capital that shares my own passion for Red Robin, and has the experience and skill set to nurture a stronger brand, create a better future, and build long term and substantial shareholder value. We now have new leaders in place across every discipline of our market leadership team.

但首先，我們需要重組我們的領導團隊。引進與我一樣對紅羅賓充滿熱情的人力資本，並擁有豐富的經驗和技能來培養更強大的品牌，創造更美好的未來，並建立長期和可觀的股東價值。現在，我們的市場領導團隊的各個領域都有了新的領導者。

Additionally, with highly experienced and capable Board of Directors, and recently welcomed Nicole Miller Reagan, as our newest director, someone, I am sure many of you already know, from our many years, covering the industry. Across the organization, we have blended very talented and long-tenured Red Robin team members, with new talent from across the industry. This combination of internal and external talent, provides tremendous expertise to Red Robin, and positions us well to establish ourselves as the most loved restaurant brand within the communities that we serve.

此外，我們擁有經驗豐富、能力強的董事會，最近還迎來了妮可·米勒·裡根(Nicole Miller Reagan) 擔任我們的最新董事，我相信你們中的許多人在我們多年來報道該行業的過程中已經認識了。在整個組織中，我們將非常有才華且長期任職的 Red Robin 團隊成員與來自整個行業的新人才融為一體。這種內部和外部人才的結合，為 Red Robin 提供了豐富的專業知識，並使我們能夠將自己打造成我們所服務的社區中最受歡迎的餐廳品牌。

As I shared in January at the ICR conference, we have identified course corrections that are necessary for many of the decisions that were made under previous leadership. Undoubtedly, who had the best intentions of mind, at the time.

正如我一月份在 ICR 會議上分享的那樣，我們已經確定了對前任領導下做出的許多決策所必需的路線修正。毫無疑問，當時誰的意圖是最好的。

In the third quarter, comparable restaurant revenue declined 3.4%. This result was in line with our range of expectations, and it is important to understand it with full context. In the second half of 2022, Red Robin heavily promoted a combo meal of deals, significant with national media, that offered guests, a burger bottomless side and non-alcoholic beverage for $10, a 30% to 40% discount to retail prices. This promotion drove traffic and sales, but the economics were quite penalizing to profitability.

第三季度，可比餐廳營收下降 3.4%。這個結果符合我們的預期，重要的是要在完整的背景下理解它。 2022 年下半年，Red Robin 大力推廣套餐優惠，在全國媒體中頗受關注，為客人提供 10 美元的漢堡無底配菜和非酒精飲料，比零售價折扣 30% 至 40%。這種促銷活動帶動了流量和銷售，但經濟性對獲利能力相當不利。

In 2023, as we upgrade all aspects of the guest experience, we have intentionally shifted away from national deep discount promotions, and broad loyalty offers to build a healthier, more sustainable, and ultimately more profitable traffic base. However, lapping this 2022 promotion is a headwind, we expected for our comparable restaurant revenue, and related metrics.

到 2023 年，隨著我們全面升級賓客體驗，我們有意放棄全國性的深度折扣促銷和廣泛的忠誠度優惠，以建立更健康、更可持續、最終更有利可圖的流量基礎。然而，根據我們對可比較餐廳收入和相關指標的預期，2022 年的促銷活動是一個逆風。

Additionally, we made the decision to discontinue the virtual brands, that were added in 2020. While this type of offering had its place during the depths of COVID, multiple brands, products, and procedures created unnecessary complexity for our operators, and distracted the focus of executing a great Red Robin experience.

此外，我們決定終止2020 年新增的虛擬品牌。雖然此類產品在新冠疫情最嚴重的時期佔有一席之地，但多個品牌、產品和程式為我們的營運商帶來了不必要的複雜性，並分散了專注於執行出色的紅羅賓體驗。

The economics of virtual brands also resulted in minimal profit contribution. Eliminating these virtual brand offerings in July of this year, was the right change for the long-term success of Red Robin, despite short term optics of a comparable restaurant sales headwind of approximately 200 basis points.

虛擬品牌的經濟性也導致獲利貢獻微乎其微。今年 7 月取消這些虛擬品牌產品對於 Red Robin 的長期成功來說是正確的改變，儘管短期來看可比餐廳銷售逆風約 200 個基點。

Finally, we experienced and we observed industry results for sales and traffic, weaken particularly in the back half of the third quarter. We are pleased to see trends improving to start -- at the start of the fourth quarter. Through the first four weeks of the fourth quarter, comparable restaurant traffic trends have improved 300 basis points as compared to the final four weeks of the third quarter, led by dine-in traffic.

最後，我們經歷並觀察到行業銷售和流量的結果，特別是在第三季後半段疲軟。我們很高興看到趨勢從第四季初開始有所改善。與第三季最後四週相比，第四季的前四個星期，可比餐廳客流量趨勢改善了 300 個基點，其中堂食客流量占主導地位。

In a few moments, I'll discuss the ongoing proof points of greater guest satisfaction, that we expect will lead to traffic growth. We also continue to print proof points. We are creating a healthier business with greater profitability.

稍後，我將討論不斷提高的賓客滿意度的證據，我們預計這將帶來流量成長。我們也繼續印製證明點。我們正在創造一個更健康、更有獲利能力的業務。

During the third quarter, we generated $6.8 million in adjusted EBITDA compared to $3.9 million last year. On a year to date basis, we have generated $58.3 million in adjusted EBITDA compared to $43.7 million last year, a 33% increase. We have delivered these increases in profitability, while making substantial improvements, and investments back into the guest experience.

第三季度，我們的調整後 EBITDA 為 680 萬美元，而去年為 390 萬美元。今年迄今，我們的調整後 EBITDA 為 5,830 萬美元，與去年的 4,370 萬美元相比，成長了 33%。我們實現了盈利能力的提高，同時進行了實質改進，並對賓客體驗進行了投資。

The total investment in the third quarter was approximately $8 million, and the year to date totals approximately $16 million. We are making the substantial investment, to deliver a great guest experience, and increases in guest traffic in time.

第三季的總投資約800萬美元，今年迄今的投資總額約1,600萬美元。我們正在進行大量投資，以提供出色的賓客體驗，並及時增加賓客流量。

I'm incredibly proud and thankful for the work of all Red Robin team members. Because of your work and effort, we are making great progress towards each of the five points of our North Star Plan, that I will now reveal.

我對所有 Red Robin 團隊成員的工作感到無比自豪和感謝。由於你們的工作和努力，我們在實現北極星計畫五點方面取得了巨大進展，我現在將向你們透露這一點。

First, we are transforming into an operations focused company. Our success rests on the success of our operating partners, and restaurant leadership teams. They are leaders of their restaurant, and make the Red Robin experience come to life, for their guests and team members.

首先，我們正在轉型為一家以營運為中心的公司。我們的成功取決於我們的營運合作夥伴和餐廳領導團隊的成功。他們是餐廳的領導者，為客人和團隊成員打造紅羅賓體驗。

Our operations leaders now have expanded decision-making authority, and are actively involved in our entire decision making process. They will then share in the rewards of the positive impact of these decisions, as they are made.

我們的營運領導現在擴大了決策權限，並積極參與我們的整個決策過程。然後，他們將分享這些決策所帶來的正面影響所帶來的回報。

It has now been two full quarters since we revamped our market partner compensation program for multi-unit operators. They now rightfully see themselves as owners of the restaurants they oversee, and are rewarded based on their profits.

