everyone. Thanks, and morning, Dave, good
First decreased $X quarter Total the share to I'll prior for was versus per $X.XX billion. summary $X.XX financial share for revenues XX.X% versus year. brief diluted provide GAAP on our the the in quarter XXXX. a of performance per earnings first loss
XX.X% year combined versus restaurant QX was two concepts. first Adjusted margin and year. earnings sales per was our XX.X% X.X% XXXX, all positive were the versus diluted comp level share adjusted restaurant $X.XX last of traffic Through at up of with last U.S. periods $X.XX operating
our rooms. were expenses driven impact to to the and business results, year. margins start in pay operating line of closure It which an pandemic the payment points a a impacted across operating as basis sales QX March, shift dining model. such by was only labor supplied, XXX deleveraging adjusted we from by strong up of adjusted relief COVID-XX March The year, in last but entered the as, off-premises of our $XX increases the restaurant the driven P&L, the significant million addition, on In had primarily
spending the of our rate elimination discretionary began weekly to cash improving steadily essentially allowed have as with pandemic million actions took utilization $X to cash including impact to the we our all actions business, per to combined burn expenses. us $X relates reduce million it performance to week. our As minimize to sales These immediate
our to expect seating that with Now continue we to rooms open to capacity, improve. burn this limited dining have begun rate
is near-term respect important consider few a performance, financial to With it to key items.
staffing room increase, First, are sales flow impact will There reopening should flow the normalized labor incremental that profitability through flow minimum among as lower additional rooms, return other through dining through be levels. early of at we days service sales volumes. as dining more negatively in will dining items. our to But rooms lower requirements typically incur
relief to In quarter. employees in the to million hourly we under second CARES Act. pay of expect pay to $XX continued have relief payments tax we make the available us in to net credits QX, Second, approximately
rooms stop us pay pay relief dining to relief will reopen or pay will restaurant no We training each reopens as its paying to expenses. allow decision hiring rooms. dining our with Also,
particularly proteins poultry, not well we as Third, seen as as have beef, supply seafood. any in material our key to such chain, disruptions
whom April with process. the through the this Company for evaluating multiple liquidity pricing earlier multiple financial some we review convertible of included of discussions We prior in our in front, capital of On week, options expressed $XXX early that notes. strategic announced raising successful million sponsors, began interest an the
our position capital. the In attractive most provide market cash These over lowest these the however, combination concluded uncertain us of with in terms we the cost liquidity and sufficient notes to medium strong with end, that public long-term. offered to should the times navigate convertible the
the any we ceased last steps further of with it relates process alternatives November, COVID-XX current that includes we strategic discussions have focus response Brazil that with This As respect our to to a announced interested of as parties pandemic. we the to our exploration in business. suspension on
faced pandemic. are model. more restaurants mounting in rooms to in off-premises Similar to malls. COVID-XX the were challenges the Unlike shift in also it that with Brazil to difficult our most execute the restaurants close our U.S., from Brazil an and only their located has Brazil to off-premises been forced is of given dining U.S.,
business our about we and slowly the that seeing begin geographies Having move a we rooms. safety a built impacted signs prioritizing be forward, said thoughtful few leadership we less weeks, of our are reopening employees. customers team the scratch in as in just that, has will short just But our how carryout U.S., dining from will
closed coverage minimum that and covenant capital this net an our amendment Monday, existing remainder has comply for our on past can that our we strong to will are we recent successfully a position of confident we credit we total been its the important with subject terms, place, Finally, waived liquidity covenant to raise. cash In the agreement. given Among XXXX. be
of the QX amendment, capital limited XXXX. we between $XXX to will expenditures and XXXX QX million Under be
be to stock paying dividends from prior We our will leverage our also or compliance be total until net returns back buying covenants. with prohibited in
eliminate sheet. short-term down with over balance can comfortable restrictions these debt pay are our and cash the We we our to burn strengthen until
challenging this although the this situation strong pandemic reinforces brands. amid summary, relevance strong our appeal consumer In of and been has performance our
taken forward company. as focused We looking stronger to we emerging better necessary shore up have position, steps and are to our liquidity the operations prudently a
the questions. that, with And call we'll open for up
