Brinker International (EAT) 18 Aug 212021 Q4 Earnings call transcript

Company Profile

Participants

Mika Ware	Investor Relations
Wyman Roberts	Chief Executive Officer and President
Joe Taylor	Chief Financial Officer
David Palmer	Evercore ISI
Chris O'Cull	Stifel
Jon Tower	Wells Fargo
Brett Levy	MKM Partners
Brian Mullan	Deutsche Bank
Nicole Miller-Regan	Piper Sandler
Andrew Strelzik	BMO
Jeff Farmer	Gordon Haskett
Brian Vaccaro	Raymond James
John Glass	Morgan Stanley
John Ivankoe	JP Morgan
Jeffrey Bernstein	Barclays

Call transcript

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Operator

Good day, ladies and gentlemen, and welcome to the Brinker International's Q4 2021 Earnings Call. At this time, all participants have been placed on a listen-only mode and the floor will be opened for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Mika Ware. Ma'am, the floor is yours.

Mika Ware

Thank you, Kate, and good morning, everyone. call International's earnings fiscal quarter the XXXX. to for fourth Brinker of Welcome today's Roberts, Officer. are and me call With on Wyman Joe our President; Taylor, Chief Chief Financial and Officer Executive this Results quarter our at for brinker.com. are were earlier website the available morning released on and

performance Wyman the operating call questions. strategic usual for to will and make we Joe your prepared As initiatives related then comments first our and open will

remind everyone statements. Before of safe beginning let our forward-looking comments, harbor me please regarding our

described items certain be which not more financial During to and from will differ within its cause our XXXX. with discuss call, statements of subject Any Such Securities should anticipated. may the on those All entirely believes items SEC. provide the And Private in turn press are could And facts. actual of company's refer business ongoing with the will review the insight over certain to operations. considered are morning's results the include historical Reform the may the filings management said, completely uncertainties Wyman. uses risks factors that based statements Act company's release and in the that we risks to management I Litigation such which to on call this course, meaning of and such of forward-looking and into uncertainties, call, measures non-GAAP

Wyman Roberts

further leveraging our and team much delivery guest down a our hit our as the the brand. day a strategy many members paid heart lean and environment to providing It's our proposition together great spring executes the that at decision and our value out continued improving all a Brinker's where to kept growing year that the million In that opened with our were with company recent X,XXX team by results we delivering the systems. made changes. one were Just and convenience, to strategy in It's distancing, and staffing to money come to take we're put year. experience Maggiano's became lead in fourth with back very now partners might and our of as unusual management where to already over the summer. owned exceptionally Thanks, and profitable Mika, in pandemic Just more by year and teams thought exceptional change trend year than an proposition Steve by down a infrastructure. we a paid committed plan in before share came more history, restructured a fiscal successful finish our partners technological for brand at was In their million of survive franchise and to borrow social value have during In We solid a the of set quarters in gatherings sales the differentiates for brand and support patients raising already special we positively to year record every more through our us charitable XXXX our time responded franchisees continuing thanks re-engineered sales a able team record, a to Jude restaurants. international be the to critical virtual target for a to In In surpassed quarter and restaurants everyone in traffic and house. closures $XX has St. and Underpinning to, our and morning. of started our restricted, first us of an $XXX we business our this million wouldn't the also And third-party we on our we that Wings safely volumes the shutdowns, to employed momentum. families. stay on strongest U.S. than into taking the consistent The marking is for more them solid occasions guests more $XXX used debt of restaurants us and We operating with of we bonuses. joining our $XXX and year and highs, worried our the takeout place them this over profitable marketplace encourage we regained team positive a unemployment teams year is a in our sales albeit in the retention million pandemic, levels support near along Wings year. doubling we're industry

Our operations raised our before. of we've Jude's nearly for St teams Thanks million to team during our and have partnership. $XX the strength even stronger than patients business emerged

