Red Robin Gourmet Burgers Inc (RRGB) 2024 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to the Red Robin Gourmet Burgers, Inc. first quarter 2024 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.

大家下午好，歡迎參加 Red Robin Gourmet Burgers, Inc. 2024 年第一季財報電話會議。本次會議正在錄製中。在管理層的演講和回答您的問題時，他們將對公司的業務前景和期望做出前瞻性陳述。

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.

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. These non-GAAP measures are not prepared in accordance with generally accepted accounting principle. What are intended to illustrate alternative measures of the company's operating performance that may be useful. Reconciliations of the non-GAAP financial measures to the most direct comparable GAAP measures can be found in the earnings release. The company has posted its first quarter 2024 earnings release on its website at ir.redrobin.com.

作為今天會議的一部分，管理層還將討論非公認會計準則財務措施。這些非公認會計原則措施並非依照公認會計原則制定。旨在說明可能有用的公司經營績效的替代衡量標準。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發布中找到。該公司已在其網站 ir.redrobin.com 上發布了 2024 年第一季財報。

Now I would like to turn the call over to Red Robin's, President and Chief Executive Officer, G.J. Hart.

現在我想將電話轉給 Red Robin's 總裁兼執行長 G.J.哈特。

Good afternoon, everyone, and thank you all for your interest in Red Robin. Almost 18 months ago, we launched our North Star Five-Point Plan grounded in a commitment to have great experience through investments in service and food quality. We expect the investments to deliver gains in sales and profits and drive long-term shareholder value.

大家下午好，感謝大家對紅羅賓的興趣。大約 18 個月前，我們推出了北極星五點計劃，致力於透過對服務和食品品質的投資來獲得豐富的體驗。我們預計這些投資將帶來銷售和利潤成長，並推動長期股東價值。

Due to the hard work and dedication of our team members, we are beginning to reap the rewards of the investments by delivering positive comparable restaurant sales in the first five weeks of our second quarter. We have achieved this result despite the 200 to 250 basis points headwind from the strategic removal of virtual brands last year that we will experience through the second quarter.

由於我們團隊成員的辛勤工作和奉獻精神，我們開始獲得投資回報，在第二季度的前五週實現了積極的可比餐廳銷售。儘管去年策略性刪除虛擬品牌為我們帶來了 200 到 250 個基點的阻力（我們將在第二季度經歷），但我們還是取得了這一成績。

As you've heard from others, the consumer environment is becoming more challenging and our core consumer of hard working families is looking for value when they choose to eat out. Our menu and our brand are centered around providing everyday value to each and every guest through our 30 bottomless items, our Tavern Burger lineup, our pizza offerings and throughout our menu.

正如您從其他人那裡聽說的那樣，消費環境變得越來越具有挑戰性，我們的核心消費者是勤奮工作的家庭，他們在選擇外出用餐時正在尋找價值。我們的菜單和我們的品牌致力於透過我們的 30 種無限量食品、我們的酒館漢堡系列、我們的披薩產品和整個菜單為每位客人提供日常價值。

We believe this brand positioning has been beneficial to our top line trends as we continue to create moments of connection over craveable food that only Red Robin can provide. Before I dive into more specifics, I'd like to extend our heartfelt thank you to all of our more than 20,000 team members across the country. The success of Red Robin currently and in the future is due to your efforts and all of us working towards the same goals, all of us in this together. We've come a long way, but we still have more work to do.

我們相信，這種品牌定位有利於我們的頂級趨勢，因為我們將繼續創造只有 Red Robin 才能提供的令人垂涎的食物的聯繫時刻。在詳細介紹之前，我想向全國 20,000 多名團隊成員表示衷心的感謝。紅羅賓現在和未來的成功歸功於你們的努力以及我們所有人朝著同一個目標而努力，我們所有人都在一起。我們已經走了很長的路，但我們還有更多的工作要做。

I'm excited for what we can accomplish over the remainder of the year. As a reminder, our North Star Five-Point Plan consists of the following. Number one, transform to an operations focused restaurant company; two, elevate the guest experience; three, remove costs and complexity; four, optimize guest engagement; and five, drive growth in comparable restaurant revenue and unit level profitability while delivering on our financial commitments.

我對我們在今年剩餘時間裡能夠取得的成就感到興奮。提醒一下，我們的北極星五點計畫包括以下內容。第一，轉型為以營運為中心的餐飲公司；二、提升賓客體驗；三、消除成本和複雜性；四、優化賓客參與度；第五，在履行我們的財務承諾的同時，推動可比餐廳收入和單位盈利能力的成長。

I am proud to say that we continue to make progress against all five facets of our strategic plan. Starting with operations, services the backbone to our turnaround efforts as we work to ensure every guest has a great experience in our restaurants, rain or shine.

我很自豪地說，我們繼續在戰略計劃的所有五個方面取得進展。從營運開始，服務成為我們扭虧為盈的支柱，我們努力確保每位客人無論風雨無阻，都能在我們的餐廳獲得美好的體驗。

As we have spoken to previously, we spent much of 2023, improving our operations. We did this through labor investments, including adding servers so they can focus up their effort on fewer tables, adding back busters, adding a dedicated expo and bringing back more than 250 dedicated kitchen managers.

正如我們之前所說，我們花了 2023 年的大部分時間來改善我們的營運。我們透過勞動力投資做到了這一點，包括增加伺服器，以便他們可以將精力集中在更少的桌子上，增加新的破壞者，增加一個專門的博覽會，並帶回 250 多名專門的廚房經理。

We also made investments in our food, including flat top grills, which deliver a thicker, juicier and more flavorful burger unveiled more than 20 improved gourmet burgers prepared with higher quality and more flavorful ingredients, expanded our bottomless menu and upgraded our bar menu to include higher quality brands that our guests know and love.

我們也對我們的食品進行了投資，包括平頂烤架，它可以提供更厚實、多汁、更美味的漢堡，推出了20 多種改進的美味漢堡，採用更高品質和更美味的原料製成，擴大了我們的無底菜單，並升級了我們的酒吧菜單，包括我們的客人了解和喜愛的更高品質品牌。

Additionally, as part of our operations improvements, we launched the partner compensation program for our single unit operators at the start of 2024. Through this program, the operators now see themselves as owners of the restaurants that they oversee and are rewarded based on their profits. Feedback has been positive and we are thrilled to align the entire organization around the unified goal of driving traffic and ultimately profit dollars.

此外，作為我們營運改善的一部分，我們於2024 年初推出了針對單一單位營運商的合作夥伴補償計劃。利潤獲得獎勵。回饋是正面的，我們很高興能夠使整個組織圍繞增加流量並最終盈利的統一目標進行調整。

Turning to the guest experience. If we rewind several years dining guest satisfaction scores at Red Robin began declining and lagging the industry back in 2016. Since we have launched the North Star Plan in January '23, our operators have worked hard to deliver the great guest experience, and we saw their efforts translate to gains in guest satisfaction scores throughout 2023.

轉向賓客體驗。如果我們回顧幾年，Red Robin 的用餐客人滿意度評分從2016 年開始下降並落後於行業。看到他們的努力轉化為 2023 年賓客滿意度得分的提高。

The gains continued in the first quarter with all of these efforts leading to overall guest satisfaction that now has achieved parity to the industry. The measurement proof points align across many different sources. First, from guest surveys. Overall satisfaction has increased significantly over the past 18 months and is now in line with the industry average led by an improved pace of experience, including reduced wait time and more frequent manager engagement with guests.