自從我們修改針對多單位業者的市場合作夥伴薪酬計畫以來，已經過了整整兩個季度。他們現在理所當然地認為自己是他們所監管的餐廳的所有者，並根據他們的利潤獲得獎勵。

They are incentivized to deliver strong financial results like never before, and have unlimited upside earnings potential. This helps to recruit, and to retain the best talent available. The multi-unit operator role rollout has gone exceedingly well, and we are currently preparing to launch the single unit operator managing partner program, in early 2024.

他們被激勵以前所未有的方式實現強勁的財務業績，並擁有無限的獲利成長潛力。這有助於招募和留住最優秀的人才。多單位營運商角色的推出進展非常順利，我們目前正準備在 2024 年初啟動單一單位營運商管理合作夥伴計畫。

Second, we are elevating the guest experience. The feedback we have received from guests throughout the year is clear. They are more, and more satisfied with their Red Robin experience, and recognize, and appreciate the changes that we have made in quality of staffing, upgrades to our food, and unbridled hospitality.

其次，我們正在提升賓客體驗。我們全年從客人那裡收到的回饋是明確的。他們對紅羅賓的體驗越來越滿意，並認識到並欣賞我們在人員配備品質、食物升級和肆無忌憚的招待方面所做的改變。

We continue to measure increases in guest satisfaction across all guest feedback mechanisms, including overall satisfaction for dine in, which is where most of the guest experience are improvements, and total net sentiment, and service net sentiment across our Google, Yelp and TripAdvisor reviews, compared to last year.

我們繼續透過所有賓客回饋機制來衡量賓客滿意度的成長情況，包括用餐的整體滿意度（這是大多數賓客體驗得到改善的地方），以及我們的Google、Yelp 和TripAdvisor 評論中的總淨情緒和服務淨情緒，與去年相比。

Returning to Red Robin's traditional and an industry best practice staffing model, provides our servers with fewer tables, so they can provide a great experience to every guest, and minimize false rates. We have also added back, bussers, driving increases in cleanliness ratings, are better staffed at staffing at the host stand, which has improved wait times, and brought back to dedicated Expo, who is responsible for the in-restaurant execution of every order.

回歸 Red Robin 的傳統和行業最佳實踐人員配置模式，為我們的服務員提供更少的桌子，這樣他們就可以為每位客人提供良好的體驗，並最大限度地減少錯誤率。我們還重新添加了“bussers”，推動了清潔度評級的提高，在主展台配備了更好的人員配置，這縮短了等待時間，並帶回了專門的世博會，負責在餐廳內執行每份訂單。

Finally, we have added more than 250 dedicated kitchen managers, and expect to substantially complete our manager complement investments by year-end.

最後，我們增加了 250 多名專門的廚房經理，並預計在年底前基本完成我們的經理補充投資。

Speaking of food and food quality, recall that we successfully completed the system-wide rollout of flat top grills, during the second quarter. This upgraded platform seasons the burgers juices, delivering a thicker juicier, and more flavorful burger, and will serve as a foundation for future innovation. Team member, and guest feedback has been resoundingly positive.

說到食品和食品質量，請回想一下，我們在第二季度成功完成了全系統平頂烤架的推出。這個升級後的平台將漢堡汁調味，提供更濃稠、多汁、更美味的漢堡，並將作為未來創新的基礎。團隊成員和客人的回饋非常正面。

Flat top cooking has returned our burger chefs to real cooking, while being simpler to execute, and enabling them to deliver a tasty product, according to our guests. We have also enhanced our presentation, by moving away, from wrapping our burgers, and wax paper, and presenting in a basket, to a showcase on a beautiful new plate ware.

我們的客人表示，平頂烹飪讓我們的漢堡廚師回歸真正的烹飪，同時更易於執行，並使他們能夠提供美味的產品。我們也增強了我們的展示方式，從用蠟紙包裝漢堡並在籃子中展示，轉變為在漂亮的新盤子上展示。

In early October, we took our commitment to returning our burgers to true gourmet status to the next level, unveiling new, and improved recipes, for each one of our more than 20 gourmet burgers, now prepared with higher quality, and more flavorful ingredients, to deliver on our guest promise, and a competitive elevated burger experience.

十月初，我們承諾將我們的漢堡恢復到真正的美食地位，並提升到一個新的水平，為我們的20 多個美味漢堡中的每一個推出新的和改進的食譜，現在用更高質量、更美味的原料製成，兌現我們對賓客的承諾以及具有競爭力的優質漢堡體驗。

We began communicating these improvements to guests under the banner of Turn Up The Yum, that builds on the tremendous consumer recognition of our long-term Yum, Taiwan. In addition to our relaunched burger lineup, we introduced new entrees, appetizers, beverages, and seasonal additions, to delight our guests with new innovation, and provide optionality within the key menu categories, that help build check.

我們開始在「Turn Up The Yum」的旗幟下向客人傳達這些改進，這是建立在消費者對我們台灣百勝餐飲集團長期認可的基礎上的。除了重新推出的漢堡系列外，我們還推出了新的主菜、開胃菜、飲料和季節性添加物，以新的創新取悅我們的客人，並在關鍵菜單類別中提供可選性，有助於建立檢查。

With this launch, we have now upgraded ingredients, including mayonnaise, vine ripened tomatoes, buns, pickles, fresh pineapples, our sauces, and many other items. In total, we have made enhancements to 85% of our menu. The new menu includes the first executions of our strategy, to broaden, both the offerings of menu items, and the price points under our barbell pricing strategy. And we have added new proteins with the Tsunami Shrimp, and the Whiskey River Barbecue Ribs.

透過這次發布，我們現在升級了原料，包括蛋黃醬、藤熟番茄、麵包、泡菜、新鮮鳳梨、我們的醬汁和許多其他物品。總的來說，我們對 85% 的菜單進行了改進。新菜單包括我們策略的首次執行，以擴大菜單項目的供應以及我們槓鈴定價策略下的價格點。我們還在海嘯蝦和威士忌河燒烤排骨中添加了新的蛋白質。

Our culinary has also developed an amazing Barbecue Burnt Ends 'N Bacon Burger, Smashed Avocado 'N Bacon Burger, and we returned to fan favorite, Burnin' Love, well only in place for a few weeks, we have seen great trial on these new and premium priced items.

我們的烹飪還開發了令人驚嘆的燒烤燒邊培根漢堡、碎酪梨培根漢堡，我們又回到了粉絲最喜歡的燃燒愛，但只推出了幾週，我們已經看到了對這些新產品的偉大試。和高價商品。

Additionally, the appetizers we added, are driving incremental incidence of appetizer purchases. As part of our regular practices, we regularly survey our loyalty database, and amongst the most dedicated guests, who have dine with us over the year (technical difficulty) I agree that our service and hospitality has improved.

此外，我們添加的開胃菜正在推動開胃菜購買率的增加。作為我們常規做法的一部分，我們定期調查我們的忠誠度資料庫，在一年來與我們一起用餐的最忠誠的客人中（技術難度），我同意我們的服務和熱情好客有所改善。

These figures have continually increased, as we implement additional changes to improve the guest experience. We have also upgraded our bar menu to include high quality brands, our guests know and love, Casamigos, Angel's Envy, and Kendall Jackson, in our wine and spirit offerings.