Maggiano's issues, like fully restaurants for operational and brands. also dining profitability aggressively of beyond for restaurants, enhancements off-premise as control and excited convenience, in investments openings, very full [indiscernible] we're ordering We're and potential keep better strong reasons. Just by ways the and helping over over make business the online pipeline the accelerating balance in handling to little of to than grow well. mix our It's vibrant, and – rolling potential about takeout great and commodity the what's It kinds our today to and our our growth brands We're our value during the to four implemented now of scale a These to ownership it. are and capacity the strong. grow realize double getting couple enable Italian of dealing takeout to execute brands business because delivery couple as advantages business we're technology website these it restaurants Currently, more invest as drive more visibility target brands. off-premise of gives and a us with very one to brand. starts guests expanding well and keep simplifying feedback We our of isn't best-in-class a recently intentional experience complex Despite improving of investments fiscal the ability to system, with new with great your now and to our pursuing across we're for more the commitment team gone very of it the about brand. systems classics. mid-teens challenges make our do rooms, steward opportunities of and business the In year. allows base. be we since happens technology leveraging increase increased efforts. of role year, corporate It well owning our It's of we're fiscal offers delivery slower to for side well fact, little a doubling owning with the our our from and you as awareness a back full and capital. This a to all being the leverage out investments has is experience. live operational opportunity that technology a end restaurant solidified both in investing guest being cycles, to portfolio curbside guests. and XXX labor full strong pandemics The by will your anticipating to second in every the already us XXX Its takeout incremental our manage Wings to to business. the doing By our a We're about excited investments add sheet operators guest and assets consistently these XX%, we're this the fleet our virtual which ownership. assets metrics. our effectively offer us and positioned of This it. to restaurants channels will issues to have pre-pandemic to we're The more of having only with than day our ourselves XXXX our middle the of job and the the

Our to a very We've take team retain talent. our success our seriously. the current is press and executed we train, critical and to full-court hire, staffing environment

for challenges in for handheld that that might still devices new rolling on isn't worked It in the us saves years implement trade and further great specific we've the these experience. I'm as operators we've progress came confident guest areas out delivers high made. can the and challenges some as our and with we're execute to a that all of isolated There get three a pleased during system easy claim perfect. system to to we'll service March, volume resolved labor While fast opportunities, with but near furious To we're support operators, still are future. staffing a

and achievable their not and call staying so We're doing of those learning spent take that return this take as leading income which Joe. money channels evaluating address generating revenue robust And protecting team, we fiscal Ours Joe? this – year is at putting restaurants also model. is normal. capitalizing they're spending be consumers just more we'll opportunities, because this our during and year to this anticipate nobody have delivery I'm while not in better and levels with pockets, efficient industry all I'll price to but to are some to in a us for growth this team honored more how finally, by like We Chili's all and longer, to prices we opportunities we turn in more than chose XXX available, full to is the XXXX, who's November. run return It's the our than while on part especially value beyond There much in environment. now, proposition. over crucial room We're implementation story for last Brinker. and members' to year, work

Joe Taylor

Wyman, morning thanks, everyone. and good Hi,

insight expectations plan. our fiscal thoughts me of certain the this continue additional morning to limited quarter comments overall current aspects some share our prepared released then providing of results fourth some on and Let by year the

quarter As finish year Wyman indicated, XXXX. a strong was to fiscal our the fourth

of XX% a the quarter, by for comp with Brinker adjusted a with translated $X.XXX traffic, of XX%. up driven a two-year the fourth sales revenues were XX% majority on fourth of with reported sales These the For industry keeping EPS sales into quarter these earnings solid quarter, consolidated total of versus beat basis. $X.XX. ongoing the our strategy, billion And

restaurant which for XXXX, we of year to X.X% believe versus the quarter. level, earnings the fiscal the At sales appropriate quarter week, this were points press positive operating fourth contributed $X.XX noted release, to million quarter basis total which morning's an included restaurant and XX to the in operating margin extra our XXrd revenues, week, comparable As $XX brand is the comparison approximately share. Chili's per more fourth

the on Additionally, basis, carry on record largest $XXX quarter Chili's while of down million topping compared fourth XXXX recovery and momentum in with an absolute very sales dollar positive Maggiano's quarter current quarter fourth made fiscal solid its year. to to progress XX% the fiscal revenue. was into curve build total

XXX this point improvement margin basis XXXX. fourth chicken increased percent year. commodity some sales variance basis – Moving driven wage XXX and as XX a a expenses leverage for operating restaurant P&L, of labor XX% by company's and fixed the our quarter pork compared week, products. couple the fourth again, company extra year, the sales was and was still to a prior slower and resulting margin pace prior Labor Food high XXrd was as margin quarter, the as unfavorable for quarter primarily of for states a material by XX.X%. week fiscal was year-over-year the of down percent points beverage This improvement pre-COVID of basis costs, expense versus such points the quarter, versus sales, to expense California. represent as the versus was particularly fourth Adjusting driven the for favorable more of driven impact operating primarily performance reopening and importantly

effectively experienced to process. our for area tools During HR supported Scale our the to by hiring were solid helped as the in who clearly considerable and focus quarter, matters demand deploy brands. managers this our efforts restaurants support towards in assist staffing our teams, events they the