所有這些努力在第一季繼續取得成果，提高了賓客的整體滿意度，目前已達到行業水平。測量證明點跨越許多不同的來源。首先，來自賓客調查。整體滿意度在過去 18 個月中顯著提高，目前已與行業平均水平保持一致，這得益於體驗速度的提高，包括等待時間的縮短以及經理與客人的互動更加頻繁。

Second, across Google, Yelp and Tripadvisor. The overall satisfaction score has increased 13% versus the first quarter of 2023. The attentive staff score increased over 30%. We are further encouraged as we see first time guests ratings are even higher than our repeat guests. First time guests rate us higher on things like taste of food and overall value, which are key drivers to overall satisfaction.

其次，跨 Google、Yelp 和 Tripadvisor。整體滿意度得分較 2023 年第一季提高了 13%。當我們看到首次入住的客人的評分甚至高於我們的回頭客時，我們更加受到鼓舞。首次入住的客人在食物味道和整體價值等方面給我們評分較高，這些是整體滿意度的關鍵驅動因素。

Finally, the number of guest relations complaints declined by 19% versus the first quarter of 2023 and 79% versus the first quarter of 2018, when we began tracking. Delivering a great experience to our guests is a single key to improving the performance of our business. It requires a relentless pursuit of executing the fundamentals at every level which our teams are dedicated to pushing forward every day on every shift for every guest.

最後，與我們開始追蹤時的 2023 年第一季相比，賓客關係投訴數量下降了 19%，與 2018 年第一季相比下降了 79%。為客人提供卓越的體驗是提高我們業務績效的關鍵。它需要不懈地追求在各個層面上執行基本原則，我們的團隊致力於在每一天的每個班次中為每位客人推動這一點。

We are proud of what we've accomplished so far and are energized by the road ahead. In addition to our operational improvements, our teams continue to become even more ingrained in the communities we serve.

我們對迄今為止所取得的成就感到自豪，並對未來的道路充滿活力。除了我們的營運改善之外，我們的團隊還在我們所服務的社區中變得更加根深蒂固。

The number of fundraise partnership events, which serve as a great way to support our local communities while simultaneously introducing new guests to the Red Robin brand increase that relative to last year. This growth is a testament to the tremendous work of our managing partner and their teams as well as our field marketing team who has been traveling the country to provide our operators, the tools and know-how to become more valued partners in the communities that we serve.

籌款合作夥伴活動的數量比去年有所增加，這是支持當地社區的好方法，同時向 Red Robin 品牌介紹新客人。這種成長證明了我們的管理合作夥伴及其團隊以及我們的現場行銷團隊所做的巨大工作，他們一直在全國各地為我們的操作員提供工具和專業知識，使我們成為我們所在社區中更有價值的合作夥伴。

Following our operational and guest experience focus in 2023. 2024 is about optimizing guest engagement, and that begins with our marketing efforts. Starting in March, we began rolling out our new marketing strategy focused on reigniting visit frequency from our loyal guests. New guest acquisition and improving our guest engagement capabilities. We began by promoting the competitive breadth and value of our 30 bottomless menu items. Far more than only the Bottomless Steak Fries, many guests know us for.

繼 2023 年我們專注於營運和賓客體驗之後，2024 年的重點是優化賓客參與度，而這首先要從我們的行銷工作開始。從三月開始，我們開始推出新的行銷策略，重點是重新激發忠實客人的造訪頻率。吸引新客人並提高我們的客人參與能力。我們首先宣傳 30 種無限菜單項目的競爭廣度和價值。許多客人認識我們的不僅僅是無底牛排薯條。

We have also highlighted our upgraded high quality ingredients and reintroduced fund to our iconic brand. We are excited with the results we've seen so far. In May, we launched our leave room for fun campaign that has been developed to take back our ownable position as the most engaging and fun experience in casual dining, we're implementing an all new tone and more contemporary design.

我們還強調了我們升級後的高品質原料，並為我們的標誌性品牌重新引入了資金。我們對迄今為止所看到的結果感到興奮。五月，我們推出了「Leave room for fun」活動，旨在奪回我們作為休閒餐飲中最具吸引力和樂趣的體驗的地位，我們正在實施全新的基調和更現代的設計。

Our new advertisement titled Fund Guy has been a hit with viewers with over 1.5 million views in the first week. After reviewing the ad, we measured improvement of our brand perception with viewers across many measures, including a 15-percentage-point increase in the metric of brand is better than it used to be, a 6-percentage-point increase in intent to visit in the coming four weeks and a 9 point increase in the metric uses high quality ingredients.

我們的新廣告「基金達人」受到了觀眾的熱烈歡迎，第一周的瀏覽量就超過了 150 萬次。在審查廣告後，我們透過多項指標衡量了觀眾對我們品牌認知度的改善情況，其中品牌指標比以前提高了 15 個百分點，訪問意向提高了 6 個百分點在接下來的四個星期內，使用高品質原料的指標將增加9 個百分點。

We've coupled Fun Guy with our video advertisements that connect with guests on a human level. Celebrate our new burgers and bottomless promise and tell stories around the new ingredient transformation. We view our creative strategy as a success, as the key message recall of viewers has centered around our better burgers, our upgraded ingredients and the fact that we now have over 20 new and improved gourmet burgers.

我們將 Fun Guy 與我們的影片廣告結合起來，在人性化的層面上與客人建立聯繫。慶祝我們的新漢堡和無盡的承諾，並講述有關新成分轉變的故事。我們認為我們的創意策略是成功的，因為觀眾回憶的關鍵訊息集中在我們更好的漢堡、我們升級的原料以及我們現在擁有 20 多個新的和改進的美味漢堡。

While we're excited by the guest reception, we're also focused on the financial returns from our investment. In March, we began testing a marketing heavy-up plan in five markets. These initial results have been approximately 200 basis point in traffic improvement versus a control set. These early results have proven that we have the right marketing initiatives to drive traffic and sales gains. That said, we're never satisfied.

雖然我們對賓客接待感到興奮，但我們也關注投資的財務回報。三月份，我們開始在五個市場測試行銷重磅計畫。與控制組相比，這些初步結果的流量改善約為 200 個基點。這些早期結果證明我們有正確的行銷措施來推動流量和銷售成長。也就是說，我們永遠不會滿足。

During the second quarter, we are testing a reconfiguration of the media mix to double down on digital streaming TV and video, including platforms such as Hulu, Peacock, and YouTube TV to further drive performance and investment return overall, our communication and media strategy has shown promising results, and we are now in the process of optimizing it to further inform our strategy for the remainder of the year.

在第二季度，我們正在測試媒體組合的重新配置，以加倍投入數位串流媒體電視和視頻，包括 Hulu、Peacock 和 YouTube TV 等平台，以進一步推動整體業績和投資回報，我們的傳播和媒體策略已顯示出有希望的結果，我們現在正在對其進行最佳化，以進一步為我們今年剩餘時間的策略提供資訊。

Turning to loyalty. The Red Robin Royalty program is a great asset for the company that continues to grow with membership now approaching 14 million guests. That said, it has historically been an underutilized asset serving more as a discount program rather than driving the business.

轉向忠誠。 Red Robin 皇室計劃對該公司來說是一項巨大的資產，該計劃的會員人數目前已接近 1,400 萬名，並且還在持續增長。也就是說，它在歷史上一直是一項未充分利用的資產，更多地充當折扣計劃而不是推動業務。

In the past year, Kevin Mayer, our marketing team; have done a great job of better utilizing the program and the proof is in the numbers. 10% member growth in the past year. Members have over a $3 higher average check than non-loyalty members. They visit three times more often and new members are visiting with much greater frequency.

在過去的一年裡，我們的行銷團隊 Kevin Mayer；我們在更好地利用該程序方面做得非常出色，並且數字就是證明。去年會員成長10%。會員的平均支票比非忠誠會員高 3 美元以上。他們造訪的頻率是原來的三倍，新成員造訪的頻率也較高。

In 2023, only 8% of new members made the second visit in the following 12 months. In 2024, 8% of our new members have already made a third visit in just the first 90 days. In our view, these successes are despite the format of our loyalty program, not because of it.

