Red Robin Gourmet Burgers Inc (RRGB) 2025 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to the Red Robin Gourmet Burgers, Inc. First Quarter 2025 Earnings Call. This conference is being recorded. During management's presentation and in response to your questions, they will be making forward-looking statements about the company's business outlook and expectations. These forward-looking statements and all other statements that are not historical facts reflect management's beliefs and predictions as of today, and therefore, are subject to risks and uncertainties as described in the company's SEC filings. 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 alternative measures of the company's operating performance that may be useful. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures can be found in the earnings release.

大家下午好，歡迎參加 Red Robin Gourmet Burgers, Inc. 2025 年第一季財報電話會議。此次會議正在錄製中。在管理層的演示和回答您的問題時，他們將對公司的業務前景和預期做出前瞻性的陳述。這些前瞻性陳述和所有其他非歷史事實的陳述反映了管理層截至今天的信念和預測，因此，受公司美國證券交易委員會文件中所述的風險和不確定性的影響。管理階層也將在今天的電話會議中討論非公認會計準則財務指標。這些非公認會計準則指標並非依照公認會計原則編制，但旨在說明可能有用的公司經營績效替代指標。非公認會計準則 (non-GAAP) 財務指標與最直接可比較的公認會計準則 (GAAP) 指標的對帳可以在收益報告中找到。

The company has posted its first quarter 2025 earnings release on its website at ir.redrobin.com. Now I would like to turn the call over to Red Robin's President and Chief Executive Officer, Dave Pace.

該公司已在其網站 ir.redrobin.com 上發布了 2025 年第一季業績報告。現在，我想將電話會議交給 Red Robin 總裁兼執行長 Dave Pace。

Good afternoon, everyone, and thank you for your interest in Red Robin. Let me begin by sharing how energized I am to be here as the CEO of Red Robin. Although new to the executive team, I've served as Chairman of the Board since 2019 and have been well-versed in our turnaround plan to make this beloved brand relevant again. Under G.J.'s leadership in its North Star plan, we made critical investments while also taking steps to reduce overall operating costs.

大家下午好，感謝大家對 Red Robin 的關注。首先，我想分享一下我作為 Red Robin 執行長來到這裡所感受到的興奮。雖然我是管理團隊的新成員，但我自 2019 年起就擔任董事會主席，並且熟悉我們的扭虧為盈計劃，以使這個深受喜愛的品牌再次受到關注。在 G.J. 的北極星計畫領導下，我們進行了關鍵投資，同時採取措施降低整體營運成本。

The focus on elevating the guest experience while building a winning culture has been integral to establishing a foundation upon which we can grow. I intend to continue to build upon this progress, and I'll walk through my initial priorities and areas of focus later in the call. To that end, I want to personally thank G.J. for all that he's done for Red Robin during his tenure, both as CEO and as a member of the Board. He and I have built a trusted long-standing relationship, and I appreciate his willingness to collaborate during this transitional period to best position the company for its next chapter. With that, G.J. will now provide a brief recap of our progress. Todd will then review our first quarter results before I dive into our initial go-forward thoughts and priorities for Red Robin.

在打造成功文化的同時，注重提升賓客體驗對於奠定我們成長的基礎至關重要。我打算繼續鞏固這一進展，稍後我將在電話會議中介紹我最初的優先事項和重點領域。為此，我要親自感謝 G.J. 在擔任執行長和董事會成員期間為 Red Robin 所做的一切。我和他建立了長期信任的關係，我感謝他願意在這個過渡時期合作，幫助公司為下一個篇章做好最佳準備。現在，G.J. 將簡要回顧我們的進展。然後，托德將回顧我們的第一季業績，然後我再深入探討我們對 Red Robin 的初步想法和優先事項。

Thank you, Dave, and good afternoon, everyone. I would also like to echo Dave's optimism for the future of Red Robin. I'm very proud of what our team has accomplished over the past 2.5 years. Through their hard work and dedication, we successfully laid the foundation for our comeback journey.

謝謝你，戴夫，大家下午好。我也想贊同戴夫對紅羅賓未來的樂觀態度。我對我們團隊在過去兩年半所取得的成就感到非常自豪。透過他們的努力和奉獻，我們成功地為復出之旅奠定了基礎。

Let me quickly recap some of what we accomplished over the past 2.5 years to put the company in a position to drive long-term shareholder value and enhance Red Robin's competitive positioning. First, we took steps to make Red Robin an operations-focused company through our managing partner program, which incentivizes our restaurant leaders to deliver strong and balanced financial results. Second, we elevated the guest experience through investments and upgrades in both food and hospitality.

讓我快速回顧一下我們在過去兩年半中取得的一些成就，這些成就使公司能夠推動長期股東價值並增強 Red Robin 的競爭地位。首先，我們採取措施，透過管理合夥人計劃將 Red Robin 打造成一家以營運為重點的公司，該計劃激勵我們的餐廳領導者實現強勁而均衡的財務業績。其次，我們透過對食品和服務的投資和升級來提升客人體驗。

From rolling out flat-top grills to deliver a thicker, juicier, and more flavorful burger to upgrading our bar menu and bringing back industry best practice staffing models. We are seeing tangible proof that our guests have begun to recognize and appreciate our efforts. Third, we optimized guest engagement through our relaunched loyalty program in 2024, allowing our guests to earn a reward much faster and encouraging more frequent visitation to capitalize on their earned rewards. The revamped Red Robin Royalty program has continued to spur membership growth with approximately 15.3 million members at the end of the first quarter.

