Texas Roadhouse (TXRH) 30 Jul 212021 Q2 Earnings call transcript

Company Profile

Participants

Tonya Robinson	Chief Financial Officer
Jerry Morgan	Chief Executive Officer
Jeffrey Bernstein	Barclays
James Rutherford	Stephens
Peter Saleh	BTIG
David Tarantino	Baird
Dennis Geiger	UBS
Lauren Silberman	Credit Suisse
John Glass	Morgan Stanley
Brett Levy	MKM Partners
Jeff Farmer	Gordon Haskett
Jared Garber	Goldman Sachs
Nick Setyan	Wedbush
Andrew Strelzik	BMO
Chris O’Cull	Stifel
Andy Barish	Jefferies
Karen Holthouse	Wells Fargo
Brian Vaccaro	Raymond James
John Ivankoe	JPMorgan
Jake Bartlett	Truist Securities

Call transcript

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good evening and welcome to the Texas Roadhouse Second Quarter Earnings Conference Call. Today’s call is being recorded. [Operator Instructions] I will now turn the call. I would now like to introduce Tonya Robinson, the Chief Financial Officer of Texas Roadhouse.

You may begin your conference.

Tonya Robinson

good and Maria you, evening everyone. Thank you for the now, should XX, have release earnings our to second access XXXX. By quarter June ended in be website It on the texasroadhouse.com also Investors may section. found at our

part are upon our our reliance begin that recent should therefore of include need everyone today remarks, statements, Before provide them. of differ and with actual to the discussion all COVID-XX documents of These release you those future we including discussion our to These statements formal filings a our the to of statements. undue pandemic. SEC. earnings placed We forward-looking guarantees to results related from materially refer the not could I detailed remind factors more be that not relevant forward-looking and will factors cause performance

may of reconciliations can release. we If addition, GAAP the found non-GAAP refer in to measures. information to our earnings the be non-GAAP applicable, In measures

Jerry Roadhouse. the Morgan, On today Officer of call Executive Chief with me is Texas

our Following open questions. for call the we remarks, will

Now, turn the to Jerry. to would like call over I

Jerry Morgan

Tonya. Thanks,

the pleased and income. for highs our results on of net quarter We are hitting very both XXXX with sales second historical

XXXX. number dining For To-Go capacity at with guest our average in were of we time, we state counts same in levels approximately the June to the comparable guests restrictions serving XXXX the our X.Xx the period, of And majority room mandated lifted. still did were that

strengthened loyal that base and support management our creativity. their of brand have and hard our our since hard to much to passion guests. our expanded of time during the this teams dedication have We due And and restaurant The has shown start is our worked operators the of success pandemic. work

demand, focus line strong with grow to top Our our sales volume. have enabled consumer us along

maybe come that environment. business in volumes higher these With current the magnified challenges

have made Most a legendary consistent not their partners our guests. service restaurants holding great as while faced hire to challenges and their staffing and have focus have the new top train roadies. others managing expectations operational our Despite reaching in legendary supporting of management levels, on and basis. Our and staffing teams on is of food our delivering to continue they our strides challenges, levels we their desired wavered

XXXX We to us usage. on for exceed commodity continue outside also open our the to contracts. initial cost our has of market expectations more required parameters This and the products original buy

year particular, an result, the of quarter second leading and we inflation cost outlook, a of we in will the our X% seeing the are a half beef, steady our during and Based anticipated, XXXX. updated most inflation a pressures for continue approximately our the commodity the restaurants As we back raising we are in full of focus. higher increased approach to costs run year. long-term our to with facing, are than for commodities, expectation to level trending food on Despite

with October. We increase regarding with of will now internal from price pricing weeks several our any implementing normal have target in menu conversations the late operators

seeing development also new on are inflationary openings. We for some costs pressure store

our the at level, confident continue flow meet our investment leave cash fund on However, store and internally. us we to strong growth will return that expectations

X opened second locations. including we During company Bubba’s restaurants, XX quarter, the X

X will is open XX including Jaggers. end Our and current year, of that expectation restaurants, X we by Bubba’s company XX to

for back their As partners, of our our efforts. beyond, half our to and and and all of we I for want sights set the managers XXXX roadies to prepare XXXX our continue managing and thank attention on

bigger, faster, you stronger. want how I much Texas partner, that and you we your continue to to make know appreciate together, will As we Roadhouse

Let’s go Roadhouse.

update. a provide will Tonya financial Now,

Tonya Robinson

Thanks, Jerry.

and continued May in second June sales the to in our easing period $XXX,XXX level earnings tech. XXXX. from both XX.X% grew the $XXX,XXX $XXX,XXX XXXX, sales by quarter and $XXX over sales comprised quarter, restrictions million of driven million XX.X% compared of and of in benefited $XXX,XXX restaurant QX over of and versus second dining a were we restaurant periods. grew as the approximately increase approximately reported Throughout $XXX and $XX,XXX $X.XX in XXXX restaurants revenue QX as Comparable average our XXXX of for Average share quarter of in April traffic our growth average diluted For per weekly the to XX.X% weekly profit. over

May traffic higher sales of and comparable restaurant priced XX.X% grew mix and month, including As QX guests sales restaurant also in grew sales periods XXXX. XXXX move restaurant compared X.X% approximately versus By $XXX,XXX, were strong to Sales which growth sales XX.X% levels XX.X% seasonality. versus XX.X%, of with July June grew for entrées. were comparable June due weekly and below to check respectively. average growth April, our XX.X%, XXXX, positive comparable to including approximately X.X%, Average as XX.X% our period normal were

sales we from In the restaurants To-Go To-Go averaged week As $XX,XXX XX.X% represented benefit our total volumes. to of quarter, Jerry sales. continue elevated which over in noted, per second sales,

total driven which of alcohol the reopening levels percentage overall of traffic percentage total To-Go basis sales saw mix also the over improved X.X%. benefited were of $XX,XXX sales menu second beverage was improvement point decline to In margin as XX.X%, in and and the was Most per sales prior positive store Restaurant a by increased. Restaurant higher dining margins XX.X% year-over-year for with the despite the our to commodity a of associated inflation of the quarter, gradual quarter X.X% comes of due as sales XXX as quarter, rooms. and versus mix. sales. from or guest largely check July, a course from year the Over positive of pricing sales, total week To-Go we for beverage recovery. Food soft cost, a XX.X% dine-in XX.X% sales

percentage QX through back inflation and of of we expectation our that mentioned, XXX current as Jerry XX.X% basket approximately sales XXXX. the will elevated upon Labor points locked anticipated volumes, to inflation expectation QX Based XX% that As updated half the compared is higher year. in the decreased our fixed XXXX we estimate commodity to a XXXX. of basis half price due a total to the as inflation with X% than sales back year of full approximately to for remain