2023年，只有8%的新會員在接下來的12個月內第二次造訪。到 2024 年，8% 的新會員在前 90 天內已經進行了第三次訪問。我們認為，這些成功是與我們的忠誠度計劃的形式無關的，而不是因為它。

One week ago on May 22, that all changed with the launch of our revamped Red Robin Royalty program now featuring bottomless rewards. Under our new program, guests earn one point for every dollar spend. After earning 100 points. Guests receive a $10 reward good for both dine in as well as online orders. This will allow guests to earn a reward much faster than the previous program.

一周前的 5 月 22 日，隨著我們改進後的紅羅賓皇室計劃的推出，一切都發生了變化，該計劃現在提供無限獎勵。根據我們的新計劃，客人每消費一美元即可賺取一分。獲得100積分後。客人無論是在店內用餐還是在網上訂購，均可獲得 10 美元的獎勵。這將使客人比以前的計劃更快地獲得獎勵。

In addition, the redemption window for the reward allows our guests the flexibility to use it in the following 90 days. We expect the collective result of these changes will be more loyalty members visiting Red Robin with greater visit frequency.

此外，獎勵的兌換期限允許我們的客人在接下來的 90 天內靈活地使用它。我們預計這些變化的總體結果將是更多忠誠會員以更高的訪問頻率訪問 Red Robin。

In addition, the guest data capability in the new program will also facilitate more personalized communication and offers to members and allow us to reward our best guests. Overall, our team members are excited to reintroduce the program to every guest, and we fully expect this new program to be a driver of our business rather than just a discount program.

此外，新計劃中的賓客數據功能還將促進為會員提供更個人化的溝通和優惠，並使我們能夠獎勵最好的賓客。總體而言，我們的團隊成員很高興向每位客人重新推出該計劃，我們完全希望這項新計劃能夠成為我們業務的推動力，而不僅僅是折扣計劃。

I'd really like to extend a thank you and congratulations to Jyoti Lynch, and our IT team; Kevin Mayer and our marketing team; and everyone at Red Robin and across our implementation partners who brought the new loyalty program to launch ahead of schedule. With that now let me turn the call over to Todd to walk you through the financial performance for the quarter.

我衷心感謝並祝賀 Jyoti Lynch 和我們的 IT 團隊；凱文·梅耶爾和我們的行銷團隊；還有 Red Robin 的每個人以及我們的實施合作夥伴，他們提前推出了新的忠誠度計劃。現在讓我將電話轉給托德，向您介紹本季的財務表現。

Thank you, G.J, and good afternoon, everyone. In the first quarter, total revenues were $388.5 million, a decrease of $29.3 million versus the first quarter of fiscal 2023, primarily due to a decrease in comparable restaurant revenue of 6.5%. The decline was led by the difficult start to 2024 experienced by many in the industry and that we referenced on our prior earnings call.

謝謝你，G.J，大家下午好。第一季總營收為 3.885 億美元，比 2023 財年第一季減少 2,930 萬美元，主要是由於可比餐廳營收下降 6.5%。導致這一下降的原因是業內許多人在 2024 年經歷了艱難的開局，我們在之前的財報電話會議上也提到了這一點。

Additionally, recall, we eliminated our virtual brand offerings in the third quarter of 2023. Eliminating these brands comes with minimal profitability impact and significantly reduces the complexity in our restaurants, but results in a 200 to 250 basis point sales headwind. Restaurant-level operating profit as a percentage of restaurant revenue was 11%, a decrease of 370 basis points compared to the first quarter of 2023.

此外，回想一下，我們在2023 年第三季取消了虛擬品牌產品。逆風。餐廳層級營業利潤佔餐廳營收的比例為11%，較2023年第一季下降370個基點。

The decline was mostly driven by our strategic investments in labor and food quality to support, hospitality and the guest experience. This investment is the foundation for improved financial performance as we expect it to drive guests back into our restaurants and increase profitability.

下降的主要原因是我們在勞動力和食品品質方面的策略性投資，以支持、接待和賓客體驗。這項投資是改善財務表現的基礎，因為我們預計它將吸引客人回到我們的餐廳並提高獲利能力。

We made the decision to maintain labor levels in the January and February periods despite adverse weather events that make it difficult to project sales and guest counts to ensure our guests receive a great experience when they choose to visit our restaurants.

儘管惡劣天氣導致難以預測銷售額和客人數量，但我們還是決定維持一月和二月期間的勞動力水平，以確保我們的客人在選擇光臨我們的餐廳時獲得良好的體驗。

While this created near-term margin pressure, we see the benefit of that decision in our guest satisfaction scores and believe all of the investments we have made to date are beginning to pay dividends as evidenced by our positive comparable restaurant sales increase of 0.3% in the first five weeks of the second quarter as compared to the same weeks in 2023.

雖然這造成了短期利潤壓力，但我們看到了這個決定對我們的客人滿意度評分的好處，並相信我們迄今為止所做的所有投資都開始帶來紅利，我們的可比餐廳銷售額在2017 年成長了0.3%，證明了這一點。

Inflationary pressures have generally occurred as we expected, with a more normalized level of inflation across all cost categories as compared to recent years. For 2024, we anticipate inflation across our entire cost basket, including commodities, wages and operating expenses in a range of 3% to 4%, in line with our original 2024 expectations.

通膨壓力總體上如我們預期發生，與近年來相比，所有成本類別的通膨水準更加正常化。對於 2024 年，我們預計整個成本籃子（包括大宗商品、工資和營運費用）的通膨率將在 3% 至 4% 之間，這與我們最初對 2024 年的預期一致。

We also continue to seek out and capture cost savings opportunities in the P&L. In the first quarter, we captured approximately $5 million of incremental cost savings, primarily in cost of goods. We continue to expect approximately $19 million of incremental cost saves in 2024, with $8 million from initiatives started in 2023 and $11 million of new initiatives we have or plan to implement in 2024.

我們也持續尋找並捕捉損益表中的成本節約機會。第一季度，我們節省了約 500 萬美元的增量成本，主要是在商品成本方面。我們仍然預計 2024 年將節省約 1,900 萬美元的增量成本，其中 2023 年啟動的舉措將節省 800 萬美元，我們已經或計劃在 2024 年實施的新舉措將節省 1,100 萬美元。

General and administrative costs were $25.8 million as compared to $26.1 million in the first quarter of 2023. Selling expenses were $13.5 million, an increase versus the prior year of $5.2 million. The increase reflects our intentional investments to increase communication with consumers to accelerate visits and allow guests to experience the upgrades and hospitality.

一般和管理費用為 2,580 萬美元，而 2023 年第一季為 2,610 萬美元。這一成長反映出我們有意投資加強與消費者的溝通，以加快訪問速度並讓客人體驗升級和熱情好客。

Additionally, our remittance back to local organizations for their share of the fundraiser partnership events that G.J mentioned earlier is also accounted for here and drives a portion of the increase. Adjusted EBITDA was $12.2 million in the first quarter of 2024. The decrease relative to the first quarter of 2023 was driven by three key factors.

此外，我們向當地組織匯款，以支付 G.J 之前提到的籌款合作夥伴活動的份額，也計入此處，並推動了部分增長。 2024 年第一季調整後 EBITDA 為 1,220 萬美元。

First, the strategic investments we started after the first quarter of 2023 operated at a full run rate in the first quarter of 2024. Second, top-line headwinds in the January and February financial periods in particular were substantial.

首先，我們在 2023 年第一季後開始的策略投資在 2024 年第一季全面運作。

Finally, the increase in selling costs supported the launch of our marketing communication to guests. Notably during the final eight weeks of the quarter in the March and April financial periods, we generated the vast majority of the adjusted EBITDA for the quarter as our top line trends improved towards a modestly positive comparable restaurant sales we reported in the May period.

