Earnings call transcript Q2 2023

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Operator

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

Second Quarter 2023 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.

non-GAAP as discuss conference of also call. will financial part measures today's Management are accordance measures prepared accounting non-GAAP be not These measures in operating that are to useful. company's principles intended with illustrate the alternative of performance may but accepted generally the the directly Reconciliations measures non-GAAP comparable release. earnings measures in found be the financial GAAP to of most can The website at its company release earnings on has posted XXXX its second quarter ir.redrobin.com.

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

begin. may You

G.J. Hart

us today. review Good me thank results afternoon, conclude for joining Financial among will and Wilson, my Todd who and guidance, Chief I our With our items, financial you is quarter after other remarks. updated Officer, XXXX second

of first pleased acknowledge keep traction expressing as how continued great restaurant our restaurant begin our our we you, members we are me center our the seeing performance Thank work well Star hard by team to and first and want work. XXXX operators plan. up I team team. with the with Let our half of North the are through support the as

in XX-year-old highlights XXXX, first daily, records. second sales of accomplishment their they hourly, a brand. for continue Our right and results changes simple period are the in half consecutive sales control have to over businesses, already the our guest comeback. records. points that the an provide This of ownership sales further restaurant In financial greater amazing and made quarter, the we and operators now for on weekly other combined track break is XXX multiyear we quarter. The this data include strong comparable provide The with proof tenth increased we have broken

proof to improvements appreciate hospitality measure guests across and we the continues most experience food. points how making. aligned all we ways multiple the feedback to have We changes and Dine-in measures. where they find demonstrate is Guest these in are much made

overall our versus SMG and growth ago. X in satisfaction scores, dine-in year encouraged increased our percentage points sales which a are by We

We also monitor Google, Yelp and Tripadvisor reviews.

sentiment XX%, quarter of XXXX. increased the net and Total XX% net as compared to respectively, service and sentiment second

Finally, guests opportunity are who in improved in visited bottom quality agree have our special agree drill say, burgers service we most us. month XX% gains the routinely Among quartile in greatest improved, these has focused us improved. food and and When agreed our have represent database. survey loyal tremendous XX% restaurants, further, loyalty have XX% past which the hospitality we for

we've the improvements quickly making reinvigorated our also experience, in While guest profitability.

already the EBITDA, $XX.X In $XX.X compared the of million adjusted XXXX. just have generated first million we of half to XXXX, for of entire year

our updates Now let of Star X me provide some points our of North each brief on plan.

we into restaurant an operations-focused First, transforming company. are

influential Our in front keeping in decision make. ensuring center frontline operators we people we are and the success. why them our are is This most continued every

ones closest our our and the guest are want is roll action, We of we are as They to goals shareholders. the to support out our goals so experience and sure the the this make same center as of paying the operators dividends improvements.

quarter, second helps of talent strong we our of oversee. they restaurants multiunit compensation allowing retain the which share available. our As program, launched incentivizes rewards to the results the profitability by best hire the at market previously them of financial in This revamped the and and announced start partner operators us

we to which from expect we a been has operator date program, We received developing are in early learning rollout, are and well single-unit the to XXXX. multiunit operator launch which

guest Second, we are experience. elevating the

to food experience. we seeing guest direct traction amongst improve are by have investments and of to overall their As our earlier, base I our made evidenced result increases a satisfaction. people, This we mentioned is the hospitality

on promise are of hospitality. unbridled our on We delivering focused staffing and of the quality

successful what service minimizing the history, it our tables while experience We hospitality being guest for returned so each have past. they false long responsible to that great deliver and model beginning to can during with a Robin's waits have overall occurred was fewer the Red in

Other cleanliness staffing times stand, improved dedicated all host responsible order. driven and the in staffing bringing targeted back ratings, adding we busters, which roles are for in-restaurant has back execution increases at who which these improvements complete. additions has substantially the The the of of expo, every is wait include for now

restaurant know having at complement paramount each execution. right we Finally, ensuring is place management in consistent to the

of and during entire rollout over successfully to by and added the investments quarter complete franchise-owned managers including substantially top completed far system, management On moved XXX dedicated So second year-end. food grills this the complement quickly our expect we've restaurants. the flat we year, kitchen quality, across