However, we believe the second quarter beneficial comparison. is of XXXX more and relevant a

labor expense than pressures remain and workers’ as to related reserve a believe X.X% XX current continue week to per driven We of labor in XXXX, percentage week dollars store by comp in labor additional QX we XX.X%. compared store the costs points program. As basis labor prior the expense increase primarily going lower supplies and to by as insurance was of sales dollars a was even per forward talent points and This as XXXX. wage were better competitive for operating COVID-related increased basis period, remaining health million Other one-time and XXX our of XX.X% inflation bonus driven in will our COVID-related attract second of retain other best and quarter was environment. increase items payments additional to of in employees $X leverage to the group hours million of of and headwind sales X.X%. of year approximately million The $X.X $X.X restaurant due the and that of growth consisting overlapping

dividend $XXX is line the with we for credits by which second our repayment expenditures, effective that thank benefit each an out tip sales positioned on $XX in I of would and million settlements. increase primarily debt million and to million tax previous first of flow second in meeting million sheet, margin, was of driven $XX truly to for needs. This tax that and this decreased from revenue cash a deliver XXX point to quarter running $X.X family continuing dollars was experience increase percentage day. our quarter. Roadhouse $XXX increase additional XX%. and which by work liquidity Like ended our restaurant know a due effective was versus basis a strength for current million Based compensation that the quarter operations but FICA our the trends, down costs below in of we to G&A environment and and With partially credit rate a by inspiring. guest period, want offset strong we full Cash of regards higher equity legendary the million million points capital balance entire want million $XX million expect to the please at sales. primarily our The open into X.X%. G&A In million a $XXX end are any million from Operator, benefited flow, replaced the of We increased also year facility, continues in million we cash, reduction and new entered the the as $X.X access and our be Texas well for to all Moving the of $XX additional approximately of increases every a These XX.X%. payments. an $X.X of to be rate were I cash see legal you travel With $X.X quarter May, by from to $XXX deal. expense. offset our future challenging Jerry, to is restaurants to of prior bring driven to questions. the year passion it was

Operator

Bernstein comes from And [Operator Jeffrey Instructions] your from first question Barclays.

Your line is open.

Jeffrey Bernstein

very you much. Thank Great. questions. Two

think the a big whether in Jerry, To-Go business, a Kent experience. now thoughts fan quarter. emphasis is that permanent XX% a whether necessary just To-Go reducing it’s was until really It’s on thought the down from I your To-Go wondering been the really mentioned I you on I’m mix you just in or about there question, COVID July. think to not know the through has First addition second a degraded fell experience? thinking to it or XX% there,

longest? I Just one settled your where thoughts that then that on that follow-up. maybe percentage and the open in And have business wondering been markets had

Jerry Morgan

that are to a very would we good committed it much legendary. better afternoon have feel side how – say and And excited I and we are can absolutely experience what about we on we we very delivering making to we are on To-Go the confident guests execute learned our Yes.

experience and it. going new will like and will us big we hold. very good We margin hold a feel volume, that would great earn to the at So, it’s to we that, so to adjustment this but are we to it continue provide made and

Tonya Robinson

are become I just we those dollars And percentages percent, capacity are would restrictions as as versus focus on down. more Yes. little add a to reopened, rooms ahead, we come dining those bit are because Jeff, easier, the the looking too, going

So stores, the quarter our the focus on operators good through many out them earlier, they are it keeping a on. in be such do a just and have was levels got good been through To-Go said, And July lot there who side different in we And very feel, targeting $XX,XXX definitely still some so well what little very, continues benefit, of about of To-Go very a on operators like that about because a dipped in the a see It capacity are sales XXXX. but focused last who have down there even $XX,XXX. learned on of get to good of lot look and bit said, week to our a restrictions and feel talked $XX,XXX, business. focus and And stores I at it. have you and the Jerry Like tough at goal, really it. that it’s kind below range. We of came but very we

Jeffrey Bernstein

the What pricing or the maintain potentially any very pricing? Just of remain prefer your expectation. do margin or you the you theoretically there And wondering then cost strong the at just the the confident it the to just incremental think for back you margin, pressures how to taking maybe think have like do how wondering obviously hit a the you. you that’s sounds are in if you am Understood. least color whether on traffic? is on high profitability which Thank you short-term incremental I follow-up the to half take savings my just outsized, about restaurant margin inflation restaurant take year?

Tonya Robinson

sure. Yes,

XX% feel we margin. as to restaurant said in always very far as confident have We XX% the range

some with in make sure we sales, in labor the We staffed. that this that knowing the good quarter. We about side we the we on want that see happy the expected, mix than did And were sales produce room costs particularly business. so, of too quarter. side that we and higher that strong to and it are XX.X% didn’t we the later surprise commodity – But and where we were margin the the us really feeling of are able investment want much we to dining we were

with I year, XX% think But a when back on inflation tougher XX% of range still you The that seeing full year for what the does we we of other the pricing that’s perspective, no the commodities and look still positive get mix is that that feel check out from that good the comfortable hit to driving there we in back able to the feel traffic are year, the year. basis. on we targets about very a being growth, of the the check those the – rest half in half to doubt. in are

Jeffrey Bernstein

Understood. Thank you.