members expense by structures, to resulted investment XX will the from basis Given labor fixed our That in the This week our quarter, continued basis to of dynamic increased challenging accrue. increase and many expense in EPS fiscal that normal year-over-year beyond the operator EPS dynamic worth This $X we bonus chose hourly through performance points accrual. totaling hiring costs, fully an additional the expect increase as result benefits our variety inflation labor in the operating XXX roughly training of in incremental strong to we benefit rate, quarterly near-term. by team for in environment, catch-up in a favorable leveraged $X.XX approximately invest in approximately million Restaurant the which points, well includes year, income we the of of further also annual our quarterly margin and particularly performance the quarter positive range payout a reward members approximately throughout increase the quarter. and fourth more impacted the To the tax retaining single quarter team digit impacted incremental managers a meaningful mid XX% did for negatively continue tax $X.XX. adjustment in formulas. the increase hiring, and our was

the million year timeframes for total totaled million. $XXX fiscal strong for $XXX fiscal and quarter million $XXX fourth and bringing year the EBITDA for flow $XXX cash to million EBITDA remained those with quarter respectively. operating the Our

fourth of This X.X further times the a our By use significant our cash at total our year leverage end. to continue revolver decreased debt to flow we our adjusted year-end X.X revolver times and funded reduced reduce During to borrowings. quarter, $XXX lease balance million. leverage to portion was to

terms revolver, five-year new and pricing restricted bank and return facility have of liquidity group. new million Speaking ample and to allows revolver the growth improved credit flexibility on the $XXX includes we for our our agreement reached support provides with conditions of The revolving payments strategies. a

early reinstated was days in the of also authorization $XXX million. an that share suspended has repurchase with pandemic the directors amount of of authorization board Our the

high year Now unknowns XXXX. with volatility thoughts certain for fiscal this some turning for level operating our and At metrics. to the the environment, we current outlook only point, annual of can share

to share to For XX%, XX end digits labor lower million the single with in million the example, to XX tax we commodity rate CapEx expect effective range. commodity million weighted of shares. and inflation the of inflation annual and XX% annual $XXX towards mid percentages of each $XXX of count

As perform XXXX, is its face brands said are all in That reality we positioned pandemic operations. all well-prepared of the now still now four everyday and with fiscal they the whatever move throughout our with ahead to the of part of being year. our uncertainties environment

and We now results as forward year models complete, the it their questions. are deliver during Kate? fiscal With of our efforts their business the the very here. Kate strength continue proud of will back let's and move past from experiences, comments to turn quality and competency growth to my we to move on

Operator

from ISI. Thank you. coming [Operator David Instructions] today Our Palmer at Evercore first question is

live. Your line is

You may begin.

David Palmer

Thanks. have regions I I'll wondering sales line. good. confidence. if seeing give that the follow-up looks way the pause out And I would sales quarter-to-date some would one on giving And weekly I are or I'm you to think data are guess pretty regard get some that labor the a your perhaps quick you of with variant. Delta more you

Wyman Roberts

really year saw the July, some obviously and moving were I Yes, business Maggiano’s of is in mean, at kind back pieces fiscal numbers how good of and the pleased you started come we banquets when especially pandemic, Maggiano’s we of with forward to kind David starting the the see Wyman. quarter by catering. those impacted Hey, of that most really had a

right? above last the Delta unsure, uncertainty seen progress here pandemic We're and Delta F-XX through base, as just but my perspective, the in timeline we little the quite of the still still as to mean, softening with at. it's the overall There numbers up to I to good the just through. cautious are picked we're a factors see working regional again, seize some that we're been that's put surprised going some primarily. in are we're not to what last more a some back is of we're to of few before from some by consumers sure in steam So, the November And that's optimistic the have with little was we variant don't just – back has all are has not But where kind seeing a react kind no external gets potentially weeks, probably the going I variant more December. what distancing. restaurants. Right was just little on be a headed. But think we having little this be this where towns. happened work I put I into and where comfortable, regulation there guess masks now, place thing fall and still pandemic our is and tends and more be we're it positive strategies a in

so, we're just being cautious. And

David Palmer

to wanted how think just a XXXX, and any costs I have digit about wage I'm on inflation you trying perhaps this you have on modeling. you model And fiscal based we for gave hours parts, type ask that a way sense. Makes can two labor on to mid-single inflation.