This upgraded delivered to our a XX% guests. natural burger. larger burger end simpler cooking juices the to cooking enabling and delivering consistent greater platform, process flavorful more is a throughput product of the execute and also more sears The in

burgers for more We is it previous are future far. as than additional very foundation serving char have pleased upgraded a away showcase as wax on with feedback new plateware. the flexible beautiful we food, serves innovation cooking baskets To a from moving broiler. guest This showcase conveyor in the paper belt the our them wrapped by and presentation in our technology upgraded and thus platform now

menu, fresh we chicken to cooking our not chicken hand-bread of improved work changes with tastes procedures, looks develop has a could our more amazing. moving and have identify product Ryan sandwich, Along we that quality the improvements be our and to Chef and done excited. in our to fantastic across fried

phasing our vine-ripened in Coming and pipeline, are tomatoes mayonnaise, down bacon, other produce. we upgrades the to

includes barbell signature year an appetizer. sauce, panko ribs, River featuring to barbecue to brussels parmesan also as our sprouts our strategy. later breaded and pork crispy plan tsunami shrimp We launch Whiskey items new style menu This St. Louis this broaden

renovation group hospitality, to Robin program take Red date, While we second restaurants. output up we launch year, pleased is In are so next investments step. an now X progress time in and the test half prioritized to of to to it the with and through the people, food expect the the our of

first and importantly, most group elements, to a investments we redefine rollout test all of expect to and to for evaluate Perhaps this in our Red full beyond. Robin's demonstrate design guide scale elements of We together. of use plan economies that food XXXX appeal upgrading bringing restaurants upgrades are exterior This underway interior with. match entails and experience our and hospitality already ambience in we the the guest to best potential the

and We group in or XXXX. renovations test the expect XXXX to quarter the fourth start in early be late complete to

a complexity. and number investments, our costs we opportunities. nonguest-facing removing Third, of identified fund savings cost To guest-facing

has cost. levers saved Year-to-date, the remainder approximately or accelerate $X the same in have Our our a with a collaborating smart vendor finding quality rate fantastic and at we recurrent the million lower savings products XXXX. supply chain and savings at team job cost expect done of partners to better

the partnership executing Burger, We operators virtual with also brand. great engagement. food focus down optimizing profitable by supports complexity July. our in substantially brand driving while the We and more to our exit partnership Red under to the the decision the the in This we're made and them decision hospitality sales. on Robin Fourth, kitchens, guest reducing wound MrBeast exit complete allow with

progress most driving of communities efforts serve. We in the towards brand area the loved our we as refocus this we in our being vision are making great

great build them Our in restaurants to what relationships. made on local returning to marketing a the are focus past,

the around local coast-to-coast sample unit food launched store to visibility with with each community real and win including To we Summer excitement investments a and empowering the tour, prizes quality, we build our in operator are single new initiatives. toolkit local communities been of marketing We our in improved and U.S. letting local some promotional response support engaging The Yummm connect prospective has guests across have burgers, as fun. great fundraisers

also including view drive is focused This efficiently. our marketing At as ability to the to away approximately to loyalty rewarding program on from through program, more infrastructure time, to most a instead brand. guests making leveraging of discounts, our what the those same strength reach loyal an who omnichannel we digital truly XX.X million approach. overreliance channels, the pivoting traffic team enhancing Our efficiently are are the changes the on owned and member includes we

our people forward. As we investments reliance our continue intend going to discounts on to in and we reduce food, make

this are currently developing Red program Robin. believe to and the designing and enhance We that to guests value new program structure we of a will our

to comparable of the and guest intentional into revenue quarter. Kevin and sustainable experience over this These ago the stickier is Fifth, quarter level profitability unit have running, as share the Our more work on hit and that headwind will term. reinvested our revenue ground drive despite Officer, year deliver reductions restaurant we a Mayer marketing team back are tenth progresses. driving growth. commitments. of new funds long traffic financial been in and and restaurant marked the Marketing to growth compared have this discounting the to We I Chief spend our achieved comparable in QX

multiple Traffic Credibility quarter our line stakeholders important. is and critically with in second our in sales expectations. the were with

the have to been financial commitments. our ability With that results deliver demonstrate continue this we achieved to on quarter, our