Operator

And from comes your Stephens. question Rutherford next James from

open. is line Your

James Rutherford

as XX% I inflation you. that that, are question commodity here progress additional was of for the around kind part an X% mix my math quarter? you the Am full this the it through fourth around lap for on wanted given follow-up quarter? I year the thank here third for as kind the right a implies we just to And Hey, and to year expecting the of what commodities. strange in

Tonya Robinson

James, you’re XX% that right, would of side imply Yes, range that the around things. on inflation

And so the would expectation. that be

are you talking the about that expects say where think when are is sales – in you I mix placed on mix, the ‘XX? or you the

James Rutherford

pretty a am year big rest – I that the had a pretty mix here quarter. X of driver this the how the for that trends was big Just year? curious to comp

Tonya Robinson

Sure.

in on Our QX. more the a QX started sales that expectation hold rest the of that We seeing the really stride of year. and is kind we mix hit that for in ramp bit really up to positive late

the we should that So, year, we rest of benefit. see think the

and Now that behavior consumer that, a depends driving it. lot like that’s things on what’s

then room, moving our you meal. They of as They in a looking get seeing soft are To-Go beginning on more get And stakes, dining those at the that bev dining We the towards entrees. guests the back and on lift alcohol because are into go that back things, you bigger expensive the more the moving as they great into adding are those $X room. more that are some dining PPA. that’s they for side – apps of also sales of sales, room do are experience

perspective. helps that from So, too that certainly

James Rutherford

sounds mentioned as follow-up to you think commodities like a the remainder toward I basket really Got the And the it. of it this That’s for helpful. have, and you lock started the XX% move on the commodity piece, of of year end quarter.

back visibility do that prices and end So, baking I XX% to quarter inflation of kind what have number, baking half are coming kind the the how of in year of or sort into you are for you you guess? you what of like in? that Are

Tonya Robinson

of are so easy the are the market buying have. then now. kind susceptible are seeing, have that uncertainty market happening. Sure. levels you contracts the seeing, visibility pricing yes, we spot do bit just on the have are we out with and the there that swings the we place, demands fixed that we are quite the right that that’s are as It’s we some sort sales a to we given not in But buying But we as far of

as as cuts our So are on some a expectation more conservative we beef of in little on and of things that. building different far like to what And is beef. primarily it’s that

too. there and You a also, seeing pork on see little bit fats, of chicken. on a And oils then we it are it little

knowing And of some got side. the it have demand you is just

they – that the that are to pass now are are feeling. facing some of those like labor are it’s just costs You transportation difficult. on also things and they have right issues, starting similar the facing the suppliers They issues and

of is is last, of kind long that, all how like things So we there as everything. tightening and bit does across feel just some it supply that of

James Rutherford

the Very color, helpful. Thanks for Tonya.

Tonya Robinson

Sure.

Operator

next your from comes question Saleh from And Peter BTIG.

Your open. line is

Peter Saleh

Great. back Thanks. commodity the Tonya, to around come I conversation just wanted to inflation.

deflation. you guys I anywhere then had commodity of consecutive was think XXXX. that years last near time in commodity And this after the had you inflation X amount

off little you think the where if on am if giving is? inflation And have transitory any are on from So how you might sense bit of I suppliers when roll are today? wondering any a we just prices your this some sense you

Tonya Robinson

be I as we quarter end suppliers it’s like the we we great heading will start our a Typically, about into and into the that question. things year. of more QX. learning Yes, And think further having conversations that get towards the with

So prices being cost and I are that. think labor business would by clarity and they we will on get sure where say, doing get right of more – right on I when they that, now. we am clarity, that can are and impacted some things like going they

bit. tough you is things know ‘XX. that as as it’s So, cattle, there all inflation a noise for commodity XXXX, then cause be could of that just supplies that, as I far to think flatter like the inputs to normal potentially, in rates, into some And head right going

So to a bit potentially the is into year for inflation it. looking way we XXXX are expect kind up at we through of teeing are and this some commodity

Peter Saleh

situation, about And sometime the the and third you commented some in know that the of Can an on menu back quarter Okay. are what are on thinking pricing. and potentially I take given pricing us in you to update you what in end give how pricing year? in the quarter may October. expect level maybe running you fourth more Jerry

Tonya Robinson

happy do Yes, to that.

X.X% X.XX% the that total the of So we pricing That’s made up pricing May. of today, at about took we beginning had in quarter. that

we quarter. benefit the get the whole So didn’t of that

the you was about back XXXX, of for for in of most it the that had of October. happened X.X% was the will but it in And – the rest year. half then part, We most throughout there

that. on occur when about roll-off that’s will So that

to take that, a pricing usual, to more about X.X% permanent. QX, we not to like mentioned, we Jerry when feeling no those have them. we our right changed. very the So to the comes assuming that, with QX have be slower labor take as has to they are of conversations so goes temporariness pricing inflation going they of additional as in. more – help in always we on That just to to still commodity as QX. be having are things, philosophy at what pricing. the been how pricing it it And little likely are now, see in And would looks feels that where believe through, operators with X% would something little a That’s because about cycle how or consumer much come it’s

So, be we that’s conversations will I the from it seems like be in we feels can be will will some approach them. pricing But – to like those be as just some but taken. take there there to taking have October. is tell levels with certainly – remain seen, you The pricing we it

Jerry Morgan

Yes. margins the that our also very need be and But is we value We and they balanced as that little we just look that we all are we of going can partners there of that value with that in I market areas and what side their part sure see get the but for country, might guess and assume. and would will dollar obviously would And will are. had gather items at say excited salmon portion that now they right we local to – who high we parts might and different a side. make need also MPs rather very we responsible. and we kept that listen X-ounce to some what still But smaller do keep be so We of want our operators conservative, keep But help. a a it that menu looking a with success I would of bit. lot the – are at our our they

Peter Saleh

much. Thank very you

Operator

from question next comes Tarantino your And from Baird. David

open. is line Your

David Tarantino

comment. back I Hi, good want to about the the I want come the afternoon. clarify of and discussion margins one Tonya, the outlook just half year. for to just second to

you that Was half about full specifically? a was about back comment a that the XX%. year So, mentioned XX% the comment to or

Tonya Robinson

Kind of higher both. a QX came in percentage.

still XX% and we strong QX. I were in over think

being So, in year, half I and the both still the that for range. feel confident think we back full

mix Of can course and like take depend on we lot but things a pricing still what the of will where target. that sales, sales scenario a hit we we see that, trends, can

David Tarantino

labor, I up on mentioned ask and XX%. traffic wanted it. think X.X% And hours to XXXX – I Got that up was about then were think versus I you

accomplish to years? is of I guess, the or X labor over that you traffic that I up? guess, some past you need growth is catch – model big gained that So efficiencies And the over how such that, have with years. you are understaffed are able And last it maybe a couple to function and

Tonya Robinson

– we throughout I were tell it will there would down saw imply look hours mean you, in I Yes. trend hours you staffing quarter. broken some throughout the broken the at that the by definitely issues when quarter. growth that But month, the up

I of our we after on staffing for things easier in help on is we think place, bit like April in little June. what putting in coming a the bit QX bigger getting in that, becoming see in And things the growth were a and So, that, in hours folks. initiatives and lot that’s side to that working conversation is a that with numbers like staffing

to certainly you that right, So, absolutely David. good from that perspective, are see because was

that a at bit be higher. to that You traffic be a growth have to bit – hours expect in would level

labor which is that the To-Go labor also because going piece. to on mind, on have that side be To-Go less have You the to servers, – do business, the bit keep you don’t front-of-house in higher a have typically you

does So, a little that that of kind mitigate bit.