digits were mid-single costs the labor up Your quarter. in

would that multi-year your on had help quarter, sort this versus XXXX, to roughly restaurant would labor as fiscal wage be X% fiscal a You that into from pre-pandemic week say perhaps basis can And standpoint. in pre model how restaurant XXXX adjusted wondering per up in we labor sales great. a way you to going assuming the inflation basis. XXXX. we any roughly a about think that on – type that per per are about a That's a was just that's think costs to cost I'm the The that much pandemic of on be XQ versus the of restaurant case equal can be momentum

Wyman Roberts

at look I proxy. that top does of Again, piece a decent matter David, line the equation Yes, overall the we is think, labor. when the

the we here. would forward relatively to and as I from consistent, keeping consistent remain think, move you labor expect dynamics comment of I that kind So, as

there decision structures topline what expected was too. be a you I incremental bonus a variance that made get to the that's bit about But overhead is over consider script. the, more I mentioned what in in could be I system I There's numbers, expense, is of some training goes XX look we in over little We're to goes. costs little I fourth on for me margin at used in a would some some mentioned basis costs, a now Excuse depending increase with a get a well-deserved my of time. think, with That's there little if costs. transitory in some create new members. things – right And not consider incremental You that to quarter as one incremental a was in the I change. of, lot that we're team training. that if to mean, some seeing labor time. that like the which, the also points transitory some the where being I the quite is cycle bit goes that of consumer

of about basis margin improve that combined points productivity incremental to to want XX a You have too. pieces two move your are you as that to those roughly forward. Both

I some of some for place pieces you year. period you'll think in the out see system I of as the the the into system, more as of the in through half those the improve of but would expect time, incremental to So, I balanced come remain labor second those start productivity think probably training, back get we

here not quarter the short that for additional as proxy run. be to a that for fourth with I going think, environment in the is So, detail, bad we're

David Palmer

Thank you.

Wyman Roberts

Thanks Dave.

Operator

you. Thank

next today at O'Cull is Stifel. question coming from Our Chris

live. Your line is

You may begin.

Chris O'Cull

the to seen Wyman, what makes Italian morning. stores the Maggiano's for sales Good is if Just seen details more curious just Thanks. complex you've or restaurants give similar similar about maybe Wings, it you've It's margin execute? in structure and I'm the lifts what Classics? with maybe to the you more some can

Wyman Roberts

guarded – bit Sure Chris, to some you I'll I'm be just competitive give for going reasons. a little

So, the us is product. what's got first excited the Maggiano's about of Classics quality

than It we wanted offering. it's the team more a on to is a great we deliver Just Maggiano's that, a a lineup. great brand, make more complicated the Before to we've against virtual done really sure Wings job bit product, little could has got because that the we the put little and standards done a breadth brand developing

our business And we're rooms to of so, the we're what we're making sure we're bring support and every the will, up training, that day. part setting to dining restaurants, as and this to you line, if doing not Chili's detrimental that it be we in

So, excited. us product. higher a that's It's what's average got check

we love killer fact – prices, this so, stupid the And more Wings Just brand, Wings, of at it's our taglines. It's that value isn't a

with So, a much nicer a average. we – Maggiano’s, check much get bigger

accepting us. product. and to we're level. encouraging The demand executing the We the that's consumers way like a the looks high are good So, at

we positive in work us. So, all love thing The those for they two targets. virtual these about brands is that do things that against are conjunction different

is same Wings not most the as guests guests Classics Italian the part. the So, the for Maggiano's

busiest And at tends one so of see day family part, Sunday its Classics allows Maggiano's when more to push us also for different day game a is come weekends, to on is come Italian offering. comes a Wings, the the with comes of that to it parts to tends it it nights,

those were so obviously few that and that. potential, has the didn't brands, it least a build they've we a things out this these the that next while. have a huge year going with a think of million have proven about for portfolio think we'll brand. focused weren't rolling put virtual a us to got going to have second looking we probably always over think brand Wings said be $XXX We're And And – of Classic limited from quarters. the this brands, to build these not roll out will two We very excited we as both at And are Maggiano’s sales thing virtual we we there. through

Chris O'Cull

question. going investments And one for some higher good driving what's a non-recurring CapEx on rate planned is helpful. there bit you give range more That's Joe, little that year? And next the Could run Okay. XXXX? or color forward, other a are

Joe Taylor

think, cash look order. actually the first that from proxy, kind for We're will foremost, CapEx I going That back going we strong at a is good how to again, into business. generation, I and reverse forward. of going aggressively invest in No,

talked we've of really forward. move about think the previous that as starting is like we transformation to calls of story on I strategy organic the this develop is that we kind growth what

going is take the standpoint. restaurant development of new into fully place. to pause that now a obviously this next pandemic that very starting deltas real We had year bigger back aggressively. One and of very That's you is see during the from estate pipeline online a