最後，銷售成本的增加支持了我們向客人進行行銷傳播。值得注意的是，在3 月和4 月財務期間本季的最後八週，我們產生了本季調整後EBITDA 的絕大部分，因為我們的營收趨勢向我們在5 月報告的可比餐廳銷售額適度成長的方向改善。

As we mentioned on our last call, we were pleased to complete our third tranche of sale leaseback transaction during the first quarter. This transaction included 10 properties and generated gross proceeds of $23.9 million with net proceeds of $21.2 million used to repay debt, bringing the total debt repayment from the three tranches to $45.1 million.

正如我們在上次電話會議中提到的，我們很高興在第一季完成了第三批售後回租交易。該交易包括 10 處房產，產生總收益 2,390 萬美元，其中淨收益 2,120 萬美元用於償還債務，使三期債務償還總額達到 4,510 萬美元。

We expect the third tranche transaction represents the end of our multiunit sale leaseback efforts. We are now evaluating the market for five of the properties we own for individual sale leaseback transactions. Due to the nature of the potentially single unit transactions. We expect this effort may require more time than the first three multi-unit tranches, but it is an effort that we plan to act on if the economics are compelling.

我們預計第三筆交易代表我們多單位售後回租工作的結束。我們現在正在評估我們擁有的五處房產的個人售後回租交易市場。由於潛在單一單位交易的性質。我們預計這項工作可能比前三個多單位部分需要更多的時間，但如果經濟狀況令人信服，我們計劃採取行動。

We ended the first quarter with $30.6 million of cash and cash equivalents. $8 million of restricted cash and $25 million of available borrowing capacity under our revolving line of credit. At quarter-end, our outstanding principal balance under our credit agreement was $167.9 million, a reduction of $21.2 million as compared to the end of fiscal 2023 due to repayment of debt from the sale leaseback transaction proceeds.

第一季結束時，我們擁有 3,060 萬美元的現金和現金等價物。我們的循環信貸額度下有 800 萬美元的限制性現金和 2500 萬美元的可用借款能力。截至季末，我們信貸協議項下的未償本金餘額為 1.679 億美元，比 2023 財年末減少 2,120 萬美元，原因是售後回租交易收益償還了債務。

Turning now to our 2024 guidance. We reiterate all aspects of our previously issued guidance for 2024. Total revenue of $1.25 billion to $1.275 billion, including comparable restaurant revenue of a low single-digit percentage decline. Restaurant-level operating profit of 12.5% to 13.5%, inclusive of investments in the guest experience and rent expenses related to the sale leaseback transactions.

現在轉向我們的 2024 年指導。我們重申先前發布的 2024 年指引的各個方面。餐廳級營業利潤為12.5%至13.5%，包括對賓客體驗的投資以及與售後回租交易相關的租金費用。

Adjusted EBITDA of $60 million to $70 million and capital expenditures of $25 million to $35 million. The $65 million midpoint of our adjusted EBITDA range represents a modest increase year over year when adjusting for the benefit of the 53rd week in 2023 and the additional rent we will incur in 2024 due to the sale leaseback transactions. And compound annual growth of approximately 12% relative to 2022 the starting point of the North Star Plan.

調整後的 EBITDA 為 6,000 萬美元至 7,000 萬美元，資本支出為 2,500 萬美元至 3,500 萬美元。我們調整後的 EBITDA 範圍中點為 6500 萬美元，在根據 2023 年第 53 週的收益以及我們因售後回租交易而在 2024 年產生的額外租金進行調整後，同比略有增長。相對於北極星計畫的起點2022年，複合年增長率約為12%。

As added color for our 2024 financial guidance, we expect the following factors to influence our results. We will revert back to a 52 week fiscal year and 2024 as compared to 53 weeks in 2023. We expect this will result in an approximate $25 million reduction in restaurant sales and $3 million reduction in adjusted EBITDA as compared to 2023.

作為我們 2024 年財務指引的增添色彩，我們預期以下因素將影響我們的績效。我們將恢復到 2024 年財政年度為 52 週，而 2023 年為 53 週。

In the second quarter, we expect to generate modest fleet positive comparable restaurant sales and a modest sequential improvement in adjusted EBITDA, which would represent a continuation of the monthly EBITDA trends we saw in the second half of the first quarter.

在第二季度，我們預計車隊的可比餐廳銷售額將出現適度的正增長，調整後的EBITDA 也將出現適度的環比改善，這將代表我們在第一季下半年看到的月度EBITDA 趨勢的延續。

This is driven by improved top line trends and a sequential improvement in restaurant-level operating profit margin, partially offset by the investments we are making in selling expense. We expect adjusted EBITDA in the third and fourth quarter to be more than that of the first and second quarter, driven by the aggregate sequential benefits of the initiatives we have put in place and including an expectation for positive traffic growth in each of the third and fourth quarter.

這是由收入趨勢改善和餐廳層面營業利潤率連續改善所推動的，但部分被我們在銷售費用方面的投資所抵消。我們預計第三季和第四季調整後的EBITDA 將高於第一季和第二季度，這得益於我們已採取的措施的整體連續效益，包括對第三季和第四季流量正成長的預期。

In summary, we've made significant progress over all points of our North Star Plan. We remain on track to achieve our targets and are building this brand to be successful over the long term.

總之，我們在北極星計畫的所有方面都取得了重大進展。我們仍然朝著實現目標的方向前進，並正在打造這個品牌以取得長期成功。

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. Our comeback journey has not been easy, but what we've accomplished to date has been substantial. Through the continued execution of our team members and operations, utilization of our new marketing strategy and the relaunch of our loyalty program. We believe we have the levers in place to drive sustainable long-term growth and return this beloved brand to prominence in our industry.

謝謝你，托德。我們的回歸之旅並不容易，但迄今為止我們所取得的成就是巨大的。透過我們團隊成員和營運的持續執行、利用我們新的行銷策略以及重新啟動我們的忠誠度計劃。我們相信，我們擁有適當的槓桿來推動可持續的長期成長，並使這個深受喜愛的品牌在我們的行業中重新佔據主導地位。

We are excited by the progress we've seen so far, but I can assure you that we are only scratching the surface of our potential, I believe in the strategy we have in place that it's working and I am thrilled to bring guests back into our restaurants for moments of connection over craveable food that only Red Robin can provide.

我們對迄今為止所取得的進展感到興奮，但我可以向您保證，我們只是觸及了我們潛力的表面，我相信我們制定的策略正在發揮作用，我很高興能夠讓客人再次入住前往我們的餐廳，享受只有Red Robin 才能提供的美味佳餚。

And with that, we are now happy to open up and take questions. Operator, please open the lines.

至此，我們現在很樂意開放並回答問題。接線員，請開通線路。

(Operator Instructions)

（操作員說明）

Mark Smith, Lake Street Capital.

馬克史密斯，湖街資本。

Hi guys. First question for me. Just wondering if you can give any more breakdown on the comps here, the first couple of weeks in Q2, just traffic price, any additional color you can give us would be great.

嗨，大家好。我的第一個問題。只是想知道您是否可以在此處提供更多有關比較的詳細信息，第二季度的前幾週，只是流量價格，您可以給我們提供的任何其他顏色都會很棒。

Hey, Mark, Todd, here. Appreciate you joining us here. The color I think we give is we've seen sequential improvement in our same-store sales throughout the entire course of 2024, and that's true of traffic as well. So the improvement that we've noted, the positive same-store sales to start the quarter is on the back of improved traffic from where we reported about 5% price in the first quarter, that has ticked up a bit.

嘿，馬克，托德，在這裡。感謝您加入我們這裡。我認為我們給出的顏色是我們看到 2024 年整個過程中同店銷售額的連續改善，流量也是如此。因此，我們注意到的改善，即本季開始的積極同店銷售，是在客流量增加的基礎上實現的，我們報告第一季度價格上漲了約 5%，這一數字有所上升。

And so there's some benefit of price, but I would be clear of there's a benefit from traffic as well. That continues to improve sequentially.