David Tarantino

Great. very much. Thank you

Operator

Dennis your UBS. comes from And question next Geiger from

open. is line Your

Dennis Geiger

Were runs through as spoke you Thanks fair dollar a the ask add are quarter, other everything other wondering is can it just there one, and to commentary of anything if extent. just else else Jerry, in the some wise against of well? on Tonya to of more wanted characterization you gloves, Tonya, or lot bit Is a just insurance But seeing sort the the as in OpEx margins for the equipment their that cost you to what other the to it a first supplies. line. question. that it nature? one-time inflation relates sales Great. any volumes just those line up, through or I

Tonya Robinson

you definitely Dennis, sales it as on XXXX Yes, operating other percentage at you XX.X%. flat point. a at mean, look I versus if XXXX, are costs of was

higher would of To-Go more of supplies. that by more check because any usage offset the cost business, piece So, imply the benefit was so To-Go

You different looking and Glove are been Insurance credit those runs still that. at through as costs like more of PPE have lines elevated, things card that things you see like costs. charges, those absolutely and usage all credit things. card

So, bit X-year that line inflation a which on definitely that of check offsets on any that seeing of a benefit – stack.

Dennis Geiger

Got incremental helpful. spot to spoke wanted if fair as from it labor And but hours a And dine-in amount to hours given you June, at I traffic. here. just a of are I wise, guess as it. some to are that of Tonya? good you caught a now. you to one That’s that like where hours generally summary then just not guess far it you extent, relative I described characterization correctly feels I think in from where are it more, loosely significant clarify, or pretty Is just how in you

Tonya Robinson

room I piece that’s throughout And I – the I higher what the a growing. was I dining was of I in hours making think growth guess Yes. point became sales mean quarter.

So, see you the restaurant. used more in to began hours

levels were level staffing see the and in to from see increase improvement, so the increase in. to restaurant because And we hours that we good, that that’s like

of sure. a it, piece for that’s So,

Jerry Morgan

we that X,XXX quarter. employees added say just the would I And in second

a progress getting up So, staffed. we lot on made fully of

hiring folks. was big really So, We a us had a great day, which that lot brought national of win. a

and sales we back them bringing training average to weekly continued climb. our and So, them as were

does of typically going lot goes our positioning year and as school success change the trend, this year. I in the it know are a is have that I how quarter, second it Unknown fought the had ourselves quarter third I it think a think half back the don’t quarter. first into does. and we the of lot of we will in staffing for back we momentum

some back our made as lot So, to are we staffed getting of going we how back kids country provide are able the a – goes this to next and to anxious the see get be success service to a couple great get really across we to I on But school of guests. to gains to of months to continue normal.

Dennis Geiger

Great. Thanks guys.

Operator

Credit comes Suisse. Your next from question Silberman from Lauren

is open. line Your

Lauren Silberman

you. Thank

So, commentary the I staffing. all appreciate on the

Are levels? there. you And follow-up you just increase or at sales as with you to seeing staffing elevation just still respect overtime, and on these normalized bring looking you a Just any levels at people? more then there training are to are

Jerry Morgan

Yes.

to to going get are continue We staffed.

call great a it We have team. staffing. We ninja

are know we on So, specifically. really – need we team. really focused And are help we a which stores as that

partners, and partners Our store center regional our level managing at our the market support here.

we even will know, very and as get to service better focused staffing, comp to provide a probably be a our have We we we as little able continue to dynamic team that more is to guests. support sales restaurants higher our

of to help, the and support especially that a hands some all full going properly still absolutely is need there are staffed we them But country, continue lot on help deck where a on are to we lot court So, getting across press there. are that. a

Tonya Robinson

you we did folks lot that inflation. And had, a there expect, on bit overtime, have was It you hours. nothing of overtime would more the the see Lauren, too a you more – as wage question didn’t on But significant. drive working

little was year. that last a of an versus so And uptick overtime there on bit

Lauren Silberman

just And sales. on the Great.

think you pre-COVID, do expand versus the more levels? how you capacity about to And on-premise transactions your where talk on-premise box? capacity you you. can are from on-premise while – just in For Thank prior the about are how getting here? sales, And then

Tonya Robinson

call, on Lauren, XX.X%. more of you, can And we I that better, room the dining And June, positive we saw better July Jerry ended quarter up the – negative room the traffic slightly then over X.X%. on I as though XX.X% was up and sure. gets as growth. Overall, better had positive. in are dining Those tell that mentioned was and To-Go down and even course even traffic that Yes, of QX, the XX.X% that mentioned, components

And the and have had dining restrictions room so country. in like of really lifted being things that. a pretty across getting significant quarter the place some still Stores, capacity that’s that we in function stores

still the So, – the have. on our they looks that bit geography are restaurants quite a a looks continue great, to weekends, would meeting that. find the from part day we of the the ways comp times focused Across things constraint We they capacity every the really country, are demand that within nothing And good. like sales wait traffic right to across out look really call they have like to perspective. – just good. long, feel of especially we the grow do and so on now, We week

to for rest year. the be focus going us that’s of So, the for sure the

Lauren Silberman

Great. Thanks much. so

Operator

question John your And comes from Glass Morgan Stanley. from next

is open. line Your

John Glass

Hi. Thanks much. very

First, Jerry, less how And How to doesn’t going a mentioned you are good, it months? this also development Is being XX close maybe not satisfactory? impact Tonya, and over or up? are going XX little you you are still the next about how to return getting up. think going hurdles bit costs much good really they development just months

Tonya Robinson

with are that. costs pressured ‘XX that pre-openings be because like XXXX, things Sure, mean number a we in to expect more the John. lower we delays Yes. I XXXX and than actually, bit

So, that a caused XXXX bit be to higher.

lower. dollars it’s hard We be exactly are. quantify But to – really can’t what to those expect ‘XX you

restaurants and come to them continue built. seeing open we still are as in We get

difficult them. on it’s the saying contractors from side hear labor certainly You for

some materials. they issues Sometimes have on

lucky. are We very

opinion, a about our have that And of those might – caused we on little costs put My see. getting had good concern pop XXXX, of bit how down. that’s that you have pipeline, seen slowing together, those really like haven’t more little issues to be anything personal to costs to we see see has any us are as might being no but passed in remains some far, on, anything had bids up. that, openings we or on been a meeting anything more to those ends bit still think So