– moving XX re-image rest In now, is more this continue to The restaurants. some not That's little year. run of equation. for year to into of fact, we're fall the north we're really year fiscal and going side into of pipeline a place the XXXX. the Again, of Those a of pause on start the this re-image rate. will half there's spend back versus next bit

to equation. talked getting really And seen again, back of also into we technology, the accrue we're Wyman the R&M a when to from the you're side we typical have level with that to back THC investment about. So, had about going that talked pre-pandemic. continue you the technology But benefits

a pretty to those and at to invest we're So, continuing going robust levels. be

primary the into So, well organic is into farther growth and as move to XXXX. I clearly accrue we those think are the going move story we year as this quite to it And areas.

Chris O'Cull

guys. Thanks

Wyman Roberts

Chris. Thanks

Operator

you. Thank

Josh from today next Long Sandler. Piper is coming at Our question

live. line Your is

is Mr. may your You live. begin. Long line

Wyman Roberts

Josh, No Kate. right, one Nicole, on, no Sandler. from no Piper All moving

Joe Taylor

next. the to Kate, let's go

Operator

is Fargo. Tower coming Jon from at Wells question next Your

line Your live. is

Jon Tower

question. Great. taking for Thanks the

curious… Just

Wyman Roberts

Jon. Hi

Jon Tower

Yes.

or delivery did like sounded perhaps pricing little channels? So pricing to can leaning earlier in if were an impact It in we the mentioned equation, of handhelds taking across believe stores the P&L handhelds were that more going for the some side How chance alluding a sort us And food perhaps bit degree it about your seeing bit going of call, pricing those labor to a hear sound waste? in Joe you Wyman, question ops. Wyman, on the on or of bit the these in just that's impact give of moving better by there. November. then lower more fully first per you to the different store at are the Chili's Any side on therefore to I you labor and be how perhaps a how of in thoughts terms you curious magnitude as XXXX. side, productivity on hours specifically store, I'm we in think should a improvement might

Wyman Roberts

Sure.

and of with to we're it We're us. year. going second that's going X% go traffic relative a X.X%, of hit held currently And I’ll them Joe contributed to the here positioned X%. that – probably during And pandemic, to to with were before numbers to And to take more shared number And kind be over and Joe the also we're seeing, you some traffic we solid probably realized kind we're I sitting we've you, P&L sure this But digits than level. price, double historically we're going prices obviously today. said of we supporting category We're that wanted quarter. to greatly to price chose just do to throughout to bit our than as that that make a the at fully. targeting consumers probably standpoint, we we that the we a Joe to improvement the pandemic. whole more with we X% maintaining with detail we're many a higher what impact? take little from inflation me Let important have pricing at probably So, and a tack that different little with can obviously, the to regard of need sit think to over

more to question you it that or it’s how a making to about do near-term and wage we really much half, feel can’t we building, of commodities in know transitory? then it don't and deal again, pricing with and comfortable be that the everybody’s with range we’ll both cautious but take wages And is the kind got, I Is evaluate just in to structural – want low-X% pricing need got mid- in right? these it we'll we in decisions So, how off. labor and to, how back room the transitory – back costs, with we've

So doing that’s it. how we’re

open in Some maybe jumping of we’re up more stay of where or that Joe running offering talked on to rates. shows these versus wage some incentives programs, higher to overtime

we examples. those it TSC I’ll servers front devices, regard So runner more then to it, just server some we to just the what run call is it be the the model. as does handheld efficient. say, are house And of allows a With

we – just So right don’t now we up model. run straight server

more get They then be a servers runners. model. model the guest it’s allows tables out and the from bring that And take to satisfaction and more to technology they better so can the a also run We a guest drinks get better the efficient more efficient. perspective. scores. of food And It’s this with us back to use

working to And rolled to though, that’s on last high technology over under this counting company-wide by and that’s we’re been when on thing year. so has to just for Wi-Fi we’ve night, it finally the interface. out get what And really perfected so So excited all It’s why technology we’ve years. volumes this a Friday be November. it – working diligently on three you’re with

Joe Taylor

see to the there to we’ll may is Again, of just see yes, things. to accrue expect do a labor other to management Jon, benefits that are add side I benefits GWAP. we you productivity, – from And that, some from there equation. think

that. some mentioned, I AVT think you of things

points. different that You can accrue see at

at on haven’t is I point XXXX we thoughts any big a not in that I’m the done this TSC. on what assuming based of you provided limited delta Now,

it. utilize we’re As in we I point give out current benefit November – get we’ll x started in by timeframe to those from that going more insight that develop assumption it think how and at you not November that And and great numbers. get to that But seeing the amount as upfront making to a labor I’m of perspective. I’m my environment there

Jon Tower

for you Thank the time. Great.