所以價格有一些好處，但我很清楚交通也有好處。這種情況持續持續改善。

Perfect. Then just looking at labor costs, is that came up as a percent of sales here in the quarter? Any breakdown you can give us as, how much of that was planned as you guys have been investing in that bearing fruit here versus any incremental pressures that you maybe saw in the quarter, such as minimum wage hikes or pressure in certain states?

完美的。那麼，只要看看勞動成本，它是否佔本季銷售額的百分比？您可以向我們提供任何詳細資訊嗎？

Hey, Mark, it's G.J here. I too agree with Todd. Thanks for joining us today. A couple of things I would call out and Todd can add color to this as well. But as we stated in the prepared remarks, the investment was at a full run rate after the first quarter of 2023. So that continued to stay the course. And so as we mentioned on all the things with guest satisfaction and performance of sequential improvement with traffic.

嘿，馬克，我是 G.J。我也同意托德的觀點。感謝您今天加入我們。我想指出一些事情，托德也可以為此增添色彩。但正如我們在準備好的發言中所述，該投資在 2023 年第一季後已達到滿載運作。正如我們所提到的所有與客人滿意度和客流量持續改善的表現有關的事情。

We believe those benefits will continue to accrue to us over time. But I will call out there was $1.8 million that were extraordinary expenses that go back for workmen's comp claims back to 2018 and beyond. And then secondarily, we had a pretty high claim rate on our health insurance program. So that was $1.8 million, we don't plan to have recurring. And so that was a big change in the numbers.

我們相信，隨著時間的推移，這些好處將繼續為我們帶來。但我要指出的是，有 180 萬美元是非常費用，可以追溯到 2018 年及以後的工人補償索賠。其次，我們的健康保險計劃的索賠率相當高。所以這是 180 萬美元，我們不打算重複。所以這是數字上的一個巨大變化。

Perfect. That's helpful. And then last one for me. Just curious as we look at that menu mix and maybe changes sequentially during the quarter. We know January was obviously really tough. And any thoughts on kind of how your consumer is doing today and especially insights into maybe managing check and how consumers may be doing today versus early in Q1?

完美的。這很有幫助。然後是我的最後一張。只是好奇，當我們查看菜單組合時，可能會在本季度連續變化。我們知道一月顯然非常艱難。對您的消費者今天的表現有什麼想法，特別是對管理支票的見解以及消費者今天與第一季初期的表現有何不同？

Sure, Mark. Let me let me start by saying that a couple of things that we've noticed. Just as we hear others in the industry and some of the comments that they're making in our particular case, we are seeing our value-oriented Tavern burgers click up a bit. So you can certainly assume that some of the folks are managing their checks.

當然，馬克。首先我要說的是我們注意到的幾件事。正如我們聽到業內其他人以及他們在我們的特定案例中發表的一些評論一樣，我們看到我們以價值為導向的酒館漢堡有所上升。所以你當然可以假設有些人正在管理他們的支票。

However, our promotional activity around some of our premium burgers have really increased the usage of those as well. And then when you start to look at add ons and appetizer sites, et cetera, desserts, they step held steady. So we're actually feeling pretty good about where our overall consumer is. But again, we're watching it every day to see. But at this point in time, we feel pretty good.

然而，我們圍繞著一些優質漢堡的促銷活動也確實增加了這些漢堡的使用量。然後，當你開始查看附加內容和開胃菜網站等甜點時，他們的腳步保持穩定。因此，我們實際上對整體消費者的狀況感覺非常好。但同樣，我們每天都會觀察它。但在這個時候，我們感覺很好。

Excellent. Very helpful. Thank you.

出色的。非常有幫助。謝謝。

Alex Slagle, Jefferies.

亞歷克斯·斯萊格爾，杰弗里斯。

Thanks, guys. Congrats on the comp progress here recently. Definitely a nice notable shift here and just wanted to follow up on that a little bit first and maybe on monthly comparisons, if you could provide any color there through the first quarter and second quarter, just to get a better sense for like the two year trend. I know there is a lot of variability last year reducing some of the false waits and other dynamics, but any other color there and if there's any other things to consider like calendars or whatnot?

謝謝，夥計們。恭喜最近這裡的比賽進度。這裡絕對是一個不錯的顯著轉變，只是想首先跟進一點，也許可以進行每月比較，如果您可以在第一季度和第二季度提供任何顏色，只是為了更好地了解這兩年的情況趨勢。我知道去年有很多變化，減少了一些錯誤的等待和其他動態，但是還有其他顏色嗎？

Yes, Alex, this is Todd. We've looked at I'd say all of the above. We've looked at the two year stack. We've looked at multiyear stacks. I think you're aware, as I'm sure the group is -- the industry broadly had a very strong quarter in the first quarter of 2023, that was certainly true for Red Robin. We posted a 8.6% same-store sales number in Q1 of last year.

是的，亞歷克斯，這是陶德。我們已經看過了以上所有內容。我們已經查看了兩年的堆疊。我們研究了多年的堆疊。我想您已經知道，正如我確信該集團知道的那樣，整個行業在 2023 年第一季的季度表現總體非常強勁，對於 Red Robin 來說確實如此。去年第一季度，我們的同店銷售額成長了 8.6%。

And so certainly lapping that I think proved to be difficult. But I think most encouraging as we look at our trends, we do see the sequential improvement and especially on a multiyear basis we believe the progress that we're seeing on traffic reflects a true stabilization of the business that hasn't been present for many years.

因此，我認為研磨確實很困難。但我認為最令人鼓舞的是，當我們審視我們的趨勢時，我們確實看到了連續的改善，特別是在多年的基礎上，我們相信我們在流量方面看到的進展反映了業務的真正穩定，而這種穩定在許多人中都沒有出現過年。

And so that's only the first step is to stabilize the business. Obviously, the next step is to grow it with things like loyalty and the marketing efforts that G.J talked about. But that's how we assess the collective is yes, there were some difficult compares in Q1, but overall, we see much more stabilization in the business and especially in the traffic line. Most importantly, that gives us the confidence that this will continue to build.

因此，穩定業務只是第一步。顯然，下一步是透過忠誠度和 G.J 談到的行銷努力來發展它。但這就是我們對集體的評估，是的，第一季有一些困難的比較，但總的來說，我們看到業務更加穩定，尤其是在交通線路方面。最重要的是，這讓我們有信心這將繼續發展。

Great. And the new marketing platform, if you could just talk a little bit more about that, what you saw kind of early feedback from anything on, how this marketing support maybe ramped up through the first quarter into second quarter? Just a sense of what to look for there?

偉大的。至於新的行銷平台，如果您能多談談這一點，您看到的早期回饋是什麼，這種行銷支援如何從第一季到第二季加強？只是知道在那裡找什麼嗎？

Hey, Alex. Good to hear from you. So as we mentioned, we saw 200 basis points improvement in the markets that we were very active. And we're still as we test and learn and continue to improve a very targeted message. What we learned is that we need to be a little bit more targeted and go more towards, as I mentioned, sort of the video assets and really learning from our guests.

嘿，亞歷克斯。很高興收到你的來信。正如我們所提到的，我們看到我們非常活躍的市場改善了 200 個基點。我們仍在測試和學習並繼續改進非常有針對性的信息。正如我所提到的，我們學到的是，我們需要更有針對性，更專注於視訊資產的分類，並真正向我們的客人學習。

And remember, you tie into that with our ability now to segmentation around our Royalty program, granted just launched the revamped, but we're going to be able to be much more targeted.