So, that nothing us gives right concern. now

Jerry Morgan

with working new Yes. success our store I of that too our we are having lot we contractors are openings with. a say that and would

on is then pipeline pretty to chain coming there it going with and successfully our right be, very our their meeting very through does is and Tonya but side. solid. like as now strong are if We seem identifying side, is on the just And mentioned, supply

a concepts as Roadhouse. the and are the were excited new ‘XX, store about continuing We we to in of openings, Bubba’s, Texas about lot all ‘XX have success are as

So, we we to believe. are covering on those And getting really costs, hats-off for which time, our those I commitments. is hitting it contractors are done

Tonya Robinson

issue continue look those side especially the things. returns And on sales of volumes, Yes. with to no return good

John Glass

about way do item. loan any operators the does even it, think you you. to about Okay. the maybe on or bubble on think the and of is then from have you do way at that your by maybe pricing? item And right think you you are you or change I the do surgical How and in up all you get sort know faster how and way on you you Thank that in tools sort at do now forward? sort But sort I experience view do of changing pricing frequency is its just to their about by scientifically more or past are the pricing, And going approach of look this you location it guess? more opinions. of location this maybe do

Jerry Morgan

Yes.

to a have If I years, we were believe some X would we everything that we last had done we on that. to, operators reason. had certain We if and some reason, for we to going have pay for make could we prefer in to trust us do stores, fast, good continue to our with for just But would got adjustments would move crazy accordingly could, and move I if in our regions what’s their historical opinions. the to forced But on say. attention our enough data I

Tonya Robinson

And do numbers, line, on the pretty the Yes. by store. surgical we get menus the

of in So, line understanding and them the line things of menu far sit and are stores things with parts when And all we and – with grid item really labor – kind we line, costs like we that. menu going like live pricing gaps down are by other country. a folks, similar as that to the stores as mix

is today, – the that’s of that it been we pretty since beginning. a the it’s and currently discussion the beginning So, since way have detailed

John Glass

Okay. Thank you.

Operator

MKM Levy Partners. your from next from question Brett comes And

Your is line open.

Brett Levy

did to hirings? have seen Great. up? the Thank saw on start country the pockets these What you off, you if benefits the what of taking fair going enhanced on call. year? have the the of could on were the do or half assess as start side as for hiring to seen And need you do of your a where you we incenting I roll applicants doing the influxes labor. inflation in what guess and And any you pick immediately benefit is ease is think you way to back we to be also,

Tonya Robinson

bit it, at inflation of talk will far. kind so going back X-year Brett, be stack year. off the at I with comparing have operators We hold of the that we start is that rest Jerry what’s little XXXX. to done labor things to of we range a to are the on I that. for probably inflation seen like like a feel But consistent for back looking and half the pretty what have year, it’s what more let look we to feel the little about and going in like And a So, bit the

Now a of it. couple that in has components

components But of wage all it. hiring on then insurance, are those I I some have over along I group examples into all that, been things And our operators know inflation have very and feel it really piece go that over it, Wage of there. too. impacting will that. all be you rates So, know Jerry taxes, payroll time, will think similar. creative in things those that of with of the pretty have

Jerry Morgan

Yes.

got their what of their scale, I help area identify for think markets they there have aggressive to strategy need a own And are we them. on being in a they if larger in an are. needs

of plans We partnership and out for there. our local marketing and a communication have which lot great drives got

being strategy, has are each its think but store I we So, aggressive.

We have and always legendary more known we that if we are properly staffed, consistently. we will business grow execute can the

Brett Levy

to of of just just go the camp people you that they has the elevated guarantee is it it what are off. Have been back-end higher – with a have you jump or more to or upfront are going then I and wages able been before incentives? in make to And had more

still for growing your not about development costs. costs. you front, Thanks. on labor elevated still going are ‘XX the as said, about do the well, pipeline talked you pipeline transitory, seeing accelerating pipeline excitement maintaining as be into ‘XX How into going On ‘XX, we you What’s some And about may that talking talked versus of going – for commodities these about as are appetite still about them labor you in. the feel it? but elevated you also taking just

Jerry Morgan

all doing bit programs. they from would whether of incentivizing Well, things, think it I people referral using different little are of be that a standpoint

So from depending side, in on you where country the staffing some the I at, parts of are it’s think others. than easier

we where more a have So, they aggressive obviously, it. approach, need

we in house. do house back staffed properly the have do front get to the the So, and what to of we of exactly in the

family. keep them those as I them to let’s people, a part think they that and right of them great our make pay our operators train right, decisions know can hire then

takes we and good a but have not As far manpower. lot feel our work training able teams. open our side, only pipeline, a and where I our operate to are have construction as like right been on be takes successfully. of a we management our We for to number openings business now. many teams the years of really It lot many, And

got So, you to it do right. have

a You us ourselves. chance It right. doesn’t only successful. a do get for restaurant for make we one open stretch sense be is of opportunity to us to to it Every lot new

starting one done maybe next put to forward right well. looking done as to have We every the get that not it and – opening without effort into getting

like we that to XX in spot we of year our So, restaurants are successfully. of a XX kind – comfort

hold will we feel different. so that And we probably until number

Tonya Robinson

on Yes. in seen Right remains Brett, year. projects, think where And still development those now, development getting ‘XX those bids do. it the they on depending be to on the costs, what we on land are costs I

from down seen. all mean, it So, and perspective deal. comes much what be cost like that sales think feel do creep a If I can I and development justifies the remains sales up, to to the you does you

what be be on focus, that, to bandwidth those that’s of we still in where returns of we run sure. in We to mid-teen will are we all models of the at. with see kind looking So, that IRR want for

Operator

from Farmer Jeff from Haskett. comes Gordon question next your And

open. is line Your

Jeff Farmer

rising Oklahoma’s seen consumer the in I some of early, change am a behavior guys world? markets case it’s with if quickly Missouri’s, of counts in the that curious the those Florida’s, Admittedly, have but just you

Tonya Robinson

to kind Tonya. that anything Jeff, pretty normal. it’s eyebrow your of it’s yes, Hi Not haven’t you be seen makes or that Everything that okay, anything like, that I – makes raise sense. seems

eat. than we and a are dining room. some coming dining very wait But little there higher You still to earlier, the that said comfortable times, might rooms room, are those the people mix find like have stores have dining To-Go into maybe stores I in bit even

So, in even areas those like that.