Wyman Roberts

Yes.

Operator

you. Thank

next live, Brett from Our today MKM Partners. begin. at you question may coming is is Line Levy

Brett Levy

just I on, the for Thanks on taking continuing Great. question. side. the guess, labor

balance. across brands where more is What think board bodies. need And to the you add implementation could levels? had to require now hours it’s whether over on do the and of overall has should you’ve do this strengths the able system from been you’re a like the all technology we level be longer-term on of staffing terms sounds refined the back last in technology. into operations of to and off-premise what translate Thanks. it the or years this of still re-introducing think your either your you bringing just the about One are How But for it additional you margin? items, few labor on restaurant you

Wyman Roberts

little me Well, just bit talk staffing, let a Brett. about

the I mean, our and issue, that staffing all deliver the a end better on So it’s an putting much the much great it’s without right? staffed. and have because at we’re things don’t pockets from experience they where are issue, were gotten environment pressure teams, too they while sales day, in where guest we serious to issue the over resources of need it’s about the getting great fully restaurants a there them. still And current have out March, there

a puts it the it is, means also our that potential. what some management, lot limiting so of pressure And sales is of on

so staffing now having get management in time, first just to right everybody business a people situation. a where industry. strong. And the long get our I’ve unemployed team unique in and of we so really still situation staffed quite been to It’s come take stabilized people is our that got provide and up, get and kind that for many priority foundation never good for jobs we’ve experienced find the challenge such a to

some still But making we progress that’s seeing a headway. where we’re we’re So though pockets challenge. and have

of that leave And of it the to answer so kind with details. the to kind Joe

Joe Taylor

in talked the is sales. going to drive ability short-term, Yes, But model. think for continue confident In very forward, comfortable top to past move we stand. are to about in and long-term we and to from we’ll is already a just I’m seeing from talk contributes processes forward to brands. much to Those business meaningfully virtual kind still going very talk and foremost our changing any Again, but opportunities the that talked as better And strategies our anything I margin short-term about still are I again, not strategy our thought margin margins emanate grow long-term think their the is making continue dynamic feel that, intact. to the with move and am then great wider of opportunity going a we’ve trying improvements we’re of around before that is Obviously, base get specifically Chili’s. the more of the things. in ability what I very line all of Maggiano’s we’ve as first that the Brett, we to

margins can price the an I with of of not benefit are short-term the ongoing the year. did basis. what markets to accrue and we forward. deal will dynamics as Again, We we on that ones think the commodity go labor last So

about that is that talked X.X% We’re back I play. kind dynamics benchmarks. when into to now our bringing X% think of we’ve strategic the And level typical pricing

I into will may that clearly piece period post-pandemic think forward. us see us we allows of be a time, normalized those we issues any those two, both of given of think that but equation At back move at delta manage I level move off operations. that of is big more you price as to as a

Brett Levy

you And competitive then the you in is based much model that from that the one qualitative what on Thank How to analytics on what internal landscape thinking you. follow-up need the are be just of quantitative what your see basis? and pricing. from you’re and quick and about across going How versus set? you just a seeing

Joe Taylor

our need want and of state and the foremost, dynamic, side equation, both brands continue the an on at value first of that. we is positioning look maintain important think of we I to to the

this long you’re a that I seen really on into. moves and the period in something pricing. to of we very for drives But on back strategy trends, aggressive aware some and a traffic, want that’s always to seeing time negative particularly industry, fall has that is sector And traffic We’re fairly going the now. go what’s of not

to process. kept pricing thought will So to not particularly year. We’ve on we as ability we’re price this we traffic that focused through drive go may intersect may use power, very with or pricing continue be to have going and fiscal our power intact and

I of the of you careful there and got your a be consumer out price is dynamics over But short the and permission about the getting value an to brand. ahead changing think to price. to ability run time in

you and – I that we the to longer-term equation, decide So the how strategy. think we’re we – if internal value perception very state heavily lean need of so in about the

Wyman Roberts

Thanks, Brett. Kate?

Operator

you. Thank

Our Brian question coming next Mullan from is at Deutsche Bank. today

Your you line is may live, begin.