從推出平頂烤架以提供更厚、更多汁、更美味的漢堡，到升級我們的酒吧菜單並恢復行業最佳實踐的人員配備模式。我們看到了切實的證據，表明我們的客人已經開始認可並欣賞我們的努力。第三，我們透過 2024 年重新推出的忠誠度計劃優化了客人參與度，使我們的客人能夠更快地獲得獎勵，並鼓勵他們更頻繁地光臨以利用他們獲得的獎勵。改版後的 Red Robin Royalty 計畫持續刺激會員成長，截至第一季末，會員數約 1,530 萬。

And lastly, we drove growth in comparable restaurant revenue and unit level profitability in both the fourth quarter of 2024 and the first quarter of 2025. On our last call in February, I shared that in 2025, we expect to become meaningfully more efficient and productive with our labor costs. Todd will expand on this in a moment, but I'm proud of the work the team accomplished to deliver on this goal in the first quarter, and I'm confident it will continue from here. In the closing, it has truly been a privilege to lead such an iconic brand over the past 2.5 years.

最後，我們在 2024 年第四季和 2025 年第一季推動了可比較餐廳收入和單位獲利能力的成長。在二月的最後一次電話會議上，我曾表示，到 2025 年，我們預計勞動成本將顯著提高，生產效率也將顯著提高。托德稍後會詳細說明這一點，但我對團隊在第一季實現這一目標所做的工作感到自豪，我相信他們會繼續這樣做。最後，在過去的兩年半里，能夠領導這樣一個標誌性品牌真的是一種榮幸。

With key elements of our plan now in place, and we have delivered strong financial results in the first quarter, we have reached a natural transition point in Red Robin's transformation, and I am confident the company is in great hands with Dave to lead the next phase of this journey. And with that, I'll turn the call over to Todd to walk you through the financial performance.

現在，我們計劃的關鍵要素已經到位，並且我們在第一季取得了強勁的財務業績，我們已經到達了 Red Robin 轉型的自然轉折點，我相信，在 Dave 的帶領下，公司將順利邁入下一階段。接下來，我將把電話轉給托德，讓他向您介紹財務表現。

Thank you, G.J., and good afternoon, everyone. In the first quarter, total revenues were $392.4 million versus $388.5 million in the first quarter of fiscal 2024. The increase is due primarily to a comparable restaurant revenue increase of 3.1%, led by a 6.8% increase in net menu price, outweighing a 3.5% decline in guest traffic. Restaurant level operating profit as a percentage of restaurant revenue was 14.3%, an increase of 330 basis points compared to the first quarter of 2024. If you recall, one of our focus areas for 2025 is to become meaningfully more efficient with our labor costs. We're pleased with our results in the first quarter as our operators delivered traction faster than we expected.

謝謝你，G.J.，大家下午好。第一季總營收為 3.924 億美元，而 2024 財年第一季總營收為 3.885 億美元。成長的主要原因是可比餐廳收入成長 3.1%，其中菜單淨價格上漲 6.8%，抵消了客流量下降 3.5% 的影響。餐廳層面的營業利潤佔餐廳收入的百分比為 14.3%，與 2024 年第一季相比增加了 330 個基點。如果你還記得的話，我們 2025 年的重點領域之一就是大幅提高勞動成本的效率。我們對第一季的業績感到滿意，因為我們的營運商比我們預期的更快實現了牽引力。

Congratulations to our operations team on this progress, and thank you for all of the hard work that goes into delivering these gains. General and administrative costs were $27 million as compared to $25.8 million in the first quarter of 2024. Selling expenses were $9.4 million, a decrease as compared to $13.5 million in the first quarter of 2024. The decrease results primarily from a reduction in media in the quarter, overlapping a marketing test last year.

恭喜我們的營運團隊取得這項進展，並感謝你們為實現這些成果所付出的所有努力。一般及行政費用為 2,700 萬美元，而 2024 年第一季為 2,580 萬美元。銷售費用為 940 萬美元，與 2024 年第一季的 1,350 萬美元相比有所下降。下降的主要原因是本季媒體的減少，與去年的行銷測試重疊。

Adjusted EBITDA was $27.9 million in the first quarter of 2025, an increase of $14.5 million versus the first quarter of 2024. Adjusted EBITDA increased due to cost efficiency gains throughout the P&L and particularly in labor and the benefit of menu price increases. We ended the first quarter with $24.2 million of cash and cash equivalents, $9.1 million of restricted cash, and $35 million available borrowing capacity under our revolving line of credit. As I shared on our last call, one of our financial priorities in 2025 is to position the company to refinance the term loan that matures in the first quarter of 2027.

2025 年第一季調整後 EBITDA 為 2,790 萬美元，較 2024 年第一季增加 1,450 萬美元。調整後的 EBITDA 增加，這是由於整個損益表中的成本效率提高，特別是勞動成本提高以及菜單價格上漲的好處。第一季結束時，我們擁有 2,420 萬美元的現金和現金等價物、910 萬美元的受限現金以及 3,500 萬美元的循環信貸額度下的可用借貸能力。正如我在上次電話會議上所分享的，我們 2025 年的財務重點之一是讓公司能夠為 2027 年第一季到期的定期貸款進行再融資。

During the first quarter, we used free cash flow we generated, coupled with approximately $5.8 million of gross proceeds from monetizing 3 owned properties to repay approximately $17.8 million of debt. This resulted in an outstanding principal balance under the credit agreement at quarter end of $171.7 million.

在第一季度，我們利用產生的自由現金流，加上將自有 3 處房產貨幣化所獲得的約 580 萬美元的總收益，償還了約 1,780 萬美元的債務。這導致季末信貸協議項下的未償還本金餘額為 1.717 億美元。

Turning to our outlook. We will now provide the following guidance for 2025. First, total revenue of between $1.21 billion to $1.23 billion as compared to our prior guidance of $1.225 billion to $1.25 billion. This incorporates expectations that annual comparable restaurant sales will be generally unchanged at approximately 0%, and we will end 2025 with 393 company-owned restaurants in operation; second, restaurant-level operating profit of 12% to 13%, in line with our prior guidance; third, adjusted EBITDA of $60 million to $65 million, also in line with our prior guidance; and finally, capital expenditures of approximately $30 million as compared to $25 million to $30 million previously.