So, nothing that the I have seen numbers. in

Jerry Morgan

– from close know business. to their to Right if that here they that very are need protect standpoint. employees We attention we daily. have our we are paying and and us They their guests their now, obviously, operators

And very help. there. close paying needed out attention ready are we everything have And happening got what’s obviously, to case to just we in anything are So we changes.

Jeff Farmer

one unrelated your I asked cash might is but of in just believe getting there. have this Alright. last question, been couple up And then balance more the calls,

your I think level. normal almost it’s Xx

So, that you about balance thinking how you cash move excess as are forward?

Tonya Robinson

still Well, about million we in $XXX are carrying debt.

to through some tax bit of able piece that a were – payments are as we a COVID. that’s So, just defer liabilities things higher and it. that And like

when We take we on definitely last that back looking into it. consideration did at we turn dividend the are So, quarter.

are bump thing really do year that be things to see the other training a great half more repurchase as like of pipeline will program need we doing back out, cash. at They to spending One that, we cash. and great of that’s share the the great of restaurants. So, is looking development The back line. use for use on

heading have into on the still same year. half consistent know, today As back that’s up philosophy of all our dilution a you we basis. pick and the been And the philosophy has to

last we look a will that now versus March. to that taking put start hold had we So, at on

will like feels bad, see good But we that be. doesn’t this a a little cash too to having extra So, environment place how like actually an continues. in feel

Jeff Farmer

Alright. I appreciate it. Thank you.

Operator

your And from Goldman comes Sachs. from question next Garber Jared

is open. line Your

Jared Garber

Obviously, wanted retain the are taking I the into doing, level higher more of to about if as you to slightly. you the off-premise that that And you know as numbers talked a of throughout just accelerate out guys you rooms bit sort about. for sales have set question. have those that a somewhat we sort XX% dining noted goal or kind of had talk think below normalized you down especially seen move mean, Thanks environment what of pandemic. could I little Hi. come have I opened,

of enhancements maybe talk going some enhancements maybe operational So, can and/or of made made Thanks. the about that you that some retain the digital have sales are you level? to have of some help you to and/or make

Jerry Morgan

the last and towards convenience but only product. our app, year, of made progress, the we we about think put such I even – it of ease really end that come this We’ve not does Yes. in, great windows year, the all getting

guests. in front of the a our drive-up that of in, tested have restaurants by been successful, in windows put the communicate windows that we very stores couple even ability with the the we’ve the So text to

to or ability whether it product, walking it picking picking our really up to window. whether – it’s the strengthened them ability up our them has the So it’s get with guests communicate and curbside the

going are help business. that hold we moves I are think move those our To-Go all continue very to strategic as to forward

Tonya Robinson

add, higher as Yes. To-Go really proactive so dining And also is they on just being logistics see that just manage on manage we how sales sorry, to important within the sales going that. then the how increase, was rooms with those – I we building

see. that’s So great been to

Jared Garber

weekday, seeing really then versus consumer To-Go restaurants? terms or some Thanks. different guests? of helpful. that, usage of from just weekend in a for dining daypart anything different kind data different that maybe the is would incrementality follow-up it in the would of level it a or versus some is sort Maybe customer of And in of it That’s suggest the behavior on is you’re Great. one there suggest your

Tonya Robinson

Sure.

call really Just to that get nothing I through, out. would

day week. – To-Go see every To-Go just usage of You high about the

rooms. You hours dining we anything of work in pretty see call seeing. in a come nothing in to to people seems frame out. time it are when really they coming X – maybe would pick and call food little call That’s I in But power like the X that It been the kind to after busiest we’re what the pick later up, up. it much we’ve what

Jared Garber

Great. Thanks.

Tonya Robinson

Yes.

Operator

And Setyan your next from question comes Wedbush. Nick from

is line Your open.

Nick Setyan

you. Thank

second labor half we over of XXXX? in pick on kind that inflation, circle pick wanted the second QX up? Just could back ‘XX per half, up of in terms terms I hours of half as to operating that week. QX growth in said X.X% over think Or the the you see pretty of consistent fair the X.X%, is labor for second

Tonya Robinson

Yes.

the think counts And possible, will higher in is I with it BXC hours our XXXX, hours hours inflation XXXX. a expectation guest behave But continue see June. to that tick tick wage as some are The we think that what do? is up up. I versus do see especially what question room, at to dining bit in saw growth than like Nick, more

to So that would that. our be hope, see

Nick Setyan

Great. Thank you.

Operator

from question next BMO. Strelzik your comes Andrew from And

Your line open. is

Andrew Strelzik

Bubba’s how of in brands and on and two things those evolving margin commentary in Hi. was for Great, context comp brands me, environment just thanks. update doing are those how and right the of could costs, are provide – this kind now? I your hoping, excuse a just from on perspective development first, you an Jaggers,

Tonya Robinson

some you XX%. XX%, look on good. those comment Jerry some comps Bubba’s I’ll Yes. very of strong the on and over XXXX. really about They the was are side. let versus give both brands Comps up QX of performance Jaggers

on we to that, focus awareness. margins So feel are very good we about gain seem brand and continue very they – to

that perspective, really from positive. So,

Jerry Morgan

fantastic. second we did really Yes. Bubba’s two unbelievably that opened in The the quarter

We’ve have there. continued And so excited we to as momentum are strength gain they got very operationally.