let call to turn Now me Todd. the over

Todd Wilson

Thank fiscal primarily comparable recap from everyone. revenues versus a then of quarter for of in updated second revenue our $X.X in the the discuss moderating begin are performance second increase increase and resulted our of seeing the second quarter million an $XXX.X XXXX. you, with trends good financial I inflation quarter, of afternoon, XXXX. and will G.J., for the financial guidance Total we revenue are of fiscal million, XXXX X.X%. The restaurant an in increase

quarter which sales of as compared see to the strength continue increased XXXX. We to second dine-in X.X% in

percentage a sales. of in restaurant the represented quarter second sales, approximately As increased mix XX% sales dine-in of and

and dine-in off-premise behavior third-party bright consumers check many seek in industry, particular. of fiscal change the business dining XXXX. in declines in of and friends and second and observed shift off-premise compared by managing their delivery away brands. is approximately experiential year-over-year in down expect as quarter we with virtual experienced catering. continue Like will the XX% to greatest in back from segment our of family we step We We sales A third-party aspects as business as in segment the service this portion the the to with guests our the spot consumer the

as in in and year. has done business, XXXX The work has $XX we and grown and approximately Catering first team revenue to million opportunity building believe growing fiscal last generated plenty the XXXX fantastic of half this remains. XX% of of and compared

we through was the said The approximately XXX and basis was second cost and expected, points actual call, Restaurant-level the guest of percentage our experience than back our on across decrease inflation conference staffing better our investments reduction change into revenue result of a this as quality Directionally, to restaurant compared intentional and by profit target. was XXXX. of internal last quarter driven operating food all XX.X%, a levels. both categories the as was

and of costs, While XX% eased in down inflation Commodity quarter second see quarter from expected. continue has in of inflation was X% we fourth we in rising do XXXX, XXXX. than the the the to the of rate faster X% first quarter

expect quarter. in of commodity sequentially will down inflation inflation to the step the was approximately through X%, from continue first We balance wage Hourly XXXX. X% moderating

We form efficiency. anticipate the in and investments We approximately until in approximately mastery represents revenue a staffing in people like of quarter we earlier. increased to In build this the return traffic. add investments lag across the effect in we of million role to the gain total different labor time the we their $X added that resources guest substantially second roles rate quarterly make and of run amount the expect quarter. G.J. these This to our increases invested restaurant from time, see of reviewed the XX%

we costs. addition, traffic to leverage expect In fixed growth our

restaurant labor total of revenue drive run can as a levers these back of to XX%. historical percentage rate Red anticipate approximately we Robin's Together,

the inflation other lap that in natural the year, absolute increases in electric operating big half continues first we last we increases of costs to moderate, drove and gas, geopolitical now as expenses, rates past particularly that during events the are In XXXX.

this third-party mix. due expense third-party category sales lower addition, lower experienced to the commissions In sales

administrative of hospitality versus intentionally expenses. and to marketing of investment. led approximately $X.X million. is We increase support year higher an were increase The $XX.X General and incentive our compensation reduced costs by prior accrual million, activity the promotional

costs. media in a local decrease versus reduced revenue the quarter XX decrease the year XXXX, $X.X Selling Donatos basis by a million, represented marketing approximately expenses led of to X.X% Discounts spend $X.X second in approximately of of points and compared million, internet, of prior were XXXX.

credit to of $XX with adjusted $XX and million compared Adjusted second the is million and quarter capacity agreement borrowing credit. of At principal million million $XX.X XXXX. of under and outstanding We the revolving were our balance $XX.X outstanding in quarter available line $XX.X our end, of $XXX.X million. cash cash approximately ended million credit of under EBITDA equivalents quarter our was letters EBITDA

million of repay to among of debt, purchase quarter, $X.X cash and capital used second items, totaled stock we the million. $XX.X During other $X million expenditures

made financial updates metrics. We XXXX two have to our guidance

of of X% X%. not updated X% This now impact. guidance we economics from increase revenue the primarily of MrBeast anticipate of profitability elimination a change increase due comparable virtual an an X% to is First, the to to Due agreement, to the restaurant previously we to the brand. do material

adjusted million. guidance increased a now of from million to we EBITDA to $XX.X million $XX million range $XX.X a to previously Second, $XX range of

due and easing second in our more quarter; one other add measures is first, the to our will reiterate inflation expected. We of expectations the increase metrics. to, other The we rates overperformance our texture quickly I from second, than previously all prior guidance. versus guidance