轉向我們的展望。我們現在將為 2025 年提供以下指導。首先，總收入在 12.1 億美元至 12.3 億美元之間，而我們先前預測的總收入為 12.25 億美元至 12.5 億美元。這包括以下預期：年度可比餐廳銷售額基本保持不變，約為 0%，到 2025 年底，我們將擁有 393 家公司自營餐廳；其次，餐廳層面的營業利潤為 12% 至 13%，與我們之前的預期一致；第三，調整後的 EBITDA 為 6000 萬美元，與我們之前的預期一致；第三，調整後的 EBITDA 為 6000 萬美元2500 萬至 3000 萬美元。

While our first quarter results exceeded our expectations, we have pared back our outlook for the remainder of the year due to the broader macro and consumer environment. Our guidance includes an expectation that guest traffic trends from the past few months continue for the remainder of the year. We've also included a cost headwind based on current tariff policies. I would note, we are not planning any menu price increases in the remainder of 2025. We anticipate absorbing the current expected impact of tariffs as we prioritize maintaining value for our guests.

雖然我們的第一季業績超出了預期，但由於更廣泛的宏觀和消費環境，我們下調了對今年剩餘時間的預期。我們的預期是，過去幾個月的客流量趨勢將在今年剩餘時間內持續下去。我們也根據目前的關稅政策考慮了成本阻力。我要指出的是，我們不打算在 2025 年剩餘時間內提高任何菜單價格。我們預計將吸收當前預期的關稅影響，因為我們優先考慮為客人維持價值。

The great work of our operators to capture cost savings greater than we initially planned supports this approach. For the second quarter, I'd like to remind everyone that with the launch of our new loyalty program last year, we received a 220 basis point benefit to our reported comparable restaurant sales in the second quarter of 2024 from changes in loyalty revenue. We expect this not to recur in 2025, representing an approximate 240 basis point headwind to our second quarter of 2025 comparable restaurant sales. For modeling purposes, we expect comparable restaurant sales in the second quarter, inclusive of this headwind and with less benefit from menu price increase in the second quarter than the first, will decline approximately 3%. We do not expect royalty revenue will have a meaningful impact on comparable restaurant sales in the third or fourth quarter.

我們的操作員所做的出色工作節省了比我們最初計劃的更多的成本，這支持了這種方法。對於第二季度，我想提醒大家，隨著我們去年推出新的忠誠度計劃，忠誠度收入的變化為我們在 2024 年第二季度報告的可比餐廳銷售額帶來了 220 個基點的收益。我們預計這種情況在 2025 年不會再次發生，這將對我們 2025 年第二季的可比較餐廳銷售額造成約 240 個基點的阻力。為了建模的目的，我們預計第二季可比餐廳銷售額（包括此不利因素）將下降約 3%，且第二季菜單價格上漲帶來的好處將小於第一季。我們預計特許權使用費收入不會對第三季或第四季的可比較餐廳銷售額產生重大影響。

Before I turn the call back to Dave, on behalf of over 20,000 Red Robin team members across the country, I would like to extend a very heartfelt thank you to G.J. In senior leadership positions, we are stewards of the business for as long as we have the privilege to lead. I am certain the Red Robin business and our people are better for you having led this company. For me personally, it's been an honor to be your partner. Thank you.

在將電話轉回給戴夫之前，我謹代表全國 20,000 多名 Red Robin 團隊成員，向 G.J. 表示最誠摯的感謝。在高階領導職位上，只要我們有幸領導，我們就是企業的管家。我確信，在您領導下，Red Robin 的業務和員工都會變得更好。對我個人而言，能夠成為您的合作夥伴是我的榮幸。謝謝。

Dave, I'll turn the call back to you.

戴夫，我會把電話轉給你。

Thanks, Todd. While we're pleased with the headlines of our first quarter financial results, we're far from claiming victory, and there's still more work to be done as we continue the comeback journey of Red Robin. I've spent my initial 4 weeks meeting with the team, speaking with franchisees, visiting our restaurants, and digging into every aspect of our business. I'm confident our team is energized by the changes we've implemented in the last two years, and they look forward to continuing the progress in the next chapter of transformation at Red Robin. Overall, our operational foundation is much stronger, led by the improvements the company has made in food quality and hospitality.

謝謝，托德。雖然我們對第一季財務業績感到滿意，但我們還遠未取得勝利，在繼續 Red Robin 的回歸之旅時，我們還有很多工作要做。我花了最初的四周與團隊會面、與加盟商交談、參觀我們的餐廳並深入了解我們業務的各個方面。我相信我們的團隊因過去兩年實施的變革而充滿活力，他們期待在 Red Robin 的下一輪轉型中繼續取得進展。整體而言，我們的營運基礎更加強大，這主要得益於公司在食品品質和服務方面的改進。

Importantly, our overall guest satisfaction scores showcase that our guests are recognizing these improvements. That said, as I've come up to speed over the past month, I still see room for improvement in certain areas of the guest experience, and we'll work to address those quickly. Our opportunity as we move ahead is to maintain the improvements we've made in the guest experience while putting strategies in place to drive sustainable growth in restaurant traffic and corresponding gains in profitability. To that end, I'd like to provide you with my initial high-level priorities for Red Robin in 2025 and beyond. First, it's imperative that we retain and extend the progress that's been made in our operational execution, delivering a high-quality guest experience while also improving our operating efficiency.