隨著我們實施更多變革以改善賓客體驗，這些數字不斷增加。我們還升級了酒吧菜單，在我們的葡萄酒和烈酒產品中加入了客人熟知和喜愛的高品質品牌：Casamigos、Angel's Envy 和 Kendall Jackson。

While making quality upgrades to things like our margarita mix with fresh lime juice and agave. Alcoholic beverages are a tremendous opportunity for our business, currently representing only 6% of sales versus a competitive average of over 10%. These changes are the first steps to reinvigorate our bar business, and capture this opportunity.

同時對我們的瑪格麗特混合新鮮酸橙汁和龍舌蘭等產品進行品質升級。酒精飲料對我們的業務來說是一個巨大的機會，目前僅佔銷售額的 6%，而競爭平均水平超過 10%。這些變化是重振我們酒吧業務並抓住這一機會的第一步。

Having achieved great gains in staffing levels, hospitality and food quality. We are finalizing preparations for an alpha test group of restaurant renovations, I announced last quarter. We plan to have these restaurants operate without interruption, through the busy end-of-year holiday period, then begin construction right after the new year.

在人員配備水準、接待和食品品質方面取得了巨大進步。我上個季度宣布，我們正在完成餐廳翻修阿爾法測試小組的準備。我們計劃讓這些餐廳在繁忙的年末假期期間不間斷地營業，然後在新年後立即開始建設。

The initial test restaurants are located in Washington, California, and Colorado, and will provide a good sampling of our West Coast footprint to learn from. Renovations are planned to upgrade the interior [ombet] ambiance, and exterior appeal, to match the food and hospitality upgrades. In doing so, we are bringing all elements of the guest experience together.

最初的測試餐廳位於華盛頓、加利福尼亞州和科羅拉多州，並將提供我們西海岸足跡的良好樣本以供學習。計劃進行翻修以升級內部[ombet]氛圍和外部吸引力，以匹配食品和酒店的升級。在此過程中，我們將賓客體驗的所有元素融合在一起。

Third, we are removing costs and complexity. To help fund our investments back into the guest experience, we have a bit been identifying, and then capturing new, numerous, non-guest facing savings opportunity. These efforts have been centered in the fantastic work of our supply chain team. We have found smart saving levers, and have been able to produce products from our vendors, have the same or better quality, at a lower cost.

第三，我們正在消除成本和複雜性。為了幫助我們將投資重新投入到賓客體驗中，我們一直在尋找並捕捉新的、大量的、非面向賓客的節省機會。這些努力都集中在我們供應鏈團隊的出色工作上。我們找到了明智的節省槓桿，並且能夠以更低的成本從我們的供應商生產具有相同或更好品質的產品。

Year to date, we have saved approximately $7 million, and expect the savings to total approximately $12 million in 2023. The initiatives implemented in 2023, total an annualized run rate that exceeds $20 million, and will carry into the benefit of 2024.

今年迄今為止，我們已節省了約 700 萬美元，預計到 2023 年節省總額約為 1200 萬美元。2023 年實施的舉措的年化運行率總計超過 2000 萬美元，並將在 2024 年帶來效益。

The final key initiative plan to launch in the fourth quarter, was a change from frozen to fresh chicken breasts. The move to fresh chicken breast is a tremendous quality, flavor, and helpful improvement for our guests. And one, we expect to result in approximately $5 million annualized savings on that product itself.

第四季推出的最後一項關鍵舉措計劃是從冷凍雞胸肉改為新鮮雞胸肉。改用新鮮雞胸肉對我們的客人來說是一個巨大的品質、風味和有益的改進。第一，我們預計該產品本身每年可節省約 500 萬美元。

This type of change illustrates how we think about cost savings as changes, that are both good for our guests, and for Red Robin. The team continues to do great work, capturing these opportunities in 2023, and building a robust pipeline of initiatives, to continue this progress in 2024 and beyond. I discussed the complexity aspect earlier, as that was the driving force that led to our decision to exit virtual brands.

這種類型的改變說明了我們如何將成本節約視為改變，這對我們的客人和紅羅賓都有好處。團隊將繼續進行出色的工作，在 2023 年抓住這些機會，並建立強大的計劃管道，以在 2024 年及以後繼續取得這一進展。我之前討論過複雜性方面，因為這是導致我們決定退出虛擬品牌的驅動力。

Fourth, we are optimizing guest engagement. In our ongoing efforts to reinvigorate the Red Robin brand, and enhance our restaurant experience, we have been proactively elevating our marketing capabilities. First, given the substantial did digital traffic from our guests, we are rapidly improving guest acquisition capabilities, and our capacity to target the right audience, with timely and pertinent messages.

第四，我們正在優化賓客參與度。在我們不斷努力重振紅羅賓品牌並增強我們的餐廳體驗的過程中，我們一直在積極提升我們的行銷能力。首先，考慮到來自賓客的大量數位流量，我們正在迅速提高賓客獲取能力，以及透過及時、相關的資訊瞄準正確受眾的能力。

We've significantly increased the efficiency of our paid media strategy, through more precise targeting, allowing us to reach more guests with the same dollars, and serve up more purposeful messaging. We have shifted towards more category-specific search strategies, to capture the attention of guests seeking experiences like ours.

透過更精確的定位，我們顯著提高了付費媒體策略的效率，使我們能夠以相同的資金吸引更多的客人，並提供更有目的的資訊。我們已轉向更針對特定類別的搜尋策略，以吸引尋求像我們這樣的體驗的客人的注意。

And on top of that, we have tackled both technical, and content related search engines optimization, resulting in a notable 30% surge in organic search traffic. These efforts have restored growth to the web traffic trends that had been declining.

除此之外，我們還解決了技術和內容相關的搜尋引擎優化問題，導致自然搜尋流量顯著激增 30%。這些努力使一直下降的網路流量趨勢恢復了成長。

Second, our investments in earned media and social marketing initiatives, have positioned our brand in new consumer touch points, fostering engagement with guests eager to see Red Robin's resurgence, and explore our latest menu offerings. We've had success garnering coverage in both the trade and consumer media space.

其次，我們對贏得媒體和社交行銷活動的投資，將我們的品牌定位在新的消費者接觸點，促進與渴望看到紅羅賓復興的客人的互動，並探索我們最新的菜單產品。我們已成功獲得貿易和消費者媒體領域的報告。

And a small example of our commitment to social engagement, our burger chain collaborations with Ariana Madix, a celebrity bartender, influencer, and US weeklies reality TV star of the year, generated over 500,000 views, in just the first few days, showcasing our brand in a compelling manner.

我們致力於社會參與的一個小例子是，我們的漢堡連鎖店與名人調酒師、影響者和美國周刊年度真人秀明星Ariana Madix 的合作，在最初幾天內就產生了超過500,000 次觀看，展示了我們的品牌以令人信服的方式。

Third, we are committed to forging strong connections with the communities we serve, through localized marketing initiatives that support the local community. This approach is not only building goodwill but driving revenue. Additionally, we have executed a nationwide summer of Yum promotional tour, offering tastings of our improved burgers, opportunities to win prizes, and enjoyable experiences. The response was overwhelmingly positive, building excitement around our new gourmet burgers, and other menu additions.

第三，我們致力於透過支持當地社區的在地化行銷舉措，與我們所服務的社區建立牢固的聯繫。這種方法不僅可以建立商譽，還可以增加收入。此外，我們還在全國各地開展了百勝夏季促銷活動，提供品嚐我們改進的漢堡、贏取獎品的機會和愉快的體驗。反應非常積極，我們的新美味漢堡和其他菜單新增內容引起了人們的興奮。

Finally, as we continue to invest in our in our hospitality model and culinary offerings, we are in the process of refining our loyalty program. Our goal is to deliver more relevant messaging to our over 13 million members, transforming the program into a [VO VIP] like experience, then acquiring new members to foster a new generation of Red Robin ambassadors. Our strategy is to shift away from heavy discounting, in favor of rewarding our most loyal guests. The formal launch of the revamped loyalty program is scheduled in early 2024.