請記住，您可以將其與我們現在圍繞我們的版稅計劃進行細分的能力聯繫起來，儘管剛剛推出了改進版，但我們將能夠更有針對性。

So while the results of 2% may not be exactly what we wanted, they still were good improvement and that's why we were very encouraged in terms of going into the future here. Remember, our marketing campaign is kind of three-pronged approach, right? That the first one was, is it more of a brand Hulu and really that human element of that affection for Red Robin and make room for fun.

因此，雖然 2% 的結果可能不完全是我們想要的，但它們仍然是很好的改進，這就是為什麼我們對這裡的未來感到非常鼓舞。請記住，我們的行銷活動是三管齊下的方法，對吧？第一個是，它更像是 Hulu 品牌嗎？

That whole campaign, it is getting noticed and it's different than what's out there and we feel great about that as an overview. And then underneath that, we screen value with our 30 bottomless sides and what we learned from that, Alex, is that our consumers know us for bottomless, but they know us for Bottomless Fries and now that they realize that we have 30 menu items that are bottomless.

整個活動，它引起了人們的注意，它與外面的活動不同，作為一個概述，我們對此感覺很好。然後在這之下，我們用30 個無底面來篩選價值，亞歷克斯，我們從中學到的是，我們的消費者了解我們的無底薯條，但他們知道我們的無底薯條，現在他們意識到我們有30 個選單項目是無底的。

We are getting great feedback from our guests, both existing and new guests in terms of that response, and it's very well needed. In fact, we're seeing huge improvements of guest satisfaction once we fulfill that bottomless promise. And so that's really good. And then the third component is all about the upgraded ingredients and bringing that innovation that Red Robin has been known for many years, bringing it to the forefront with great value.

我們從現有客人和新客人那裡得到了很好的回饋，這是非常需要的。事實上，一旦我們兌現了這項無限的承諾，我們就會看到客人滿意度的巨大提高。這真的很好。第三部分是關於升級成分，並帶來紅羅賓多年來眾所周知的創新，使其以巨大的價值走在最前沿。

So you take that three-pronged approach, and we feel really, really good about where we're taking this. And then you layer on the loyalty platform and what we're seeing there when you start talking about 8% of our new guests that are signed up have been on a third visit within 90 days that gives you a lot of reason to believe. And so again, there's lots of other indicators here, but that's hopefully give you some breakdown of how we're thinking about it.

所以你採取了三管齊下的方法，我們對我們採取的方法感到非常非常好。然後你在忠誠度平台上進行分層，當你開始談論我們註冊的新客人中有 8% 已經在 90 天內第三次訪問時，我們在那裡看到了什麼，這給了你很多理由相信。再說一次，這裡還有很多其他指標，但希望這些指標能讓您了解我們的想法。

Thanks G.J. I'll pass it along.

謝謝 G.J.我會把它傳遞下去。

Andrew Wolf, CL King.

安德魯沃爾夫，CL金。

Thank you. Congrats on getting the -- positive. As far as to ask about the sequential improvement in profitability into the second half and really specifically in the third quarter, which I think seasonally is, I think the lowest quarter of the year. So I mean, is it the way -- you have a couple of things going on?

謝謝。恭喜您獲得陽性結果。至於下半年獲利能力的連續改善，特別是第三季度，我認為從季節性角度來看，我認為這是今年最低的季度。所以我的意思是，是這樣嗎——你有幾件事發生了嗎？

You're going to cycle out of the virtual brands, but they may not have been as profitable as they were accretive to the same store sales. So obviously, your plans are to improve the traffic so what is the leverage in the P&L that's going to help the third quarter be sequentially stronger from profitability point of view than the second quarter despite the seasonality kind of headwind?

您將淘汰虛擬品牌，但它們的利潤可能不如它們對同一家商店銷售額的成長那麼大。顯然，您的計劃是改善流量，那麼儘管存在季節性逆風，但從盈利角度來看，損益表中的槓桿作用是什麼，將有助於第三季度比第二季度連續走強？

Hey Andy, Todd here. The way we're thinking about it and the reason that we do, as we said on the call, we expect the EBITDA or the adjusted EBITDA in Q3 and Q4 to certainly outpace the first half of the year. And you're correct, the third quarter is typically of a more seasonal soft period for us for the year over year growth we still think is very much a realistic expectation.

嘿安迪，托德在這裡。正如我們在電話會議上所說，我們思考這個問題的方式和原因，我們預計第三季和第四季的 EBITDA 或調整後的 EBITDA 肯定會超過今年上半年。你是對的，第三季對我們來說通常是季節性疲軟的時期，我們仍然認為這是一個非常現實的預期。

Yes, I think the way I'd think about it is while some of the traffic headwinds it has been due to the virtual brands that to have minimal profit impact. There has been just a legacy traffic headwind that Red Robin's experience for many years at this point. And when you value that, that's been a headwind that we've been fighting since G.J and I, and this leadership team joined roughly 18 months ago.

是的，我認為我的想法是，雖然一些流量逆風是由於虛擬品牌對利潤的影響微乎其微。 Red Robin 多年來一直面臨著遺留的交通逆風。當你重視這一點時，你會發現，自 G.J 和我以來，這一直是我們一直在應對的逆風，而這個領導團隊大約 18 個月前加入。

And so as we see it track back to flat traffic, that headwind goes away. As we said on the call, we actually do expect modestly positive traffic in the second half of the year. So you get a combination of a headwind going away and then a little bit actually of a traffic benefit is what we expect. So that's really the key lever, if you will, that we see driving the second half of the year.

因此，當我們看到交通恢復穩定時，阻力就會消失。正如我們在電話會議上所說，我們實際上預計下半年的流量將適度成長。因此，我們所期望的是，逆風消失，然後交通實際上會帶來一點好處。所以，如果你願意的話，這確實是我們認為推動今年下半年的關鍵槓桿。

Okay, thank you. Just a quick follow up on your mentioning that there might be a little more menu price increase in the quarter to date? Where the mix and discount factors pretty similar. We want to build our way back to where the guest traffic and wanted to so far this quarter?

好的，謝謝。快速跟進您提到的本季迄今為止的菜單價格可能會有所上漲？其中組合和折扣因素非常相似。我們想要恢復客流量，並希望本季到目前為止？

I think I follow you there, Andy. I think what I'd say is we actually expect mixes is will be less negative as we progress in Q2 and Q3. All the factors that G.J mentioned, we do anticipate some of that continuing, but many of the changes we lapped from menu changes a year ago. So I think mix will be a less negative factor in Q2 and Q3. So I think that's the headline there.

我想我已經跟著你了，安迪。我認為我想說的是，隨著我們在第二季和第三季的進展，我們實際上預計混合的負面影響會減少。 G.J 提到的所有因素，我們確實預計其中一些因素會持續下去，但我們從一年前的菜單變化中經歷了許多變化。所以我認為混合在第二季和第三季的負面因素將會較小。所以我認為這就是那裡的標題。

Great. Thank you, appreciate it.

偉大的。謝謝，很感激。

CJ Dipollino, Craig-Hallum Capital.

CJ Dipollino，克雷格-哈勒姆資本。

Hi, everyone, CJ Dipollino on for Jeremy Hamblin. I just wanted to touch, I just wanted to ask about comps real quick. So relative to May to June and July get a little bit easier, a little bit harder. I'm just thinking about the rest of Q2?

大家好，CJ Dipollino 替補 Jeremy Hamblin。我只是想觸摸一下，我只是想快速詢問有關比賽的情況。所以相對於五月到六月和七月變得容易一點，困難一點。我只是在想第二季的其餘部分？

Yes, CJ, Todd here. I'd say the really the comparisons and the balance of the year get progressively easier. Now part of that is the virtual brands that we eliminated in the second half of last year, but we don't foresee any unusual hurdles in the balance of the quarter.