重要的是，我們的整體客人滿意度分數表明我們的客人認可這些改進。話雖如此，隨著過去一個月我逐漸熟悉情況，我仍然看到客人體驗的某些方面還有改進的空間，我們將努力盡快解決這些問題。我們前進的機會是保持在顧客體驗方面所取得的進步，同時制定策略來推動餐廳客流量的可持續成長和相應的獲利能力的成長。為此，我想向您提供我對 Red Robin 在 2025 年及以後的初步高層優先事項。首先，我們必須維持並擴大我們在營運執行上的進步，提供高品質的客戶體驗，同時提高我們的營運效率。

Second, it's critically important that we return Red Robin to a sustainable traffic growth, and this begins with how we engage with the guest. We must creatively cut through the noise in today's marketplace and be bold when we see opportunities. In the near term, I'm working to ensure that we have the right marketing leader and strategy in place to restore Red Robin as the first choice option for consumers. Recently, Russ Klein has joined our team for a one-year term to help us build our marketing foundation and strategy. Russ brings us a widely recognized track record of success in effectively reconnecting well-known brands with their customer bases, and we're happy to have him.

其次，讓 Red Robin 恢復可持續的客流量成長至關重要，而這首先要從我們如何與客人互動開始。我們必須創造性地突破當今市場的噪音，並在看到機會時大膽地採取行動。短期內，我正在努力確保我們擁有合適的行銷領導者和策略，以恢復 Red Robin 作為消費者的首選。最近，Russ Klein 加入我們的團隊，任期一年，幫助我們建立行銷基礎和策略。拉斯在有效地將知名品牌與其客戶群重新聯繫起來方面為我們帶來了廣泛認可的成功記錄，我們很高興擁有他的加盟。

Third, we must work to strengthen our financial position by reducing debt and increasing free cash flow generation. This will allow us greater flexibility to take advantage of the investment opportunities to drive sustainable top-line growth. Fourth, we must reinvest back in our restaurants, so the restaurant facilities and atmosphere match the upgrades we've made to food quality and hospitality. To generate the resources required for these efforts, we have many levers available. I'm encouraged by the team's demonstrated success removing costs throughout the P&L.

第三，我們必須努力透過減少債務和增加自由現金流來增強我們的財務狀況。這將使我們能夠更靈活地利用投資機會來推動永續的收入成長。第四，我們必須重新投資我們的餐廳，以便餐廳設施和氛圍與我們在食品品質和服務方面所做的升級相匹配。為了籌集這些努力所需的資源，我們有許多可用的手段。團隊在整個損益表中成功消除成本，這讓我很受鼓舞。

We continue to see opportunity there, and I'm confident we'll capture additional benefits through their focused actions. In addition, part of my initial onboarding effort has been to work with the team to evaluate even further opportunities. Underlying all of this is an understanding that Red Robin's core equity is providing everyday value and great food in a family-friendly atmosphere. I've shared initial thoughts here, but it's still too early for me to share full details after only 4 weeks of the job. The team and I have already made great progress, and I look forward to sharing additional details in the coming months.

我們繼續在那裡看到機遇，我相信我們將透過他們的重點行動獲得更多利益。此外，我最初的入職工作的一部分是與團隊合作評估進一步的機會。所有這一切的背後都體現了這樣的理解：Red Robin 的核心價值是在家庭友善的氛圍中提供日常價值和美味的食物。我在這裡分享了初步想法，但由於工作才 4 週，現在分享全部細節還為時過早。我和團隊已經取得了巨大的進展，我期待在接下來的幾個月分享更多細節。

I truly believe that at its core, the Red Robin brand is full of opportunity. Through focused efforts on our key priorities, I'm confident that we'll deliver significant value to both our guests and our shareholders. With that, we're now happy to take questions. Operator, please open the lines. Thank you.

我堅信，Red Robin 品牌的核心充滿了機會。透過專注於我們的關鍵優先事項，我相信我們將為我們的客人和股東帶來巨大的價值。現在我們很高興回答您的問題。接線員，請接通線路。謝謝。

(Operator Instructions) Todd Brooks, The Benchmark Company.

（操作員指示）托德·布魯克斯（Todd Brooks），基準公司。

G.J., thanks for all you've done for the brand and Dave, glad to get to know you as the baton gets passed for the next leg of the journey here. I just wanted to lead off, and it's a question about the profitability that you guys were able to generate in Q1. I know, Todd, you talked about some anticipated pressure from eating tariffs versus pricing for them on the menu.

G.J.，感謝您為品牌所做的一切，Dave，很高興在接力棒傳遞到下一站旅程時認識您。我只是想開始問這個問題，關於你們在第一季能夠實現的獲利能力。我知道，托德，你談到了預期的來自食品關稅與菜單定價的壓力。

That's in the 12% to 13% guidance range for restaurant level margin, but obviously, that's a very fluid situation as well. So just wanted to understand the efficiency that you generated in the first quarter, but kind of maintaining that full year guidance in the 12% to 13% range. Is that purely the tariff pressure? Is there something else there as well?

這處於餐廳級別利潤率的 12% 至 13% 的指導範圍內，但顯然，這也是一個非常不穩定的情況。所以只是想了解您在第一季產生的效率，但將全年指導保持在 12% 到 13% 的範圍內。這純粹是關稅壓力嗎？那裡還有別的東西嗎？

Yes. Todd Wilson here. Good to talk to you. A few things I think I'd call out there. One, we were really encouraged in Q1, and that's part of the way that we beat it.