最後，隨著我們繼續投資我們的酒店模式和烹飪產品，我們正在完善我們的忠誠度計劃。我們的目標是向超過 1300 萬會員傳遞更多相關訊息，將該計劃轉變為類似 [VO VIP] 的體驗，然後吸引新會員來培養新一代紅羅賓大使。我們的策略是放棄大幅折扣，轉而獎勵我們最忠實的客人。改進後的忠誠度計畫計劃於 2024 年初正式啟動。

Fifth, driving growth in comparable restaurant revenue, and unit level profitability, to deliver financial commitments. We are taking a holistic approach to our decision making engineering, the comeback of Red Robin, to create a healthy, sustainable, and growing (technical difficulty) business for the long term.

第五，推動可比餐廳收入和單位盈利能力的成長，以兌現財務承諾。我們正在對我們的決策工程採取整體方法，即紅羅賓的回歸，以長期創造一個健康、可持續和不斷增長（技術難度）的業務。

While comparable restaurant revenue declined in the third quarter, we expected that outcome, and the decisions that led to it, as I discussed earlier, are the absolute right decisions to set Red Robin, up for long-term success.

雖然第三季可比餐廳收入有所下降，但我們預計這一結果以及導致這一結果的決策，正如我之前討論的那樣，對於讓紅羅賓取得長期成功來說是絕對正確的決策。

Todd will review the details in a few moments, and you will hear that our adjusted EBITDA guidance for 2023 is significantly improved from 2022 results, and well above our initial guidance for 2023. Now let me turn the call over to Todd.

托德稍後將查看詳細信息，您將聽到我們調整後的2023 年EBITDA 指導較2022 年的結果有了顯著改善，並且遠高於我們對2023 年的初步指導。現在讓我將電話轉給托德。

Thank you, G.J., and good afternoon, everyone. I will begin with a recap of our third quarter financial performance, and then discuss our financial guidance for 2023.

謝謝你，G.J.，大家下午好。我將首先回顧我們第三季度的財務業績，然後討論我們 2023 年的財務指引。

Total revenues were $277.6 million, a decrease of $9.2 million versus the third quarter of fiscal 2022. The decline in revenue was led by a decrease in comparable restaurant revenue of 3.4%, due to moving away from the deep discounting, marketing promotions, and elimination of virtual brands that G.J. discussed earlier.

總營收為 2.776 億美元，比 2022 財年第三季減少 920 萬美元。營收下降的原因是可比餐廳營收下降 3.4%，原因是大幅折扣、行銷促銷和淘汰的取消G.J. 的虛擬品牌前面討論過。

Dine-in sales increased 0.5% as compared to the third quarter of 2022. Dine-in experiences where guest experience all of the hospitality, and food investments we have made. We believe the continued sales growth, and relative strength of dine-in business is another data point, confirming the changes and investments we have made are right.

與 2022 年第三季相比，堂食銷售額成長了 0.5%。在堂食體驗中，客人可以體驗我們所做的所有款待和食品投資。我們相信，持續的銷售成長和堂食業務的相對實力是另一個數據點，證實了我們所做的改變和投資是正確的。

As a percentage of restaurant sales, dine-in represented 75.6% of sales in the third quarter, up from 72.4% in the same quarter last year. This consumer shift back to dine-in, is a broad trend experienced by many in the industry, and it's accentuated for Red Robin, as we discontinued virtual brands, that were only available for off-premise consumption.

第三季堂食佔餐廳銷售額的比例為 75.6%，高於去年同期的 72.4%。消費者回歸堂食的趨勢是業內許多人所經歷的一個大趨勢，對於 Red Robin 來說這一趨勢尤為突出，因為我們終止了只能用於店外消費的虛擬品牌。

Off-premise sales declined 15.1% as compared to the third quarter of 2022. Approximately half of that decline is due to the elimination of virtual brands. We have launched initiatives, to enhance the off-premise guest experience, and promote this offering to become more prominent, and visible, for those guests looking for a pickup or delivery option.

與 2022 年第三季相比，場外銷售額下降了 15.1%。其中大約一半的下降是由於虛擬品牌的消除。我們已推出多項舉措，以增強場外賓客體驗，並針對那些尋求提貨或送貨選項的賓客，推廣此服務，使其變得更加突出和可見。

Within off-premise, catering remains a bright spot, increasing 27% as compared to the third quarter of 2022. Catering is a fast-growing segment, and the team is doing great work to capture this opportunity.

在場外，餐飲仍然是一個亮點，與 2022 年第三季相比成長了 27%。餐飲是一個快速成長的領域，團隊正在努力抓住這個機會。

Restaurant-level operating profit as a percentage of restaurant revenue was 11.1%, a decrease of approximately 150 basis points compared to the third quarter of 2022. The reduction was driven by our intentional investments back into the guest experience, through both staffing levels, and food quality, and the deleveraging impact of the comparable restaurant sales decline.

餐廳層面的營業利潤佔餐廳收入的百分比為 11.1%，與 2022 年第三季相比下降了約 150 個基點。這一下降是由於我們透過人員配置水平和食品質量，以及可比餐廳銷售額下降的去槓桿化影響。

The substantial investment that G.J. referenced earlier, is necessary to restore the overall guest experience, to levels that made Red Robin so successful in the past. As we have previously discussed in recent years, well-intentioned of misguided cost savings decisions, hampered the guest experience, and negatively impacted guest traffic.

G.J. 的巨額投資前面提到的，有必要將整體賓客體驗恢復到紅羅賓過去如此成功的水平。正如我們之前討論的那樣，近年來，出於善意而做出的錯誤的成本節約決策阻礙了賓客體驗，並對賓客流量產生了負面影響。

With the changes we have implemented this year, we already see gains in guest satisfaction, and expect this in reinvestments will ultimately result in increased guest traffic counts, and higher levels of restaurant-level operating profit. The investment includes additional restaurant-level management, which is fixed in nature, and therefore deleverages with the lower sales in the third quarter.

透過今年實施的變革，我們已經看到顧客滿意度提高，並預計再投資最終將導致顧客流量增加，並提高餐廳層面的營業利潤。這項投資包括額外的餐廳層級管理，其性質是固定的，因此隨著第三季銷售額的下降而去槓桿化。

Increased hourly team member staffing levels, in both the front and the back of the house, food quality upgrades, and finally, improved execution by our operational teams to our operating standards. Inflationary pressure continues to moderate. While inflation is present, we see what we consider to be much more normalized levels.

增加了前廳和後廳的每小時團隊成員配備水平，食品品質升級，最後，我們的營運團隊的執行力提高到了我們的營運標準。通脹壓力持續緩和。儘管有通貨膨脹，但我們看到的是我們認為更正常化的水平。

Commodity inflation was approximately 3% in the third quarter, improved from 5% in the second quarter. We experienced cost increases in beef, potatoes and bread, mostly offset by favorability in other proteins and fried oil. Hourly wage inflation was approximately 4%, also improved from 5% in the second quarter, and utility inflation blended across gas and electric, it was approximately 3%.