是的，CJ，托德在這裡。我想說，今年的比較和平衡確實變得越來越容易。其中一部分是我們在去年下半年淘汰的虛擬品牌，但我們預計本季剩餘時間不會出現任何不尋常的障礙。

Okay, great. Thank you. That's helpful. And then if you could just touch on what you're doing to drive membership in the loyalty program, both put new members and getting some of those dormant accounts to us to reactivate

好的，太好了。謝謝。這很有幫助。然後，如果您能談談您正在採取哪些措施來推動忠誠度計劃中的會員資格，那麼既要增加新會員，又要讓我們重新激活其中一些休眠帳戶

Sure. This G.J. here. First of all, what we started doing was actually went on new member signs up either on a website or in our restaurant will send them a welcome email back to tell them all the what the program's all about. We were not doing that before and so that has gotten a great response.

當然。這位 G.J.這裡。首先，我們開始做的實際上是讓新會員在網站上或在我們的餐廳註冊，並向他們發送一封歡迎電子郵件，告訴他們該計劃的全部內容。我們以前沒有這樣做過，所以得到了很好的反響。

The second thing I would tell you is that throughout the organization, this is a huge initiative. And so all the way down to our team members and servers really talking about and understanding where we're going with our new loyalty platform has been super beneficial as well.

我要告訴你的第二件事是，對於整個組織來說，這是一項巨大的舉措。因此，一直到我們的團隊成員和伺服器真正討論和理解我們新的忠誠度平台的發展方向也非常有益。

And then thirdly, just and everything that we're doing, by all of our communication strategy are coming into play as well. So I just might add, I think I mentioned it on the prepared remarks. We've seen significant improvement in the numbers, up almost 10% for the year to date. So our teams are doing a great job, bringing people into the program as well as having it on the website and really making a prominent wear as well. It wasn't connecting with our website before. So all those factors are really helping us.

第三，我們正在做的一切，我們所有的溝通策略也正在發揮作用。所以我想補充一點，我想我在準備好的演講中提到了這一點。我們看到數字有了顯著改善，今年迄今成長了近 10%。因此，我們的團隊做得很好，將人們帶入該計劃並將其發佈在網站上，並真正製作了引人注目的服裝。之前無法連接到我們的網站。所以所有這些因素確實對我們有幫助。

Okay, got it. Thank you. And now one more, if you don't mind, could you maybe speak to, some of the new menu items you introduced this year and kind of the initial reaction from customers?

好的，明白了。謝謝。現在，如果您不介意的話，您能談談您今年推出的一些新菜單項目以及顧客的初步反應嗎？

While we brought the MadLove burger back, we've added strength to the menu, both in an appetizer and on-trade. We brought back on the menu again in the whole barbell menu strategy that we've had. So we're not just targeting just burgers and historically, Red Robin has had a more barbell approach to the menu. And so those things have really gained traction.

在我們重新推出 MadLove 漢堡的同時，我們也為菜單增添了力量，無論是開胃菜還是外帶。我們在整個槓鈴菜單策略中再次恢復了菜單。因此，我們的目標不僅僅是漢堡，而且從歷史上看，紅羅賓在菜單上採用了更多的槓鈴方法。因此，這些事情確實受到了關注。

We've added some other appetizers with Brussels Sprouts has been received incredibly well with our Chips and Salsa have been received fairly well as well. So the other thing is just by bringing back some of the old burgers and with our new ingredients have been received incredibly well as well.

我們添加了一些其他開胃菜，球芽甘藍和我們的薯條都非常受歡迎，莎莎醬也很受歡迎。所以另一件事就是帶回一些舊的漢堡，我們的新原料也得到了令人難以置信的好評。

Okay. That's great to hear. That's all for me. Good luck with the rest of the year.

好的。很高興聽到這個消息。這就是我的全部。祝今年剩下的時間一切順利。

Thank you.

謝謝。

Todd Brooks, The Benchmark Company.

托德·布魯克斯，基準公司。

Hey, thanks for taking my question and congrats on getting loyalty live or early and inflecting the same-store sales back to positive.

嘿，感謝您提出我的問題，並祝賀您儘早獲得忠誠度並使同店銷售額恢復正值。

Thanks Todd.

謝謝托德。

I want to ask a question on the marketing side and the efficacy and kind of working with the mix going forward. How do you feel like bottomless is resonating in a world where there's so much specific price points advertisement on TV? I know you're pretty pleased with the fund focused campaign kind of grabbing eyeballs and cutting through the clutter, but is bottomless doing the same thing for Red Robin?

我想問一個關於行銷方面以及未來混合工作的功效和類型的問題。在電視上有這麼多特定價格點廣告的世界中，您覺得無底洞會產生怎樣的共鳴？我知道您對以基金為中心的活動非常滿意，這種活動吸引了眼球並消除了混亂，但“無底洞”是否也在為紅羅賓做同樣的事情？

Yes. So let me give you a couple of stats here. Some of these are new questions that we're asking. So a lot of this data is relatively new. But I'll tell you this is that in the work that we've done 79% of our guests really appreciate bottomless and want to utilize bottomless. And of those, if we're executing, call it at an 84%, 85% take level what we're seeing is our overall value scores go through the roof, I mean substantially through the roof.

是的。讓我在這裡給你一些統計數據。其中一些是我們提出的新問題。所以很多數據都是相對較新的。但我要告訴你的是，在我們所做的工作中，79% 的客人確實欣賞無底洞並希望利用無底洞。其中，如果我們正在執行，稱其為 84%、85% 的執行水平，我們看到的是我們的整體價值得分飛升，我的意思是大幅飛升。

And then when you take a look at from a value perception and some of the top box questions that we made of that, we're finding that the satisfaction level of wind bottomless has executed is at 84% that we're seeing in the 60% value scores, which are really, really high for us. And as you know, values probably what they rate the toughest on.

然後，當你從價值觀念和我們提出的一些最重要的問題來看時，我們發現，風無底的滿意度為我們在 60 年中看到的 84%。真的非常高。如你所知，他們所重視的可能是最困難的。

And so we've seen really, really big numbers here. So what it's telling us is our guests want it. They're surprised significantly surprised that there's 30 items that are bottomless, which I don't think we've done a good job in the past communicating. And so that's being received and the take rate on that is improving all the time

所以我們在這裡看到了非常非常大的數字。所以它告訴我們的是我們的客人想要它。他們非常驚訝有30個項目是無底的，我認為我們過去的溝通做得不好。因此，這些內容正在被接收，並且其接受率一直在提高

That's great and good to hear. Switching to Royalty, I know the design of the reward tiers or the reward hurdles is lowered. I mean, depending on how much you're spending to probably get there three visits versus having to visit 10 times before for the reward prior. I'm hearing from others that have kind of lower reward tiers that it's having an outsized frequency benefit and driving retention.

這太好了，很高興聽到。切換到版稅，我知道獎勵等級或獎勵障礙的設計降低了。我的意思是，這取決於您可能花費多少錢去那裡 3 次，而不是之前必須去 10 次才能獲得獎勵。我從其他獎勵等級較低的人那裡聽說，它具有巨大的頻率優勢並能提高保留率。

But also driving behaviors that would point to improved frequency from a more attainable award structure were weekend, and it sounds like the conversion went well and you've got people on there, but kind of executing against it now at the store level in the second half? And what type of duration do you need to you know about the frequency benefit that the new structure?

但週末也有一些驅動行為，可以透過更容易獲得的獎勵結構來提高頻率，聽起來轉換進展順利，你已經有人在那裡，但現在在第二個商店層級執行它一半？您需要什麼類型的持續時間才能了解新結構的頻率優勢？

Yes. So I think as I stated earlier, 8% of our new members that have signed up data tells us it's early granted. That 8% of those new members are on their third visit within the first 90 days compared to 8% of our members in the same period last year that are only on their second visit in the year. So that gives us incredible reason to believe that this program is really going to work.