是的。這裡是托德·威爾遜。很高興和你談話。我想說幾件事。首先，我們在第一季確實受到了鼓舞，這也是我們取得勝利的部分原因。

It's frankly, the primary way that we beat our profit expectation in Q1. Our team really got after labor quickly, and we saw a lot of fast progress there, faster than we expected. So that's been really encouraging. I would call out as well, we've watched guest satisfaction scores to make sure we're not giving up anything there, and our overall satisfaction scores continue very strong. So that's very encouraging.

坦白說，這是我們第一季超出利潤預期的主要原因。我們的團隊確實很快就完成了分娩，我們看到了很大的進展，比我們預期的要快。這確實令人鼓舞。我還要指出的是，我們一直關注客人滿意度評分，以確保我們不會放棄任何東西，而且我們的整體滿意度評分仍然非常強勁。這非常令人鼓舞。

Getting to your question, though, as we thought about the balance of the year, traffic you may have seen in the press release, traffic in the first quarter was down 3.5 points. We talked about it last time. The front half of Q1 was stronger. We anticipated that. We saw that kind of normalize in the back half of Q1.

不過，回到你的問題，當我們考慮今年的平衡時，你可能已經在新聞稿中看到，第一季的流量下降了 3.5 個百分點。我們上次討論過這個問題。Q1 的前半部表現更強。我們預料到了這一點。我們在第一季後半段看到了這種正常化。

And so we've kind of carried forward a down 4% traffic rate through the balance of the year. That's a haircut to what we had in our original expectations. And so that plus the tariffs, which you alluded to. But it's really just, I think, a prudent haircut on the top line that's what's driving us to hold the guidance for the year. The other piece as well is we're still early in the year, right?

因此，我們在今年餘下的時間裡，已經將 4% 的客流量率下降了。這與我們最初的預期相差甚遠。這就是您提到的關稅。但我認為，這其實只是對營收的謹慎削減，這也是我們維持今年業績指引的原因。另外一點是，今年還處於初期階段，對嗎？

We've got a long way to go here. It's important to us that when we put out a number, we're confident we're going to deliver it. And so you'll see us be prudent there. But those are really the moving parts of traffic and the tariffs.

我們還有很長的路要走。對我們來說，重要的是，當我們公佈一個數字時，我們有信心實現它。所以你會看到我們在那裡是謹慎的。但這些確實是交通和關稅的活動部分。

Okay. Great. And another one for Todd, if I can. Can you walk through -- you talked about menu price contribution waterfalling as the year goes on. Can you walk through how that proceeds for Q2, Q3 and Q4?

好的。偉大的。如果可以的話，再給托德一個。您能否詳細介紹一下—您談到隨著時間的推移，菜單價格貢獻呈現瀑布式成長。您能介紹一下第二季、第三季和第四季的進展嗎？

Yes, Todd, we have talked about this before. And as you really kind of look at that progression through the year, we were almost 7 points of contribution in Q1, and we do expect that, that will wind down through the year. As we said on the call, we don't anticipate taking any further pricing action this year. When you look at the quarterly sequencing, I'll talk in terms of just total check growth. When you put price, mix, discounts altogether, we're looking for about 4% check growth in Q2, 4% in Q3. And then as pricing falls off, it will be about 2% in Q4 is our expectation.

是的，托德，我們之前談過這個。當你真正回顧這一年的發展歷程時，你會發現我們在第一季的貢獻率接近 7 個百分點，我們預計這一數字將在全年逐漸下降。正如我們在電話中所說，我們預計今年不會採取任何進一步的定價行動。當您查看季度排序時，我將僅討論整體支票成長。如果將價格、組合和折扣綜合起來，我們預計第二季的成長率約為 4%，第三季的成長率約為 4%。然後，隨著價格下降，我們預計第四季的降幅將達到 2% 左右。

Okay. And then one more strategic question, and I'll hop back in queue. If we're getting close to being a year into the changes in the loyalty program. If you guys look at the results so far, it seemed like really kind of encouraging results out of the gate, and we've still seen growth in the program. But have the unlocks around frequency played out the way you expected or either G.J. on the way out or Dave on the way in? How much more opportunity is there to lever Red Robin Royalty more effectively in '25?

好的。然後再問一個戰略問題，然後我會重新回到隊列中。如果我們對忠誠度計畫進行改變已經快一年了。如果你們看一下目前的結果，這似乎確實是一個令人鼓舞的結果，而且我們仍然看到該計劃的成長。但是，頻率方面的解鎖是否按照您預期的方式進行，或者 G.J. 是否退出，或者 Dave 是否加入？在 25 年還有多少機會可以更有效地利用 Red Robin Royalty？

Yes. Todd, yes, I would tell you that we are seeing the same kind of increase that we talked about last quarter. And I'll also tell you that some of these numbers, like 22% of our visits are from lapsed users. That's a really good number in terms of our visits overall. And we're holding fairly close to new guests being 20% of our visits. So this program is really working. And I think as we dial this thing up further, there's further opportunity here, but I'll let Dave.

是的。托德，是的，我會告訴你，我們看到了和上個季度討論過的同樣的成長。我也會告訴您，其中一些數字，例如 22% 的訪問量來自流失用戶。就我們的整體訪問量而言，這是一個非常好的數字。我們新客人的比例接近 20%。所以這個程序確實有效。我認為，隨著我們進一步完善這一點，這裡將有更多的機會，但我會讓戴夫。

Yes. Let me just piggyback on. I agree with him. I think there's still significant opportunity in the program, the strength of it to grow it and also to how we use it. I think there's an opportunity for us to be smarter about how we implement and use pieces of the program, not that we've been bad at it. I think we're just learning and we're getting better as we go. So I think there's still significant upside there.