for from current prior Our capital million is guidance expenditures and million. $XX $XX to

properties additional for sale-leaseback actively optimistic transactions potential are successful. efforts We and remain these prove will marketing

a of XXXX, we transactions capital expectation. which expenditures, proceeds sale-leaseback additional could the expect increase through reinvest portion business the to complete do our we in XXXX If in back a

a overlap from as about second of remainder the will meal $XX Red we we reminder, XXXX. half of as the deal Robin's think XXXX, Finally, promotion

expect marketing burger the year. We than our support less with last discounting better now XXXX messaging significantly of launch in our will

penalizing traffic more traffic successfully in heavy We a were last sales, from this deep economics and in company the profitability promotion quite of drove profitable second half of the type the the in XXXX. away building XXXX and to base. While promotion of year's shifting on healthy, sustainable discount anticipate discount

achieve year, and quarters summary, have objectives Red performance pleased for up financial to are with of extremely our our Robin In the the exceed through first set we XXXX. X and

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

G.J. Hart

closing, future of Todd. incredibly I you, Robin. Red In about remain Thank optimistic the

Our mission and serving is up American an very simple, food awesome fun. bottomless

transforming work points, across all We brand increasing traffic we having are And have sales it. and great of touch doing the hard fun people profitability. doing a and growing

be plan, amazing of iconic and proud the have of and I'm brand history We base right amazing years people, the an story. guest to XX right on, part with this comeback incredible build loyal an to a

are We now questions. to happy your take

lines. open the please Operator,

Operator

of Jefferies. [Operator Instructions] Alex Slagle line Our first question the comes from with

Alex Slagle

the XQ? wanted the I the progress gradually. the traffic and per really you think touch really the false sales trends benchmarks the what the to on to you more improve fruit bigger drivers could performance? you same-store through from that I pick kind quarter experience food as of driving low-hanging peer relative start and imagine more were does and mostly bringing elaborate would you and down service those the you and of to And on think to sales relative as leverage But maybe Because -- and come waits hour shifting the pretty and those into investments.

progressed could if as talk frequency. what like looks you kind the ahead and about So how awareness that you of and ramp path

Todd Wilson

to happy Yes, Alex, about Absolutely that. Todd here. talk

say, had, year. we similar year, relatively the front, saw about the outpaced QX, go this thinking quarter last balance if of and the we marketing I'd support marketing versus and As year we to on back of especially progress now the the industry, you levels

to with our It drove of the favor the your eliminating really those that started types second of year-over-year similar the see the segment. that things point, the change benefit spend. half marketing, in And second false was of quarter beat the so we wait, in to the versus

the we'd But that intentionally work year keep to half year that, half to Now But first build second guidance. we're part stickier in ultimately, with us the dry, very burger. see we think so G.J. marketing year-over-year spend. going to that for held right have the what have the speak, so really the traffic we in make of to dollars compelling even in because that that's we healthier, guest you support the spoke of do our in to powder better mind, of declines to sales face marketing about. that's in experience Again,

We the negative we're in going sales implies knew that, the guidance. to even how out But flat-to-potentially with for higher guidance much was about that's really adjusted numbers. of in the EBITDA hurdle That's to contemplated our sales our that the year. year. year to able there. thinking of deliver been And X% full the we're X% balance be

in -- and this part reset of yes, long us set the And the the numbers to is of But to headwinds really so about see term. the relative this of all absolute brand up we this segment.

Alex Slagle

could the details you get marketing plan. Maybe about on perhaps talk food to improvements good. That's service in awareness to opportunity and doors and build in more the the experience people the the and

just options? your but few need you step how or social to weigh you'd a beyond mentioned local things, You the whether just digital, and

G.J. Hart

is loyalty we're to Yes. able in doing we process way Alex, being whole revamp and focus right looking it that's middle thing the G.J. them, loyal the we're the by on this At most a that at right our point, it's now. and of guests here. platform communicate our

that the third use or we -- have if we it TX, ingredients early launch that will in We launched October. all with call as better promotion we our really of our

things that in to that much we're current serve the media. plan. And targeted becoming combined That's communities be and that more of very, with we terms doing digitally very will are that we efficient how the use

more don't something of of into media itself, In I see terms that us at going a outside moment. the more doing national

that our that rapidly. And candidly, perspective enough flat a with from of that that we've to think, we going what cooking. experience there's on top mouth with phases traction here word we're gain I we're early and think going seeing an pretty done

burger presented the on with to plateware. we made changes as cooking the the the Just the bun, date way we've as well

the to it feel and about -- marketing some when take in we are spend I we'll work this So here we put where year. good later and of