So excited. we’re very

We’ve this this and we’ve And we’ve several ground. XX Jaggers for Bubba’s I of is along more coming time year. pipeline to of got got the next then get the at And think got great. out year. have coming a couple in one

very excited just unbelievably Louisville the about food and success is its we’re the having in Jaggers here The So it’s sales. fantastic. and holding that

have excitement will Jaggers. the I lot tell Bubba’s And Jaggers. board on a and building invest in are to team for some I XX to of So strength all we you, Bubba’s. are continuing around grow we And of getting

Andrew Strelzik

that you this if hear to the in the behind efficiency business. I And on other and were missed maybe dine-in? business? To-Go not to place Where this are as you mentioned margins to Thank To-Go are already you’ve question Have then I and that find those. additional opportunities That’s able apologize of working through know now yet? growing environment, would I opportunities To-Go the my you. relative enthusiasm it. And some evolved was, in kind great been you

Tonya Robinson

because certain that much you’ve some a there different Andrew. because for do up could looks cases know those – make how what divide you look like. is do case build really margins divide on other got that Sure, some don’t do to focus see, to up as you I to it’s been on you calls got margin you’ve measuring costs really what rent, to-go hard like to how have

are do we’re think I’ll and stores simply been have to been the good just And structured you, efficiencies I because they they really think of what the about I anecdotally, we going continue it on to feel have compensation. finding. doing tell how

that they compensation. on be piece sales, that’s to a want To-Go higher of good And transactions. margin those So

restaurant. So line the as percentage bottom of a making are they

model feel do manage and it naturally like for So that’s them to built we into well. the it

We’re Jerry those helping to To-Go we continuing and structure the corals, around volumes and resource they them their really building, things technology from how can, – on really transaction. give them, good good a of as of the performance To-Go mentioned, returns about see every all their of helping them perspective, from building that feel side

Andrew Strelzik

of Thank Great. very sense. Makes lot you much.

Tonya Robinson

Yes.

Operator

question And your comes from O’Cull Chris from next Stifel.

is line Your open.

Chris O’Cull

to last outlook you Hey, than this, ran if quarter, this exclude changed the bit you year? quite be that G&A you especially for to expected the missed terms anything that a lower if mentioned closer stock-based G&A XXXX but your comp. afternoon Has Tonya, quarter Good I thanks. in levels, but of apologize guys. I you

Tonya Robinson

I don’t think so. No,

be to Some and like meetings a of see continue a lower. it bit bit we a be is ran – lower, we things as travel lower bit that

their on of we you get I So a we’re G&A a of given add like the And will leverage full some think continue quite you’re that ‘XX then year had I that things revenue. to additional year QX, to there obviously, of think just that so to a percentage be running, basis, we going have cost we we expenses. on related this higher the than haven’t margins bit costs it’s to expect be far those will G&A believe with that some conference-related for XXXX. equity as that, costs to compensation, from around don’t bonuses, And – XXXX, going

– in that but see will really that it feel probably we on. QX. be And we G&A spend So the will and $X good otherwise, million trend we’re around the about

Chris O’Cull

lower team And then you year. would? has aren’t next a the might prepared I year provide than the normally beef to a view of needs company its or as if whether That’s understand But expected Okay. helpful. a I for to next was wondering it higher outlook contract inflation percentage

Tonya Robinson

I and open this team, the with are then lock to sometimes see if very open high, not that’s feeling on might too like case, I right that much that waiting develop are of to costs be purchasing the the that uncertainty we are better they premium be Talking suppliers contracting it. going feel we they some now. in the isn’t up our of more how think think it just suppliers to depends. are to and And as we if would building

how it. that’s So and about environment. it they going up I here what think getting I kind their those be suppliers of some everybody for at like a with feeling having And are soon said, – they more think kind are conversations to they the feel and coming look of about of how

Chris O’Cull

you. thank Okay,

Tonya Robinson

Thanks, Chris.

Operator

your next Barish Jefferies. Andy question from from comes And

Your line is open.

Andy Barish

in – Hey a of other nothing’s of volumes usually XQ second slower the me. a know is anymore, couple that for we And seasonal the and obviously price I XQ the excuse the traditional being and things? Traditionally as then XQ, mean, thus, you assuming but bounce ramping October. kind the for lower. of just think potential should the half in quarter guys, factors normal mentioned seasonally are kind mean before margins I of back lower do I

Tonya Robinson

to in a into next where and November, Yes. that will bit, I of a that pricing We a a the that And normal chime continues end mean seasonality very I which heading July. expectation. menu and end bit, is that a of that will it we back bit kind Those lot December part in up and saw on depend in up, that, for help that then us, bounce do we year. through is down reasonable you normalize play see too. and a October on think volumes

Andy Barish

And thanks, Tonya.

in into was have training mentioned items? Jerry just of given that just you amount a incremental break that can wages, past, rolled X,XXX the that? wage other employee kind significant versus as costs XX% the actual that out you there of the growth that terms And On number in of hiring

Tonya Robinson

Yes.

X,XXX that employees and things had about the just is Jerry hiring would related associated there wage. other with the – to then data XX% like hiring, think remainder under that items. is breaks on costs we it’s there other be I as and XX% inflation that. to mentioned, line we’re say additional just over down, some The And incremental very fair

that’s but is some can’t much of I say as how a give far So there. really training, you I would breakdown there as

Andy Barish

you. Okay, thank

Operator

And your Fargo. Jon comes from next question Wells from Tower

open. Your line is

Karen Holthouse

Hi. This is on Holthouse Karen John. for

to some and way you give on you kind growing that be modeling staffing we traffic and color XXXX levels? relationship if traffic up Just versus of of XX% where an looking of want of hours what half hours to the versus world, get between were us the running thought maybe hours at one XX% try would alternatively catching of ideal on be at kind front, another labor XXXX would at were is, to more in or was in is when traffic what kind June you that second

Tonya Robinson

Sure.

growth To-Go. traffic almost of of we hours. month of all the a of lot in – total had in had of we good XX% of June, growth that of June. that was month – was it point traffic X.X And the So about growth A portion

about the necessarily little behave hours bit room. you’re thinking as when growth, it right? a And different would so It doesn’t in same dining that’s the

sales. So tell far for good ticked a bit that felt as that hey, total in in in historically, place. was like as up traffic with ran pre-COVID, of years, be recent see time. growth we would quite XX% we XX%, and range hours you, growth. like to It XX% But We a a some that X% percentage To-Go

now. because, quite different And with be that in QX, business maybe that dining much a that watching it’s QX To-Go necessarily so might double closely that environment, had that So how will see rooms would happening to in don’t still more I that just like sales. to expect But think in XX% things waiting we be as as we’re not we reopening, shifting, really again, behaves. see normal a that big

how definitely come to that, that’s on more So, trending.

Karen Holthouse

you. Thank Great.

Operator

And question your Raymond Vaccaro next comes Brian from from James.

Your line is open.