是的。讓我跟著一起走吧。我同意他的觀點。我認為該計劃仍有巨大的機會、發展它的優勢以及如何利用它。我認為我們有機會更聰明地實施和使用該程式的各個部分，但這並不是說我們在這方面做得不好。我認為我們正在學習，並且會不斷進步。所以我認為這裡仍有很大的上升空間。

Jeremy Hamblin, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的傑里米·漢布林。

This is Will on for Jeremy. I guess I wanted to go back to the comp trends. Q1, stronger first half, a little weaker second half. I guess, how should we think about quarter-to-date traffic and check? And then to follow up, I'm just curious on the Hot Honey LTO and how that's kind of stacked up to your guys' expectations in testing.

這是威爾代替傑瑞米上場的。我想我想回到電腦趨勢。Q1，上半年比較強，下半年稍微弱一些。我想，我們應該如何考慮本季迄今為止的流量並進行檢查？然後，為了跟進，我只是對 Hot Honey LTO 感到好奇，以及它在測試中如何滿足你們的期望。

Will, Todd here. I'll start, and then these guys will add in, I'm sure. As you think about the second quarter, I just kind of talked through the check side to Todd Brooks' question. The traffic side, we really were -- we're thinking about the balance of the year on the traffic side in kind of a down 4% range. And that's consistent with what we saw to end Q1 as well as what we've seen to start the quarter here.

威爾，我是托德。我先開始，然後這些人會加入，我確信。當你想到第二季時，我只是透過支票方面回答了托德布魯克斯的問題。就交通方面而言，我們確實——我們預計今年交通方面的餘額將下降 4% 左右。這與我們在第一季末以及本季初看到的情況一致。

So if you think about Q2, you've got that from traffic. Generally, check will offset that. And then I did call out on the prepared remarks, the headwind from lapping some of the credits that we saw last year from the loyalty launch, right? So that's a key call out in Q2. It's more about what happened last year, but you'll see it in our reported Q2 number. So I'd say quarter-to-date trends are very consistent with that, and that's really what we based our guidance on. It just kind of the real fact pattern that we're seeing right now.

因此，如果您考慮第二季度，您就會從流量中了解這一點。一般來說，支票會抵消這一點。然後我確實在準備好的發言中提到了，去年我們在忠誠度發布會上看到的一些積分所帶來的阻力，對嗎？這是第二季的一個關鍵呼籲。這更多的是關於去年發生的事情，但您會在我們報告的第二季數據中看到它。所以我想說本季迄今的趨勢與此非常一致，這也是我們制定指導方針的依據。這只是我們現在看到的真實事實模式。

I'll jump in, in terms of the Hot Honey promotion, we're very happy with that promotion. It exceeded our expectations and feel great about it.

就 Hot Honey 促銷活動而言，我對促銷活動感到非常滿意。它超出了我們的預期並且感覺很棒。

Yes. I'll just add to that. I think we feel good about the Hot Honey promotion, as G.J. said. That being said, I think we need to figure out ways to bend the curve on traffic.

是的。我只想補充一點。正如 G.J. 所說，我認為我們對 Hot Honey 促銷活動感覺良好。話雖如此，我認為我們需要找到緩解交通問題的方法。

We know that, which is why we're focused on it, why it's one of the priorities that I mentioned in my remarks. So good work on it. But at the end of the day, we've got to bend that curve, and we know that we're focused on how we do that.

我們知道這一點，這就是我們關注它的原因，也是我在發言中提到的優先事項之一。做得很好。但最終，我們必須扭轉這一趨勢，我們知道我們專注於如何做到這一點。

Got it. I appreciate the color there. And then as far as closures, so it sounds like you're still expecting 10 to 15 for the year, maybe closer to the higher side of the range. But I guess, how can we think about timing for the balance of the year?

知道了。我很欣賞那裡的色彩。至於關閉數量，聽起來您仍然預計今年會有 10 到 15 家門市，可能更接近該範圍的高端。但我想，我們要如何考慮今年剩下的時間安排呢？

Yes, Will, Todd here again. I think you heard that right. I called out the 393 restaurants in the prepared remarks that we expect to end the year with. That would have us down 14 on the year in total. The way we're thinking about it right now, we do see those relatively evenly spread through the remainder of the year.

是的，威爾，托德又來了。我想你沒聽錯。我在準備好的發言中提到了我們預計在今年年底前推出的 393 家餐廳。這就意味著我們今年的總損失為 14 筆。從我們現在的想法來看，我們確實看到這些因素相對均勻地分佈在今年剩餘時間內。

If we were to see a change there, I think it would certainly be for the better that we're able to accelerate some of these. We've had some good luck in discussions with landlords in a few cases at least that may give us an opportunity to move a little bit quicker there where it makes sense. But at this point, I'd say we think that, that's spread throughout the remainder of the year pretty evenly.

如果我們看到那裡的變化，我認為我們能夠加速其中的一些變化肯定會更好。在某些情況下，我們與房東的討論取得了一些好運，至少這可能會讓我們有機會在合理的情況下更快地採取行動。但就目前而言，我想我們認為，這種情況在今年剩餘時間內分佈得相當均勻。

Let me add to Todd's point, separate from this on the 70 restaurant closures. The success that our operations team that we saw in the broad footprint of the business extended to those restaurants. And so we've made significant progress in improving the performance of many of the restaurants on that list. It's too soon to kind of say which ones are on or off, but we're encouraged by the progress that's been made and the improvement in performance of quite a number of restaurants on that list that we've got. So I just want to make sure we point that out.

除了 70 家餐廳關閉之外，讓我補充一下托德的觀點。我們的營運團隊在廣泛的業務範圍內所取得的成功延伸到了這些餐廳。因此，我們在改善名單上許多餐廳的業績方面取得了重大進展。現在判斷哪些餐廳會繼續營業或停止營業還為時過早，但我們對已經取得的進展以及名單上許多餐廳業績的提升感到鼓舞。所以我只是想確保我們指出這一點。

Alex Slagle, Jefferies.