第三季大宗商品通膨率約為 3%，較第二季的 5% 有所改善。我們經歷了牛肉、馬鈴薯和麵包的成本上漲，但大部分都被其他蛋白質和煎炸油的青睞所抵消。時薪通膨率約為 4%，也較第二季的 5% 有所改善，天然氣和電力的公用事業通膨率約為 3%。

General and administrative costs were approximately $19.2 million, a decrease versus the prior year of $2.3 million. The decrease results from various initiatives we enacted to reduce overhead costs. Additionally, Red Robin held its annual leadership conference in the third quarter of 2022, and did not hold an annual conference in the third quarter of 2023.

一般和行政費用約為 1,920 萬美元，比上年減少 230 萬美元。這一下降是由於我們為降低間接費用而採取的各種措施。此外，Red Robin於2022年第三季召開了年度領導層會議，2023年第三季未召開年度會議。

Instead led by G.J., the leadership team met with our managing partners, and operations leaders in multiple Townhall rally settings, earlier in 2023, to celebrate and communicate with them. We intentionally reduced marketing and promotional activity in 2023 compared to 2022, to support our hospitality investments.

領導團隊由 G.J. 領導，於 2023 年初在多個市政廳集會場所與我們的管理合作夥伴和營運負責人會面，向他們表示慶祝並進行溝通。與 2022 年相比，我們有意減少了 2023 年的行銷和促銷活動，以支持我們的飯店投資。

Selling expenses were approximately $8.8 million, a decrease versus prior year of approximately $5.4 million, led by reduced media spending on social and local channels. We have intentionally paced our investments in selling dollars through the year, keeping powder dry.

銷售費用約 880 萬美元，比前一年減少約 540 萬美元，主要是由於社交和本地管道的媒體支出減少。我們有意調整全年美元拋售投資的節奏，以保持乾燥。

With our hospitality upgrades in place, and the launch of the new menu in October, we expect a sequential increase in spend, from the third quarter to the fourth quarter of approximately 30% to promote this new news. Discounts represented 3.7% of revenue, a decline of 230 basis points compared to the third quarter of 2022. Adjusted EBITDA was approximately $6.8 million compared to approximately $3.9 million in the third quarter of 2022.

隨著我們的接待升級到位，以及 10 月新菜單的推出，我們預計支出將連續增加，從第三季到第四季增加約 30%，以宣傳這一新消息。折扣佔營收的 3.7%，與 2022 年第三季相比下降了 230 個基點。調整後 EBITDA 約為 680 萬美元，而 2022 年第三季約為 390 萬美元。

In August, we completed a second sale leaseback transaction with Essential Properties Realty Trust to sell and simultaneously leaseback nine owned properties. The transaction generated gross proceeds of approximately $30.4 million, which was used to pay down debt, and accelerate investments to drive growth.

8 月，我們與 Essential Properties Realty Trust 完成了第二筆售後回租交易，出售並同時回租九處自有房產。此次交易產生的總收益約為 3,040 萬美元，用於償還債務並加速投資以推動成長。

Also during the third quarter, we marketed a third tranche of owned properties, and received positive interest and multiple bids from investors. We continue to engage with our top bidders, and they select a winning bid in the fourth quarter. If completed, we expect the net proceeds will be used to repay debt, pursuant to the credit agreement.

同樣在第三季度，我們銷售了第三批自有房產，並收到了投資者的積極興趣和多次出價。我們繼續與最高競標者接觸，他們在第四季度選出了中標者。如果完成，我們預計根據信貸協議，所得淨收益將用於償還債務。

The sale leaseback transactions completed to date have allowed us to repay approximately $25 million of debt, carrying an interest rate that would have exceeded 12% during the third quarter. Our goal as we continue to improve the profitability of the company, is to reduce our debt and leverage metrics, to levels that allow us to refinance the remaining debt, at more favorable interest rates, further freeing cash that is currently allocated interest payments.

迄今為止完成的售後回租交易使我們能夠償還約 2,500 萬美元的債務，第三季的利率將超過 12%。我們持續提高公司獲利能力的目標是減少債務和槓桿指標，達到允許我們以更優惠的利率為剩餘債務再融資的水平，進一步釋放當前分配利息支付的現金。

We ended the third quarter with approximately $48.6 million of cash and cash equivalents, $12.3 million of restricted cash, and $25 million available borrowing capacity under our revolving line of credit. At quarter end, our outstanding principal balance under our credit agreement was $189.1 million, down from $197.5 million as of the end of the second quarter. And letters of credit outstanding were $11.7 million.

截至第三季末，我們的循環信貸額度下擁有約 4,860 萬美元的現金和現金等價物、1,230 萬美元的限制性現金以及 2,500 萬美元的可用借款能力。截至季末，我們信貸協議下的未清本金餘額為 1.891 億美元，低於第二季末的 1.975 億美元。未償還信用證為 1170 萬美元。

During the third quarter, among other items, we used cash to repay $8.4 million of debt, purchase $5 million of stock, and deploy $11.3 million for capital expenditures.

在第三季度，我們使用現金償還了 840 萬美元的債務，購買了 500 萬美元的股票，並部署了 1,130 萬美元的資本支出。

With respect to our 2023 financial guidance metrics, we reiterate our revenue guidance of at least $1.3 billion, and comparable restaurant revenue guidance increase of 1% to 3%. As texture for the fourth quarter portion of this guidance, we would point out a few items.

關於我們的 2023 年財務指導指標，我們重申我們的收入指引至少為 13 億美元，可比餐廳收入指引增加 1% 至 3%。作為本指南第四季部分的內容，我們將指出一些項目。

First, the third quarter of 2022, is the largest promotional hurdle to lap from last year, because it marked the launch of the $10 Meal Deal, and saw the greatest guest response. Comparable restaurant sales from 2022 are progressively easier comparisons through the fourth quarter.

首先，2022 年第三季是去年以來最大的促銷障礙，因為它標誌著 10 美元餐點優惠的推出，顧客反應最為熱烈。到第四季度，從 2022 年開始的可比餐廳銷售額越來越容易進行比較。

Second, our traffic trends relative to 2019, have been consistent for the past five months, and we expect will continue through the fourth quarter.

其次，我們相對於 2019 年的流量趨勢在過去五個月中一直保持一致，我們預計將持續到第四季度。

Third, as I mentioned earlier, we have intentionally kept the powder dry on the selling or marketing front. We anticipate this added sequential investment, in the fourth quarter will further support and drive sales.

第三，正如我之前提到的，我們有意在銷售或行銷方面保持乾燥。我們預計第四季度增加的連續投資將進一步支持和推動銷售。

Finally, as we have noted previously, fiscal 2023 is a 53-week year. We will experience the benefit of the added week during the fourth quarter with a 13-week quarter this year versus our typical 12 weeks. We expect the added week will benefit sales by approximately $28 million, and adjusted EBITDA by approximately $4 million.

最後，正如我們之前指出的，2023 財年為期 53 週。我們將在第四季度體驗到增加一周的好處，今年的季度為 13 週，而我們通常為 12 週。我們預計增加的一周將使銷售額增加約 2800 萬美元，調整後的 EBITDA 將增加約 400 萬美元。

We expect restaurant-level operating profits between 13% and 13.5% of restaurant sales. We previously guided to at least 13.5%. The change is primarily due to additional investments in the guest experience, primarily related to food and timing changes in our cost save estimates.