Brian Mullan

you. Thank

Just Wings. on Just It’s a question

delivery about generate to related outside before spoken opportunity that takeout to needs awareness the about You’ve spoken the channel. you’ve

just on you you lean do going talk here? front? about advertising increase initiative bit to can thinking should a about you XXXX? further that how plan this it be in out to plan budget fiscal in we specifically, an And Or is So forward? any is little into that And

Wyman Roberts

Brian, – than thought we’re to virtual and it’s taken aspect Wyman. us it’s our Yes, Hey, But through no, that can up, now, it’s delivery, brand. go, it’s a infrastructure or you and up just to I I you longer would’ve ijw.com wings frankly support delivery of just to get on go this running can them to you website. up recently also the been order website’s order little the as put mentioned, up, can

can going in and around again, so some brand? very do There’s really much you’re IJW much will we we see seeing behind just brand. now We targeted lot it’s and is. but will spend of how it’s target And next so online very that energy can – television here this spend. awareness opportunities. create two like of quarter time a or a awareness spend we the who to about a But we how the and it, business of how There’s spend it’s we advertising drive. not get know some So efficient lot national

Google the ways opportunity. for takeout a the brand website between So to and you’ve two now got find

we’re now to that. in of build of calls, More going kind to on on couple seeing keep we’ll build. that how the posted probably so we’re you continue next initiative And that

Brian Mullan

And share pace Can with to to do range could you Thanks. I repurchase? repurchase which the program more just then the it’s opportunistic is is saw repurchase confirm, The as does you Board philosophy reinstated with Joe, programmatic there, provided you versus just speak share have perhaps the wide. to buybacks, just at encouraging the that your a guidance follow-up, maybe of count point? this unknown just someone see.

Joe Taylor

Yes.

Again, think way bullish about that’s I think an to support and we the the appreciate accurate that statement. it.

our the reinstatement first of invest is to in making how the Board Again, with cash on the think going that they’re program. I business viewing use we’re foremost business. the to and

maintained. think which be seeing I You’re that of level CapEx, will heightened

into have to at go We’re But It point move finished cash the lower the going I on going a as metric we both delever shareholders. we basis. grow I the we return there’s cash continue of same getting anticipate ability still we’re metric will down be time. Xs, forward. X.Xx, pay business. at that and allow to programmatic and to generated lot to to opportunistic to would and that now a that lower at we like continue to continue the to down to that

ongoing to the expect course given an deploy I other year. basis. those any that on cash programs, depending generate do we of would be So we’ll over fiscal And in we the of on where are it.

down road yet. We obviously that been about guidance have not that fiscal what vast thinking some will incorporate into be the go But year. in this the on might market does coming

Brian Mullan

Great. you. Thank

Wyman Roberts

Brian. Thanks,

Operator

Thank you.

today Our next Nicole from question is Miller-Regan Sandler. coming at Piper

may you live, is begin. line Your

Nicole Miller-Regan

Thank you.

I promise. We’re here.

about happened Sorry earlier. what

Wyman Roberts

Nicole. Thank you, back. Welcome

Nicole Miller-Regan

Great quick from update. ones on Two us. our side

is curious on moderating thinking then something sky think high? The call there out I it can been you Wings commentary there I I’m margin. the far prices is Just have the first and a on margin is where contribution bit. obviously store-level the impact wing on store-level very helpful. It’s P&L is was so very specifically,

net Thanks. could too. to And we understand that that as year well. you could transitory the start maybe purposes nature out for of So next for modeling

Joe Taylor

several defer on going to Yes, I’m Nicole those. of

increases price fully to of had before on the margin. is, want team the brands. again, Again, we supply generally do which product cost chain times time our at We've coming the that maintained that standpoint. Like in north lot It store-level an little you a noticed consumer, the allocate cost great on trying level. given I that definitely we've depends the them. look We a dynamics about marketing Wings. a of haven’t can, drilling that we've broken for adjustments but keep on I an as doing job to a in the a again, and ability we in allocated to by see specific XX%, virtual what a contribution environment virtual of to of P&L lot the front out that volume it supply period of is they obviously a talked our elevated is that from the for in a in And the on think out of we’ve any lever as P&L, positive unique store as nice But that's the equation that side dynamics and some side of make piece equation. very just you’re

anticipate, would discussion that day they elevated, that At I robust are a will notch. you some at think shift and the brands of see around brand. to So dynamic the virtual point will and fairly the at benefit – that accrue I analysts the Nicole,

to specifics defer then, I'm come. those hopefully, to more to but going of insights some So yes,

Joe Taylor

obviously only to important. through Yes, our of thing high incrementality of the and is are profitability add because incrementality, impressive business, those sales the flow the Nicole the that I'd the and