是的。因此，我認為正如我之前所說，我們已註冊的新會員中有 8% 的數據告訴我們，這是早期授予的。 8% 的新會員在前 90 天內進行了第三次訪問，而去年同期我們的會員中有 8% 是今年第二次訪問。這讓我們有令人難以置信的理由相信這個計劃真的會起作用。

And in terms of execution, as I stated about the numbers, it's just tell us that our guests want it, it screams value to them. In fact, in some surveys, I will tell you it's more important than burgers. So I think that just speaks light years to what it is we're doing here.

在執行方面，正如我在談到數字時所說的那樣，它只是告訴我們我們的客人想要它，這對他們來說是有價值的。事實上，在一些調查中，我會告訴你它比漢堡更重要。所以我認為這與我們在這裡所做的事情相差甚遠。

Okay, great. And two more, if I could slide demand. Todd, you talked about the first half and second half nature of the profitability with over his vast majority, I think, of the EBITDA generated in the second half of Q1. The maintenance of the EBITDA guidance and just tying it back to what was generated in the second half as trends normalize, where we don't know what vast majority necessarily equates to, where does that kind of get us to fall if we annualize over the next three quarters as far as that $60 million to $70 million range?

好的，太好了。如果我能減少需求的話，還有兩個。托德，您談到了上半年和下半年盈利能力的性質，我認為，他的絕大多數是在第一季下半年產生的 EBITDA。維持 EBITDA 指引，並將其與下半年趨勢正常化時產生的結果掛鉤，我們不知道絕大多數必然等同於什麼，如果我們對未來三個季度達到 6000 萬至 7000 萬美元的範圍？

Todd, I'm digesting your question a bit. Yes, I think hopefully this if I don't address it please let me know. The way we get comfortable with not only our Q2 commentary but also the full year, he's really looking at that run rate in the second half of the first quarter, really if you extrapolate that, gets us to our expectations for Q2 in particular.

托德，我正在消化你的問題。是的，我想如果我沒有解決這個問題，請告訴我。我們不僅對第二季度的評論感到滿意，而且對全年的情況也感到滿意，他真的在關注第一季下半年的運行率，如果你推斷的話，真的會讓我們特別對第二季度的預期。

Now, as you said, we didn't disclose exactly what that was. We don't disclose that level of detail intra-quarter, but that's how we're thinking about the second quarter. If you continue to extrapolate that, in addition to what I referenced earlier of traffic trends, continuing to improve. That's really what gets us comfortable with that guide of $60 million to $70 million. So I'll pause there, but that's a headline at least how we're thinking about it.

現在，正如你所說，我們沒有透露具體內容。我們不會在季度內披露這一細節，但這就是我們對第二季度的看法。如果您繼續推斷，除了我之前提到的流量趨勢之外，還會繼續改善。這確實是讓我們對 6000 萬至 7000 萬美元的指導感到滿意的原因。所以我會在這裡暫停，但至少我們是這麼想的。

Yes, it makes sense. It sounds like Q2 isn't the lift from the kind of trends that we saw in second half of Q1 and then we get to the back half of the year. And if we get traffic back to slightly positive, that's where you get the additional lift on top of the trends that you saw in the second half of the quarter then.

是的，這是有道理的。聽起來第二季並沒有像我們在第一季下半年看到的那種趨勢有所提升，然後我們就進入了今年下半年。如果我們的流量恢復到略為正值，那麼除了本季下半年看到的趨勢之外，您還將獲得額外的提升。

And yes, that is a good clarity. And I appreciate that of Q2 is really a continuation of what we saw in the second half of Q1. It is Q3 and Q4 that we expect traffic to continue to make progress, and that is what we what we expect will drive those periods.

是的，這是一個很好的清晰度。我很欣賞第二季度的情況實際上是我們在第一季下半年看到的情況的延續。我們預計第三季和第四季的流量將繼續取得進展，這也是我們預計將推動這些時期的因素。

Okay, great. And then the final one, G.J, just the Partner Program at the general manager level has been rolled out for a little over five months now or about five months. What behaviors are you seeing in driver digestion period at the start, but now kind of leaning into it and understanding on business owner versus just the manager of a unit and the behaviors that you're getting on the cost and then the revenue lift side?

好的，太好了。然後最後一個，G.J，只是總經理級別的合作夥伴計劃已經推出了五個多月了，或者大約五個月了。您在一開始的駕駛員消化階段看到了哪些行為，但現在有點傾向於它並了解企業主而不是單位經理以及您在成本和收入提升方面所獲得的行為？

Any improvement that you're seeing and when we should be looking for the full benefits of the program and implementation would be helpful? Thank you

您看到的任何改進以及我們何時應該尋求該計劃和實施的全部好處會有幫助嗎？謝謝

Sure, Todd. Well, first of all, they're super excited. I just finished a tour around the country and the rallies that we do every year. And I can tell you just from my experience, the morale, the attitude and the belief in where we're going as a result of us having enough faith to put a partner program in place is huge. That's number one.

當然，托德。嗯，首先，他們非常興奮。我剛剛結束了全國巡迴演出以及我們每年舉行的集會。我可以根據我的經驗告訴你，士氣、態度和對我們前進方向的信念是巨大的，因為我們有足夠的信心來實施合作夥伴計劃。這是第一名。

Number two, what we're seeing is just the involvement in terms of their P&Ls going the extra mile to be there on the shifts that are appropriate. We're seeing huge behavior changes relative to that. We're seeing our turnover numbers go down pretty dramatically. We're seeing from the questions into our accounting teams go through the roof. We expected that. But that's exactly what happens like they care about every little thing on that P&L. It's early as you point out, it's for four months and soon to be five months in into this program.

第二，我們看到的只是他們在損益表方面的參與，他們在適當的輪班上付出了額外的努力。我們看到與此相關的巨大行為變化。我們看到我們的營業額急劇下降。從這些問題中我們看到我們的會計團隊正在全力以赴。我們預料到了。但這正是發生的事情，就像他們關心損益表上的每一件小事一樣。正如您所指出的，現在還為時過早，該計劃為期四個月，很快將進入五個月。

And we are holding up some of those folks on the bottom 25% of our restaurants, but they continue to lean in. We continue to have them share practices, our best practices amongst each other. And so that to help each other. And so I fully anticipate it will continue to grow and the results will continue to improve. If you asked me the question a year from now, we will have a measurement in terms of what real impact did it have. So it's a little early to give you some of those numbers, but I am hugely optimistic about where we're headed with this.

我們對排名最後 25% 的餐廳中的一些人進行了阻攔，但他們仍在繼續努力。這樣才能互相幫助。因此，我完全預計它將繼續增長，結果將繼續改善。如果你一年後問我這個問題，我們將衡量它所產生的實際影響。因此，現在向您提供其中一些數字還為時過早，但我對我們的發展方向非常樂觀。

That's great. Thanks for taking all my questions, guys.

那太棒了。謝謝你們回答我所有的問題，夥伴們。

Absolutely. Thanks, Todd.

絕對地。謝謝，托德。

Thank you. And we have reached the end of the question and answer session. Therefore, I will turn the call back over to G.J. Hart for closing remarks.

謝謝。我們的問答環節已經結束了。因此，我會將電話轉回給 G.J.哈特致閉幕詞。

Thank you very much. I appreciate everybody joining us here today. It's an exciting time here at Red Robin, and we look forward to reporting on our results next quarter. Thanks for joining us, and we'll see you or hear from you the next time. Take care.

非常感謝。我感謝今天來到這裡的大家。這是 Red Robin 激動人心的時刻，我們期待下季報告我們的業績。感謝您加入我們，我們下次再見或收到您的訊息。小心。

And this concludes today's conference and you may disconnect your line at this time. Thank you for your participation.

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。