Operator

CL line from of King. question Andrew Our next Wolf with the comes

Andrew Wolf

to sales follow-up of ask the on guidance. wanted a kind same-store Just

brand, not the the was second for a that MrBeast, did that all, virtual the did penalized discontinuation quarter Or all? the get of by was that that? of in at quarter, the comp First

Todd Wilson

Todd quarter, in that a really little of more of down at the but did second Andy, Yes, to right started the second quarter impact, we quarter and bit wind is really when A exit. the tail here. third end we

Andrew Wolf

Okay.

if -- of But I lot So half, there flat of a it that you pretty wider trends in range? mean you wide a it's maybe plus weekly trying think the suggests to is some kind just that Todd, back back the prudence sales for that of the -- the you'd back is down I the in there daily variability X%. number to I be your sales tightening to typical And of did the range seeing down. got you're up just -- just say I'm sort I back so to -- X% into half need might so you'd for the guidance and range, wide half? use or of be instead that get that that have like on to tight Or why something

Todd Wilson

as I we kind can but we the it's right, go. Yes. ebb guess still of certainly narrow, an it, flow intentional that we the we range feel and half of just to wide trends The need. not think like about or year frankly have,

long still balance to of a the year. there's through way So the get

felt of wide comfortable narrow, so the not just that And intentionally with. or kind we range

at would And year. this point the in typically have think I we

Andrew Wolf

to expense traffic kind advertising want or Okay. strategic brought makes don't offer more obviously, things. ready two I the year, present newer that see the question you sense ask that as should want if customers later to to driving selling year, what less next yet. just with kind -- given I ready diners the higher down. to guess on you're entice be -- with that of to But the basically and on And Well, promotions we to will complete. new or a of -- selling present of is or this have we look you kind generalized complete you expense

program into loyalty to use loyalty a program true a versus -- Is does want as is loyalty related, a unrelated play topic because it you into -- And program. really discount it traffic? that but how a tool the retention more different a

least two to related So but different at traffic. questions, both

G.J. Hart

that Andy, want said, as relationship able start Relative we'll a and real, them going revamp benefits. confident do real, there. question program, that Yes, and to to with back we reward I'll I'm loyalty, of the the accordingly guests I loyal exactly, is exactly be we're that most to them. real develop recognize ongoing, the our with very going some as is direction reap And that and that to

-- In use we're in drive fact, I way to really our our loyalty finally would tell business. you a platform to our going that

able very achieve. into we'll excited 'XX, we go So what as to be I'm

going a marketing opinion, targeted here terms level was -- your not the question is spend marketing answer but of done I this I'm not not In was to totally marketing to you, of I question, very I'm effectively. in your and want spent that around spend, won't way. my was say that -- It in the to done

get In targeted fact, that want all, -- wasn't demonstrate we have it plenty candidly, of proof the and at points to work folks we that didn't to to it to. that our

So 'XX, we'll working a be available Possibly. I more? dollars believe little in have spent the bit will that

a But be business we to can what spending at our much think these lot and of with kind drive levels efficient forward. been we've more I do

business to The to particularly determined. the the is drive and discounting did end new about tell in be people to deep Will reasons continue up new in of for our year ultimately investing back year? news? to right half this in Will last last them yet our do yes. the company buildings, answer So we we into that

candidly, give believe away. answer to and as We that don't back telling bringing product telling are guests pretty The that we're well. We've no. special something us -- got our our is that we need

Operator

the Todd line from Benchmark Brooks comes Company. with of the Our next question

Todd Brooks

off First question. Andy's clarify last to want just thing, of I

still sales the up up your X% up not same-store X%, X%? did broaden out same guidance. points, guys You right? basis XXX to not to range X% It's for It's down

Todd Wilson

it's But just points the the we shifted of range, X because due year, -- to same Todd. the elimination your right, it the to exactly of for It's MrBeast. MrBeast. shifted Yes. spread That's point, of