我們預計餐廳層級的營業利潤將佔餐廳銷售額的 13% 至 13.5%。我們之前的指導價至少為 13.5%。這項變更主要是由於對賓客體驗的額外投資，主要與我們的成本節省估算中的食物和時間變化有關。

We now expect selling general and administrative costs between $123 million and $127 million, revised from our prior range of $127 million to $132 million. This change is due to cost savings opportunities, we expect to capture, and revised estimates for annual incentive compensation program expenses.

我們現在預計銷售一般和管理成本在 1.23 億美元至 1.27 億美元之間，從先前的 1.27 億美元至 1.32 億美元範圍修正。這項變更是由於我們希望抓住節省成本的機會，並修訂了年度激勵補償計劃費用的估計。

We reiterate our capital expenditure guidance of $45 million to $50 million. Our adjusted EBITDA guidance has been tightened to a range of $72.5 million to $77.5 million, compared to $72.5 million to $82.5 million previously. We call our original guidance was a range of $62.5 million to $72.5 million, and our actual adjusted EBITDA last year in fiscal 2022 totaled $52.1 million.

我們重申 4,500 萬至 5,000 萬美元的資本支出指引。我們調整後的 EBITDA 指引已收緊至 7,250 萬美元至 7,750 萬美元的範圍，而先前為 7,250 萬美元至 8,250 萬美元。我們稱最初的指導範圍為 6,250 萬美元至 7,250 萬美元，去年 2022 財年實際調整後的 EBITDA 總額為 5,210 萬美元。

In summary, the quarter demonstrated strategic operational and financial progress against our objectives, and we look forward to finishing the year strong and preparing for a successful 2024.

總而言之，本季展示了符合我們目標的策略營運和財務進展，我們期待強勁地結束這一年，並為 2024 年的成功做好準備。

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

這樣，我會將電話轉回 G.J.

Thank you, Todd. As our North Star Plan implementation rolls off, Red Robin's come back will advance. In summary, we are executing against our strategic vision, with an enhanced guest experience through investments in labor and food, are expected to drive long-term traffic growth.

謝謝你，托德。隨著我們的北極星計畫實施的推進，紅羅賓的回歸將會提前。總而言之，我們正在執行我們的策略願景，透過對勞動力和食品的投資來增強賓客體驗，預計將推動長期流量成長。

We are taking action to improve our margin structure through reduced discounting, and smart cost savings that will benefit our profitability in 2024 and beyond. And we are strengthening our balance sheet with adjusted EBITDA far exceeding 2022, allowing for debt reduction and incremental free cash flow to reinvest in the business.

我們正在採取行動，透過減少折扣和明智地節省成本來改善我們的利潤結構，這將有利於我們 2024 年及以後的獲利能力。我們正在強化我們的資產負債表，調整後的 EBITDA 遠超 2022 年，從而可以減少債務並增加自由現金流以再投資於業務。

We are truly eager to continue on this journey, building an incredible brand history, it goes back more than five decades, and ensuring that we will have a successful and sustainable business, for many years to come. I feel very fortunate to be leading this incredible group of dedicated people, who are committed to serving our guests, and enhancing long-term value for our shareholders. We would now be happy to take your questions. Operator, please open the lines.

我們真誠地渴望繼續這趟旅程，建立令人難以置信的品牌歷史，它可以追溯到五十多年前，並確保我們在未來的許多年裡擁有成功和永續的業務。我感到非常幸運能夠領導這個令人難以置信的敬業的團隊，他們致力於為我們的客人提供服務，並為我們的股東提高長期價值。我們現在很樂意回答您的問題。接線員，請開通線路。

Thank you, sir. (Operator Instructions)

謝謝你，先生。 （操作員說明）

Todd Brooks, The Benchmark Company.

托德·布魯克斯，基準公司。

Hey. Good evening, everyone. Thanks for taking my questions. Two questions for you, if I may. One, just thinking about the pressures that the full-service group saw from a traffic standpoint in August and September, and a lapping some of the post-Omicron strength from the prior year. If I put that headwind together with that kind of a 500 basis points that you talked about for lapping the $10 Meal Deal, and then a couple of hundred basis points from the exit of the virtual brands. But do you believe that you're seeing traction from your initiatives muted what if the industry slowdown has been mirrored at Red Robin, probably will lead to lower numbers. My sense is there may be traffic improvements that are hidden in the reported numbers for the quarter.

嘿。各位晚上好。感謝您回答我的問題。如果可以的話，我想問你兩個問題。第一，從 8 月和 9 月的流量角度來看，全方位服務集團所面臨的壓力，以及 Omicron 後的一些實力較前一年有所下降。如果我把這種逆風與你所說的 10 美元餐點交易所提到的 500 個基點結合在一起，然後虛擬品牌退出帶來的幾百個基點。但您是否相信您看到的舉措的吸引力減弱了，如果行業放緩也反映在紅羅賓身上，可能會導致數字下降。我的感覺是，本季報告的數據中可能隱藏著流量的改善。

Hey, Todd. Todd Wilson here. Good to talk to you. Yeah, we have the same broad interpretation. We tried to call out through the prepared comments the headwind of the virtual brands discontinuation. And we had talked, as you mentioned, about the $10 Meal Deal lap.

嘿，托德。托德·威爾遜在這裡。很高興和你說話。是的，我們有相同的廣泛解釋。我們試圖透過準備好的評論來指出虛擬品牌終止的阻力。正如你所提到的，我們討論過 10 美元的餐點優惠。

Both of the offer itself being such a discount as well as all of the marketing activity that supported it last year, as a 300 to 500 basis point headwind. So we interpret it the same way. And part of the internal analysis that we've done, we evaluated Q2 trends to Q3 trends, and we walk away very comfortable with the track that we're on, encouraged with the improvements that we're seeing in guest satisfaction, as well as what we interpret as the underlying traffic trend.

無論是報價本身還是去年支持該折扣的所有行銷活動，都帶來了 300 到 500 個基點的逆風。所以我們以同樣的方式解釋它。作為我們所做的內部分析的一部分，我們評估了第二季度到第三季度的趨勢，我們對自己所處的軌道感到非常滿意，並受到我們在客人滿意度方面看到的改進的鼓舞。正如我們所解釋的潛在流量趨勢。

So yes, I think your call it is spot on of that there are very intentional decisions that we've made, that are right for the long term of the business, that are resulting in these figures, but we think it sets us up very well as we turn the corner, both in Q4 and turning the corner into next year.

所以，是的，我認為你的說法是正確的，我們做出了非常有意的決定，這些決定對業務的長期發展是正確的，導致了這些數字，但我們認為這讓我們非常有信心我們在第四季和明年都迎來了轉機。

That's great. Thanks, Todd. And then my second question and I'll get back in queue. You talked about keeping your powder dry on the marketing side of things, and now having the platform and the menu expansion, the ingredients on 85% of the items where you want them in the service model, right?

那太棒了。謝謝，托德。然後是我的第二個問題，我會回到隊列中。您談到在行銷方面保持乾燥，現在有了平台和菜單擴展，85% 的商品的成分都在您希望的服務模式中，對嗎？

When do we start seeing them more aggressive efforts on the selling expense side, when we're looking at Q4, here's it's across a holiday window, when you guys thinking that you'll start to really go, and start to push on messaging, the new experience at Red Robin.

我們什麼時候開始看到他們在銷售費用方面做出更積極的努力，當我們看到第四季度時，這是一個假期窗口，當你們認為你們會開始真正開始並開始推動消息傳遞時，紅羅賓的新體驗。

Hey, Todd. It's G.J, here. Look at it, first of all, when you make this many changes, you want to make sure that execution is at a high level, so it takes a little bit of time. And so what I would say to you is that, we'll be ramping up that investment throughout the quarter. And I wouldn't say that it's heavily back-loaded towards the holiday season. I would tell you it sooner than that, but we wanted to make sure that that we were executing at a high level and get comfortable with that. Is that helpful?