Brian Vaccaro

and the just A your on And to could. margins if evening. half back good Thanks couple front, second I comment.

said that XX.X%. where quarter higher were to to we square trying I inflation. hoping got I was compare can second And XX%. we’ve the think just XX% maybe to you And you

I ratio sequentially. is So COGS the higher moving would that think

way that to of to Or a you down flow-through there help costs come So sequentially? improve you can allowing hold Is you XX% that? range? to what to to expect XX% sort me where you’d dimensionalize understand expect

Tonya Robinson

Sure.

you’re on sales is XX% positive QX traffic PPA to inflation To-Go along and continue because QX. So, sales, last that year, percentage picking applying QX. percentage continuing dining with are on dining benefit you’re one room. dining the room it going cost of room some And if getting of listed piece then to the the as that, of of is to did cost grow then you on restrictions mix And versus it up with lower to sales that a as in specifically a there

ranges remember, the XX% XXXX. versus of if XX% of were cost year, QX QX I So in in low sales and QX last

So you’ve got that dynamic going on, too.

So it that how far plays it a the as different that on as out XX% bit the of a the inflation number is smaller on makes for margins little half back year.

Brian Vaccaro

you there Okay. And through think you it the pandemic-related is kind there in catch be restaurant sure are COVID I a whether costs, – pandemic the those of maybe pressured line or million close frame was costs. of costs look of margins other it or to a X.X? what pandemic-related and the I in costs lot addition labor different $X lot QX higher X.X, But release, have there heard like on of etcetera. I a things etcetera, in costs is COVID to referenced in retraining gloves, to I guess, all that, pay. Can am help the what by on way dimensions

Tonya Robinson

Yes.

were other $X incurred, seeing we QX – this we’re levels last year, versus a QX had really, what million not the last same we That the the year. on operating last doing this year year. we PPE on time that lapping, in line, last So

expensive But those costs seeing Glove we what to a numbers in as QX. the specifically just the very increasing quarter. of were gotten have over that’s are materials still definitely – definitely it making is definitely little cost out PPE when gloves, the in we I seeing comes So different. called were

have I think, did maybe little peak bit those they started bit. to a come quite now, but down there

could really, be that is less you some operating. that I But just I Obviously, on with think of higher other what is have think more I tell labor or labor call which and payment, $X.X really, So you mentioned specifically. that the would that benefits Brian, supplies, would you To-Go really in line. other that’s that’s along million I living and all out

Brian Vaccaro

you. thank Okay,

Tonya Robinson

Yes.

Operator

our from Ivankoe And next JPMorgan. question John from comes

open. is line Your

John Ivankoe

is the have a of what a your seeing have and contraction here come do Hi. pads you Obviously, in kind properties supply sense mean, I of lot the in ability so, XX in us talked to that we if – be? of the months, trade of terms XX get that preventing from to seen lot marketplace. preference absorb just may supply a permits, guess, lot lot to be over give is to about you. have mean a would exist of in significant that’s you you, come But what understand you want the urban, it time the or past industry a freestanding size taking the the centers. the that the number have line that some would you [indiscernible] of are of shopping Is them? I cost Thank of areas that And is board? of of what greenfield, kind out you for a I recently on to certainly

Jerry Morgan

we’re looking ‘XX late at at There doubt say probably we mostly at look our development we’re think team and I now is Well, is it. as pipeline where where going no we’re our looking out will are And and there, be some looking booked giving but that is we else are everything ‘XX, up what as start where properties. buyers there some available. their others ready. at There are

of – us what to. continue are add we and are our best front being in at we’re very think at deals that what to So I our options aggressive can we looking

– on looking Our for lot right too. a probably ‘XX, Jaggers concepts we’re ‘XX, now, three pipeline ‘XX all at and

lot feel a But hold very at. is be, aggressive to that want and grow deal positioned, If we where to course very we if we a there be So great to can be where along. all and will good we’re successfully. will in three we look and not, continue strategic very our so comes we

John Ivankoe

opportunities development especially your interpret necessarily fill to types need guidance, I as not you those guided, what so basically to And correct? should currently be you ‘XX, of them upside that comment would that in

Jerry Morgan

Correct.

John Ivankoe

so you Thank much.

Jerry Morgan

You are welcome.

Operator

from Bartlett from Jake last Securities. And Truist comes our question

is line Your open.

Jake Bartlett

words, rebuilding in other if itself? for in manifest fully My be here. to Was the about question was dining that in squeezing staffing closer you’ve thin to seem staff you had, would did here your in-store sales the quarter? to how higher? me staffing how a Thanks been July, In staffed have in constraint that you’re Great. the that

Jerry Morgan

very fight and of the the had the pretty And the labor side started a fighting to roll. to there on to out us through the them try I trained would best as try up. supply catch quickly, – employees lot very and it and ready that the on to was people came we the grab tight. To-Go to board in out and Obviously, there say obviously, same of get rock and was states everybody turning some fast for capacity impact, then

the of Like made staffed So factor. are. need at had all top said, it look would of Lots And was support it progress properly is to of help. you lot across – we’ve definitely We places that a really in I country. think I getting some in a yes, obviously, our have still course, which sales, we if and unbelievable, fantastic. have gains

have more in to – would let them that’s and hustling we average see, able probably Our see been we’re they blessed what more. And can get And – sure. help, that second operators sales. but our did, had had weekly really it we quarter, you in for

Jake Bartlett

last Great. then just Great. And question.

look for with in look – is mean, a month limited meaningfully your But low would what July performance I’m know how – have we seasonally and getting. at your experience I of July of more July at that a about we the week. below Is that I target how I $XX,XXX is should a this. July and – in guys sales XX.X% at off-premise off-premise fits there kind into XX,XXX target – you As having is week of sales?

Tonya Robinson

I just is mean historically July overall Yes. total there seasonality there, sales.

just just on we’re being down, pre To-Go that to the $XXX,XXX. July and in doing say doing because, used we going it that twice You’re again, business Harder we’re saw to pandemic. over to see them

a we’re that. learn little think about to I So bit going

$XX,XXX up think bit dining more and being more I just sales, again. just the to dining impact of able see creates room it and rooms in To-Go that. little still folks continue how watch we on average. had to getting feel week that the things good Maybe of about We closer like ramping goes. to an to demand a that get wanting But that be will open it

Jake Bartlett

it. I Great. appreciate you. Thank

Tonya Robinson

you. Thank Yes.

Operator

like over Tonya And turn the call would to our question. is that Robinson for final I to closing remarks.

Tonya Robinson

Thanks for We and thank questions. joining you say you additional I hope good a has have us. appreciate night everybody so just out to much. guys reach it. if I want any

Operator

you And Thank participating. conference that concludes today’s call. for

disconnect your now may lines. You

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.