Todd Brooks

of greatest And seen quartile ICR from questions. bottom couple And a Perfect. talked basis being point the being then Okay. spread just at top to the talked G.J., about bottom. you that a think about you improvement in I additional Conference, the of X,XXX stores.

spread how want closed much improvement you've you and seen all Would quartile between how quartile has top that store bottom to the or share of your much efforts? with

Todd Wilson

here. But Todd from guest will G.J., there. satisfaction at quartiles, level. chime all satisfaction, I'll look would start sales this yes, lenses: and It's at same-store customer from looked in. think frame quartile quartiles that as posted the One, leader, two the way greatest was one, we quartiles, we for what obviously which I expect, bottom it the positive the the I'd same-store two but a fortunately, sales and opportunity as X right? is clearly we

the prepared remarks It in guest as his terms also in of leader, in satisfaction. was improvement said G.J.

So that there, sales. in it's the same-store quantified greatest the That publicly. the on encouraging. showing satisfaction I the still aspire know restaurants very bottom, an opportunity don't guest as improvement of we're we're what as for bottom little much both but that us, I terms bottom improvement, is bit right? really seeing still which well of we've very to performing restaurants quartile the would there getting we stronger think greatest and see seeing directionally, But are are a is top

Todd Brooks

then And me. final Great. the one for Okay.

point a operators operating XXX-basis about your was eases So for restaurant-level the of and it relatively you're EBITDA business? brands. line the exiting margin on elimination hit that the virtual drag talked same-store some complexity sales, or MrBeast to the You really profitless and a not That of from line businesses? taking those other

G.J. Hart

business profitable Todd, their And near more at our business as time -- fact, of to all. and become no even has deteriorate continue that were. terms in complex the whole nowhere it's expectations margins was regular It as over in what

no, it's close. not even So

Todd Brooks

I before. And Okay. lied one, last then

So look bigger pretty you wasn't half those trends as And for to you're If at impactful lapping headwind anything? in or guess, QX, a with operational far impact, it let's of Or that have a impact you one and more outlook last deeper parse the second was promotion, it up the from the look impactful half the ran across $XX it's say, then do that promotion got as the the sales I at to of you as same-store that and how was at into initiatives? out against you measure year. success year? the a But if had it steady QX. the launch? mix you standpoint things second

Todd Wilson

parse look with all we that Todd, say a marketing trends through out. to that of of there half that try at the activity do that and on And it deal, right? We've many it company, spurts your I'd push last how to lot And the really activity a drive as to measure benchmarked year. us, pressed point, the on the last of We traffic piece of steady it? relates $XX to message. sales and second pretty sequential back frankly, to was meal predates of XXXX, but

But year, we is And a of X%, discounting commented X%, we range X% very just we on I clear result that as in improvement remarks. traffic significant do prepared that. also my we estimated see -- somewhere see last a in where promotion the the in

closer discounts half that's and of We obviously back X%. the sales. X% through year and be the both year, So to of to going or year company for QX is to think the that this X% significant. flow-through QX, on X% quite the were is the last contribution between And

experience, got stronger that back healthier tell we thinking think we know healthier, that we've we're and much comments profitable of some that a especially us base that that, is we to to point, more result makes there could us company, move in guests now getting we're us. the and products, about how to seeing their G.J's this great So part be of but great traffic talked about, that's headwind a as

G.J. Hart

and we important and to of around that -- how tremendous doing continue just how of think it. we're and seeing how And monitor what guest response we're about Yes. amount and I feeling kind a the accordingly. it's we're we'll adjust they're doing work we're sentiment and doing, what

to as feeling And right able we'll pretty now, points be more data we're So we're them. of to it. close share get those like we

Operator

management in no remarks. questions back are to queue. it There to closing hand for further I'd the like

G.J. Hart

Thank you all for joining us today.

We where the first are are very, year. very pleased of half the at we

to look few you to months. of in a care. and Looking the balance forward to forward talking Take XXXX

Operator

gentlemen, and you does for conclude participation. teleconference. today's your Ladies Thank this

at lines and day. You have wonderful a may disconnect your this time,

Red Robin Gourmet Burgers (RRGB) 17 Aug 232023 Q2 Earnings call transcript