傑富瑞的亞歷克斯‧斯拉格爾 (Alex Slagle)。

I'd like to extend my thanks to G.J. as well and Dave welcome to the call. What do you guys think like high level, we think about the handoff and leadership, kind of leveraging each of your unique skill sets, and we've seen a great foundation put in place over the last couple of years, the North Star plan. And as we transition, Dave, to your leadership, what really changes or anything we should think about from this perspective going forward?

我也要向 G.J. 表示感謝，並歡迎 Dave 參加電話會議。你們覺得高層怎麼樣？我們考慮交接和領導力，利用每個人獨特的技能，我們看到過去幾年建立了良好的基礎，即北極星計劃。戴夫，當我們過渡到你的領導時，從這個角度來看，我們應該考慮哪些真正的變化或什麼？

Yes. I'll start off, and I'll let G.J. jump in. We're both smiling because we have a pretty close philosophy on how we think about restaurants. And so this has been a pretty smooth transition all the way around. I want to say again, thanks to G.J. for the collaboration and the work we've done together on this. I think it's tonality.

是的。我先開始，然後讓 G.J. 加入。我們都笑了，因為我們對餐廳的看法非常接近。所以整個過渡過程相當順利。我想再次感謝 G.J. 的合作以及我們為此共同完成的工作。我認為這是音調。

I think it's focus. G.J. came in and did the right things that this business required when he came in, it needed a reset on labor and operations focus, and he did that. It needed a reset on food and he did that, and it needed a reset on culture and he did that. He put all those things in place that anyone coming in would love to have as a foundation to build on. And I think that's how I look at it. In terms of my areas of focus, it's the things we talked about. And I don't think they're dramatically different from where G.J. was going, right?

我認為這就是焦點。G.J. 加入後做了這項業務所需的正確的事情，需要重新調整勞動力和營運重點，他做到了。需要重新調整食物，他做到了；需要重新調整文化，他做到了。他把所有這些東西都安排好了，任何人都會喜歡以此為基礎來發展。我想這就是我的看法。就我關注的領域而言，就是我們談論的事情。我不認為它們與 G.J. 所要去的地方有太大不同，對嗎？

We're going to figure out how to bend the curve on traffic. We're going to hold serve on operations. We're going to look to be the first choice for consumers when they want to go out and have a burger. We're going to give ourselves some financial flexibility on the balance sheet, and then we're going to use some funds to fix the restaurants. I think those are not a lot different than what you would have seen from G.J., and I think we can continue that ball forward and keep moving this business back. But I think those are the important points, and the way we got after them, I think, are the right sequence.

我們要想辦法緩解交通壅塞。我們將繼續執行服務操作。當消費者想出去吃漢堡時，我們將成為他們的首選。我們將在資產負債表上給予自己一些財務靈活性，然後我們將使用一些資金來修復餐廳。我認為這些與你從 G.J. 看到的並沒有太大不同，我認為我們可以繼續前進並繼續推動這項業務。但我認為這些都是重點，而且我認為我們追求這些要點的方式是正確的順序。

Yes. And I would just say, Alex, that Dave has been Chair. He and I came on this Board the very same day. He's been along this ride in putting this North Star plan and certainly been in dialogue with him every week throughout my tenure here. So as Dave said, I think we're not dramatically changing anything here.

是的。我只想說，亞歷克斯，戴夫一直擔任主席。他和我同一天加入這個董事會。他一直參與實施這個北極星計劃，在我任職期間，每週都會與他進行對話。正如戴夫所說，我認為我們不會對這裡發生任何重大改變。

There's some additional focuses that he's going to have, but I think it's a great place. And I think this transition is a pretty special one, and it's worked out really, really well.

他將會專注於一些額外的事情，但我認為這是一個很棒的地方。我認為這次轉變非常特殊，而且效果非常好。

Great. That's helpful. So what are your operator partners asking for lately? Just sort of what's the next big thing or a big change they'd like to see sort of top of their list?

偉大的。這很有幫助。那麼，您的電信商合作夥伴最近要求什麼？他們最希望看到的下一件大事或重大改變是什麼？

I'll take a shot at that first since I just finished a tour not long ago. I think it's just continued investment in our facilities, which we continue to work on. And as we generate free cash flow, that's certainly a priority. And the second one is just continued investment in technology.

由於我不久前剛結束一次巡演，所以我會先嘗試一下。我認為這只是對我們設施的持續投資，我們會繼續努力。當我們產生自由現金流時，這當然是我們的首要任務。第二個就是持續對科技進行投資。

As you know, we've been continually replacing and updating technology, and probably the one thing that they've asked for the most that we need to focus on, which is next on our priority list, which is server handhelds. And that's the one area that I think would be most helpful to them, to our servers as well as to the company in total.

如你所知，我們一直在不斷地更換和更新技術，而他們要求最多、也是我們需要關注的一件事，也是我們優先考慮的下一個事項，那就是伺服器手持設備。我認為這是對他們、對我們的伺服器以及對整個公司最有幫助的一個領域。

Yes. I would echo that. I also spent some time in restaurants in the first few weeks. Those are some of the things that I heard, operators, they want, give them the tools to be successful. The tools to be successful included the things that they've been given, which are getting the labor and the hospitality right and getting the food right. Giving me the technology that I need to run my restaurants. Giving me a good-looking restaurant that I'm proud to bring people into and figure out how to connect with our consumers with compelling messaging and offers that drive traffic.