嘿，托德。我是 G.J，在這裡。你看，首先，當你做這麼多改變的時候，你要確保執行是在一個高水準上，所以需要一點時間。因此，我要對你們說的是，我們將在整個季度增加投資。我不會說它在假期期間有嚴重的憂慮。我會早點告訴你，但我們想確保我們在高水準上執行並對此感到滿意。有幫助嗎？

Yeah. Thanks, G.J. I'll go back into queue.

是的。謝謝，G.J.我會回到隊列中。

Alex Slagle, Jefferies.

亞歷克斯·斯萊格爾，杰弗里斯。

Thank you. I appreciate all the details and color you guys gave in the prepared remarks. That was very helpful. Turn to look two things. One thing I wanted to clarify was maybe walk through the areas of incremental year over year investment, in the guest experience in the quarter. I think you mentioned $8 million number. Maybe talk about the expectations for the 4Q, what that looks like, I don't know if this timeline has evolved at all.

謝謝。我很欣賞你們在準備好的評論中提供的所有細節和色彩。這非常有幫助。轉身看兩件事。我想澄清的一件事是，也許可以回顧一下本季賓客體驗中逐年增量投資的領域。我想你提到了 800 萬美元的數字。也許談談對第四季的期望，那是什麼樣子的，我不知道這個時間表是否已經改變了。

And on the other side, the incremental cost benefits you realized, it sounds like the quarter it was maybe a $3 million incremental benefit or so. And I guess, if you could just kind of clarify what the outlook is at the timeline for getting to that $20 million savings run rate, and sort of what the Cadence looks like on that end?

另一方面，您意識到的增量成本效益，聽起來這個季度可能會增加 300 萬美元左右的增量效益。我想，如果您能澄清一下達到 2000 萬美元節省運行率的時間表的前景如何，以及 Cadence 在這方面的情況如何？

Yeah. Hey, Todd here. Alex, good to talk to you as well. I'll start with the first part of your question on the investment itself. The $8 million at this point, we view as a wholesome run rate. We may make tweaks here and there, but I think as you think about Q4, and then we have some of that investment baked into the first part of '23 that will lap next year.

是的。嘿，托德在這裡。亞歷克斯，也很高興與你交談。我將從你關於投資本身的問題的第一部分開始。目前 800 萬美元，我們認為是一個健康的運行率。我們可能會在這裡或那裡進行調整，但我認為當你想到第四季度時，我們會將其中一些投資融入明年的 23 年第一部分。

But the 8 million you can think of as effectively fully loaded. So we would have said plainly, we would expect probably another $8 million in Q4. The investment itself, the bulk of it, I would tell you is in labor. There's a meaningful investment we've made in food, but we're also seeing things, like the cost saves that are going into next.

但你可以認為 800 萬實際上是滿載的。因此，我們可以坦白地說，我們預計第四季可能還會有 800 萬美元的收入。我告訴你，投資本身，其中大部分是勞動力。我們在食品方面進行了一項有意義的投資，但我們也看到了一些事情，例如接下來將節省的成本。

We're making investments in food, but we're also able to make some pretty significant upgrades to our food, like the chicken that G.J. talked about, as well as saving money. So there is some net investment in the food, but it's the minority of that $8 million.

我們正在對食品進行投資，但我們也能夠對我們的食品進行一些相當重大的升級，例如 G.J.談到了，還有省錢。因此，食品方面有一些淨投資，但這只是這 800 萬美元的一小部分。

As it relates to the cost saves, just to ensure clarity, we measure about $4 million on the quarter, we had talked about $7 million year to date, and $3 million year to date through Q2. So on the quarter, it was about $4 million. We do expect that the step-up in Q4 to about $5 million, that gets you to the $12 million for the year.

由於它與成本節省有關，為了確保清晰度，我們在本季度衡量了大約 400 萬美元，我們已經討論過年初至今的 700 萬美元，以及今年迄今為止到第二季度的 300 萬美元。因此，本季約為 400 萬美元。我們確實預計第四季將增加至 500 萬美元左右，這樣全年的營收將達到 1,200 萬美元。

The big initiative that gets us there, that incremental step up is the chicken change that G.J. talked about, that is already partially implemented through the system, and just working its way through the supply chain. So obviously, a high degree of confidence that we'll capture that save.

讓我們實現這一目標的重大舉措，漸進式的進步是 G.J.談到，這已經透過系統部分實施，並且只是透過供應鏈發揮作用。很明顯，我們對撲救充滿信心。

The last part of your question, I think about the $20 million. Yeah, I think maybe I'd frame it this way of the -- of all of the things that we'll implement this year, a full 12 months run rate would be $20 million. We think we'll capture $12 million of that this year, which leaves an $8 million benefit that we would expect to capture in 2024, only from the things that we've implemented this year. Obviously, the team is working and we'll have a pipeline to plus that up further, but that's the way to dimensionalize the run rate of what we've done, this year.

你問題的最後一部分，我想到的是2000萬美元。是的，我想也許我會這樣表述——在我們今年將實施的所有事情中，完整 12 個月的運行費用將是 2000 萬美元。我們認為今年我們將獲得 1,200 萬美元的收益，剩下 800 萬美元的收益預計將在 2024 年獲得，而這僅來自我們今年實施的措施。顯然，團隊正在工作，我們將有一個管道來進一步增加，但這是衡量我們今年所做工作的運作率的方法。

Perfect. That clarifies it greatly. Also a question on labor, and sort of how we think longer term bucketing, getting back towards historical run rate labor as a percentage of sales, and what would kind of need to happen? I'm sure a lot of that's really just driving traffic by them, thoughts there, what that might look like?

完美的。這極大地澄清了這一點。還有一個關於勞動力的問題，以及我們如何看待長期的桶裝，回到歷史運作率勞動力佔銷售額的百分比，以及需要發生什麼？我確信其中很多實際上只是增加了他們的流量，那裡的想法，那會是什麼樣子？

And then any thoughts on the California minimum wage rules, although not directed at casual dining, could have an impact, the sort of implications you would see for an inflation, or pricing next year related to that?

然後，對加州最低工資規則的任何想法，儘管不是針對休閒餐飲，也可能會產生影響，您會看到對通貨膨脹或明年與之相關的定價的影響嗎？

Yes, I'll start and G.J. may chime in as well. The labor side itself, we've been 37% to 38% between Q2 and Q3. And I think in the near term, that's that sort of a fair way to think about our near term run rate. In time, we certainly expect that to get back to the 35% to 36% range, in part with traffic growth and leveraging those sales.

是的，我會開始，G.J.也可能會插話。勞動力方面本身，第二季和第三季之間的比例為 37% 至 38%。我認為在短期內，這是考慮我們近期運行率的公平方式。隨著時間的推移，我們當然預計這一比例將回到 35% 至 36% 的範圍，部分原因是流量成長和利用這些銷售。

But quite frankly, there's near term opportunities there. One, we've brought on a number of new team members, as they gain experience and mastery of their jobs. We certainly expect that with the efficiency there.