是的。我同意這一點。最初幾週我也在餐廳待了一段時間。這些是我聽到的一些事情，運營商希望獲得成功的工具。成功的要素包括他們所得到的東西，即正確的勞動力、正確的接待和正確的食物。為我提供經營餐廳所需的技術。給我一個外觀漂亮的餐廳，讓我自豪地吸引人們光顧，並想辦法透過引人注目的訊息和吸引客流的優惠與我們的消費者建立聯繫。

That's what operators want. They want to be successful. And I think the other thing on that is to build on that is I think the output of the partner program that was put in place is that they'll be rewarded for that. They'll get the benefit of success if we give them the tools to be successful.

這正是營運商想要的。他們想要成功。我認為另一件事是在此基礎上建立的，我認為實施的合作夥伴計劃的成果是他們將因此獲得獎勵。如果我們為他們提供成功的工具，他們就會獲得成功的好處。

Mark Smith, Lake Street Capital.

馬克史密斯 (Mark Smith)，Lake Street Capital。

First off, any outlook on selling expenses and kind of your expected media spend through the rest of the year?

首先，您對今年剩餘時間的銷售費用和媒體支出有何展望？

Mark, Todd here. I'll take that. Yes, I'd say our original guidance for the year was $30 million in selling or included $30 million in selling. And I would tell you that's generally unchanged. With the -- Dave commented on it in his prepared remarks with Russ coming in to lead the team.

馬克，我是托德。我會接受的。是的，我想說我們今年的原始指導是銷售額 3000 萬美元，或包括 3000 萬美元的銷售額。我想告訴你的是，這一點總體上沒有改變。隨著——戴夫在拉塞爾帶領球隊的準備發言中對此發表了評論。

As we think about the balance of the year, there's a little bit of a breath to take, so to speak, to let him get in, understand the opportunities in our business, and really kind of reassess the marketing plan. But as we've modeled it, we think it's pretty consistent quarter-to-quarter from here. There may be some ebb and flow as kind of naturally happens in that line item. But we see getting to roughly that $30 million on the year pretty consistently through from Q2 through Q4 from here.

當我們考慮今年的平衡時，我們可以稍微喘口氣，讓他加入，了解我們業務中的機會，並重新評估行銷計劃。但正如我們所建模的，我們認為從現在開始，每個季度的情況都相當一致。該項目中可能會出現一些自然發生的起伏。但從現在開始，我們預計從第二季到第四季度，全年銷售額將穩定在 3,000 萬美元左右。

Okay. And then can you just remind us just what we have left as far as potential restaurant sales, how many that you guys own out there? And then in that same vein, just kind of your confidence in refinancing that debt and kind of maybe an outlook or timeline around when you think that could happen?

好的。然後您能否提醒我們，就潛在的餐廳銷售額而言，我們還剩下多少家，你們在那裡擁有多少家餐廳？然後，同樣地，您對再融資該債務的信心如何？您認為何時會發生這種情況的前景或時間表如何？

Yes, Mark, we still own 4 properties. And so we monetized a large chunk of that with the sale leasebacks over the last couple of years, and then we called it out. We did sell 3 properties in Q1. So I'd say we're always looking at opportunities there, right? Paying down debt, as Dave alluded to, is one of our key priorities.

是的，馬克，我們仍然擁有 4 處房產。因此，我們在過去幾年中透過售後回租將其中很大一部分貨幣化，然後我們稱之為。我們確實在第一季出售了 3 處房產。所以我想說我們總是在那裡尋找機會，對嗎？正如戴夫所提到的，償還債務是我們的主要任務之一。

And so there's still some monetization opportunity there. But I would tell you nothing imminent. If opportunities arise, we'll capitalize them, but I would tell you nothing imminent. In terms of the ability to refinance the loan, quite plainly, I would tell you, I believe that on the back of a really strong quarter like we just printed for Q1, G.J. and I have had varying conversations with lenders over the past several months.

因此，那裡仍然存在一些盈利機會。但我不會告訴你任何即將發生的事情。如果機會出現，我們會抓住它，但我不會告訴你任何迫在眉睫的事情。關於再融資貸款的能力，我可以坦白告訴你，我相信，在我們剛剛公佈的第一季業績非常強勁的背景下，G.J. 和我在過去幾個月裡與貸方進行了各種對話。

And I'm optimistic that as I go revisit those conversations on the heels of these results, we'll see some traction there. I don't know that I want to put a timeline to the refinance. But at this point, I think I've made it clear in the last couple of quarters.

我很樂觀地認為，當我根據這些結果重新審視這些對話時，我們會看到一些進展。我不知道我是否想為再融資設定時間表。但就這一點而言，我認為我在過去幾個季度已經明確表達了這一點。

It's certainly top of mind for us and me specifically. And so we'll continue to give updates there. And we'll balance speed with getting the attractive terms that we think are warranted for this business. But I expect we'll be talking about it on each call until we get across the finish line.

對我們，尤其是我來說，這無疑是最關心的問題。因此我們將繼續在那裡提供更新。我們會在速度和獲得我們認為適合這項業務的優惠條款之間取得平衡。但我希望我們每次通話時都會討論這個問題，直到我們達成一致。

We have reached the end of the question-and-answer session. I would like to turn the floor back over to CEO, Dave Pace, for closing remarks.

問答環節已結束。我想把發言權交還給執行長戴夫佩斯 (Dave Pace)，請他做最後發言。

Okay, folks. Look, thanks for jumping on the call. We appreciate the opportunity to share our results, and we look forward to talking to you more in the next couple of months. So thank you. We'll talk to you soon.

好的，各位。瞧，感謝您接聽電話。我們很高興有機會分享我們的成果，並期待在接下來的幾個月與您進行更多交流。所以謝謝你。我們很快會和你聯絡。

Thank you. And ladies and gentlemen, this does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation. Have a great day.

謝謝。女士們、先生們，今天的會議到此結束。現在您可以斷開線路。感謝您的參與。祝你有美好的一天。