但坦白說，短期內存在著機會。第一，我們引進了一些新的團隊成員，因為他們獲得了經驗並熟練了自己的工作。我們當然期望那裡的效率。

And two, we're looking at things like overtime, where we want our restaurants to have the right amount of labor. And so it's not a hour reduction, saving that halftime of pay, is a meaningful number for us. And so there are things that we can do in the near term to manage that number appropriately, while still giving a great guest experience, on our way back to that 35 or 36%.

第二，我們正在考慮加班等問題，我們希望我們的餐廳有適量的勞動力。因此，這不是一個小時的減少，而是節省了一半的工資，對我們來說是一個有意義的數字。因此，我們在短期內可以採取一些措施來適當管理這個數字，同時仍然提供良好的賓客體驗，以回到 35% 或 36%。

So any update on the California?

那麼加州有什麼更新嗎？

Yeah, I'll take that. Look, at the end of the day, the California situation, there will be some of that affects us. We're not quite sure how much of that yet. We've obviously size that up and candidly, we're going to have to really evaluate that, if we need to take additional price in the state of California or not, which I'm -- we're not alone in that. So we're watching it really, really close, and we do expect a little bit of [creep].

是的，我會接受的。看看，最終，加州的情況，將會對我們產生一些影響。我們還不太確定其中有多少。顯然，我們已經坦率地進行了評估，我們必須真正評估這一點，無論我們是否需要在加利福尼亞州採取額外的價格，我 - 我們並不孤單。所以我們正在非常非常密切地觀察它，我們確實預計會有一點[蠕動]。

Got it. Thank you.

知道了。謝謝。

Andrew Wolf, CJ King.

安德魯沃爾夫，CJ金。

Hi, thank you. CL King, actually. Just wanted to on the same store on the traffic improvement, you've had so far, in this quarter, the 300 basis points in traffic, is that did check hold the same. So that also should we also assume that the same store sales sequentially from September to October improved about the same?

嗨，謝謝你。事實上，CL King。只是想在同一家商店的客流量上有所改善，到目前為止，在本季度，客流量增加了 300 個基點，這確實保持不變。那麼我們是否也應該假設 9 月至 10 月的同店銷售額較上季成長大致相同？

Yeah, Andy. That's a fair way to think about it. We're very focused on traffic internally. And so that's part of the reason we framed it up that way. But that's the right assumption is both traffic and sales and we have seen the improvement.

是的，安迪。這是一個公平的思考方式。我們非常關注內部流量。這就是我們這樣設計的部分原因。但這是正確的假設，無論是流量還是銷量，我們都看到了改善。

Okay. Thank you. And I don't know if you went over this, but in terms of like Cadence, with how do we how would that 3% compared to the numbers you gave us, the very detailed information you gave on the quarter. In other words, was September, much lower or similar to the quarter. So we can try to translate that to sort of what your comp is running at?

好的。謝謝。我不知道你是否回顧過這一點，但就 Cadence 而言，與你提供給我們的數字相比，我們如何看待這 3%，以及你提供的有關本季度的非常詳細的信息。換句話說，是 9 月份，與本季相比要低得多或相似。那麼我們可以嘗試將其轉換為您的電腦運行的情況？

Yes, I think I'd frame it this way, Andy. Within Q3, the G.J. referenced that the back half of the quarter was the softer part of the quarter. As we look at that 300 basis point improvement, that has us better than we did better than the Q3 results.

是的，我想我會這樣安排，安迪。在第三季度，G.J.提到本季的後半部是本季較軟的部分。當我們看到 300 個基點的改進時，我們比第三季的結果更好。

And we are very optimistic when we look at especially the multi-year trends of where the quarter could end up, I imagine that the group can triangulate what we have seen from Q4 from some of the guidance figures, but we think that there's a path to flat, to potentially even positive same store sales within Q4.

當我們特別關注本季度最終的多年趨勢時，我們非常樂觀，我想該小組可以從一些指導數據中對我們從第四季度看到的情況進行三角測量，但我們認為有一條路第四季度同店銷售額持平，甚至可能為正。

And that would be somewhat the comparisons against last year's promotionality easing and also, obviously, all the changes you've done for the guest experience?

這在某種程度上是與去年的促銷放鬆以及您為賓客體驗所做的所有改變的比較？

That's right. The comparisons versus 2022 are lighter. When we look at the comparisons versus '19, we feel very comfortable with that track there. And then you add on the incremental investment -- the sequential investment from Q3 to Q4, all of those, we believe point to that type of outcome.

這是正確的。與 2022 年的比較要輕鬆一點。當我們查看與 19 年的比較時，我們對那條賽道感到非常滿意。然後加上增量投資——從第三季到第四季的連續投資，所有這些，我們相信都指向這種類型的結果。

And kind of last thing I just wanted to ask, was focusing on the selling expense. I'm not saying in a guidance way, because that we're in, I know not a great period for the industry, but if we were in a deep in a normal period, what would what are you guys thinking about for like a normal selling expenses annualized, or do you like where is that, or do you think there's or is it should it be higher in a better environment, where you can fund it internally? Or I guess option three is are you going to find out as you sort of test things in the market?

我想問的最後一件事是專注於銷售費用。我並不是以指導的方式說，因為我知道我們正處於行業的一個偉大時期，但如果我們處於正常時期的深處，你們會想到什麼？正常銷售費用年化，或者你喜歡它在哪裡，或者你認為在更好的環境中它是否應該更高，你可以在哪裡提供內部資金？或者我猜選項三是你在市場上進行測試時會發現答案嗎？

It's really option three and sorry to be the that way about it. But we're going to learn earlier. And we definitely we definitely need to get our news out there in a creative way, and to be able to generate some excitement. So we're going to learn here. And we are going to test different ways, and different levels to really see, what makes the most traction, and the most success for us.

這確實是第三種選擇，很抱歉是這樣。但我們要早點學習。我們絕對需要以創造性的方式發布我們的新聞，並且能夠產生一些興奮。所以我們要在這裡學習。我們將測試不同的方法和不同的水平，以真正了解什麼對我們來說最有吸引力、最成功。

Okay. But I mean, clearly you've come to the judgment. I mean, you've said this underlying, and a lot of the prior spend was just ineffective. You're not just sort of looking at a big bucket of cost savings, with wide eyes about this, right?

好的。但我的意思是，顯然你已經做出了判斷。我的意思是，你已經說過了這一點，而之前的許多支出都是無效的。您不只是睜大眼睛看著一大筆成本節省，對嗎？

No, that's a great point. I mean, as I pointed out, it's just being a lot more focused, and using -- making the dollars go a lot further, and we're already seeing some progress there, and a lot of learnings. So we are very hopeful that we'll continue to be way more efficient than what was done in the past.

不，這是一個很好的觀點。我的意思是，正如我所指出的，它只是更加專注，並利用——讓美元走得更遠，我們已經看到了一些進展，並學到了很多東西。因此，我們非常希望我們能夠繼續比過去更有效率。

Thank you.

謝謝。

Thank you very much. We have no further questions at this time. I would like to turn the floor back over to G.J. Hart for some closing comments.

非常感謝。目前我們沒有進一步的問題。我想把發言權交還給 G.J.哈特的一些總結評論。

Thank you all for joining us. We appreciate your interest in Red Robin. We're excited about our future, and look forward to talking to you next quarter. Take care.

感謝大家加入我們。我們感謝您對紅羅賓的興趣。我們對未來感到興奮，並期待下個季度與您交談。小心。

Thank you, sir. Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

謝謝你，先生。女士們、先生們，今天的電話會議到此結束。此時您可以斷開線路，感謝您的參與。