Nicole Miller

clued do of upcoming requests you just parties curious realistic of be And Thanks. for expect holiday indications And dining I the catering us if then yet but for to behavior kind anything you of just on not season. any mean, what would of or nature? private you or I that Maggiano’s, cautious, kind in be have or

Wyman Roberts

see in Maggiano’s. can the quarter movement fourth we the July shared from just release, at was modular Well, you information as to impressive in the

was were and their working business curtailed We starting mostly the it's people as schedule And COVID catering socializing. a business that business, out comfortable of the back. come it's ahead which being their part country and about we so social. again our start saw as really to perspective, banquet of of And the to were from most, was feel

hasn't but side can obviously, XXXX yet, running July. business equation above back numbers the much come of again they're as the in see, you the So

positive but because status that the also very what the this all we those cautious are I portends whole what will I sure I not quite again, were optimistic, mean, being exactly we're we're the isn't with totally So pandemic wish season. things, you bed for be. and variant, put both could tell Nicole, holiday delta the

to business think we to know road we holiday season, pandemic I to in ready we'll We standpoint, a celebrate the pretty holiday clear robust a season. prior they're the want gather, banquet permission think to do if together and good a get all some from of know that see consumers to to if that, of eat comfort there's a we're then see I together. level kind season, going And waiting we're in just see. – around comfort a but

Nicole Miller

you. Thank

Operator

Thank you.

coming is today Andrew question BMO. next Our from at Strelzik

Your line is live.

You may begin.

Andrew Strelzik

comparing morning. It’s Italian or bit Good Wings. at could and classics I a Thanks for contrasting you you're do what the seeing Maggiano's first between questions. and Just hoping expecting little more was taking

of You That the mentioned And occasion, the margins as as we you on rollout. we to compared flow well. comment the helpful would should mindful if through about check, of be that Just else think Wings? can be that the It’s anything

Wyman Roberts

going TSC our this some our we we've out lot again, the got on in a mean, was the enough are restaurants terms in that dining of we what of we've that basis of I dining I've you us like primarily just the a support of is on in think probably you with a and comfortable I'll could more I allowed kind I busy obviously a to biggest rollout. too think, specific, we've roll what thousand how of initiatives most going overnight with requiring brand constraints. given talked Well, as that difference, Wings talked of were to about color. I get things – roll on we're because moderated are to we restaurants felt about I We give restaurants. mean, brand. to mean, not rooms Andrew, the the are focus lot happening on rolling plays. The rooms brand

within to all, we a our within the out Wings would brand really it's are But say, of great brands assets have. Just based are first return the growth year. It's So we of guest manageable, get energy hit, excitement the experience. system – And we DoorDash. that to it's going it's they of on like our continued the hit lot think, Wings I from assets information is on about going delivers like not to these our the throughout we and both be drive it comparable, rate these leverage a rolled That's and exceptional

thing repeat, get think and classic. trial, So with once really I we good Maggiano's the same we'll get the see we

just years our execute brands way getting the So come. the operators a to these restaurant focused then it can again, next into over on we're it. that really in And building

Andrew Strelzik

be you a of side, we Okay. the and apologize much food mindful it's from to the That's tough just of do also I gave helpful. ask should inflation, and would if conversations and but on have you but cost food there with you. suppliers, kind one any And this, the know of anything be provide how tone could insights call, contracting cost a just kind visibility cadence to perspective I from expectation helpful. like what's I sustainability? Is missed Thank I I from on really to you wanted the that the side? your there suppliers, that about

Joe Taylor

rest of contract the calendar of a calendar year. of into the Again, next most of the quarter good running have runs this a lot positioning some of first we Yes. really year, contracting

year, half inflation level that as year our a of half back built our of higher this the see level fiscal due into to fiscal back So our higher beliefs of significantly actually we and the – contracting.

times place, contracts a our of on price side conjunctions adjusted had quarter and things with nature. volumes, in again chicken discussions equation. last We've some them the that couple the So partners of the and at contract with of in our we've levels are where the during on

that process. have those about. real. gotten our the here of thought of that's inflation And We've half it But the around been of those with process issues the industry year dialogue have a I back them again, is kinds thought highest level managed think more the comfortable I talked and we into that that built adjustments. through we're

Andrew Strelzik

Great. Thank you very much.

Operator

Thank you.

question next at is from Our Jeff coming Haskett. today Farmer Gordon

Your line is live.

You may begin.

Jeff Farmer

Thank was lines on the and G&A this just discussed little more a you. line. a color morning, hoping of context lot P&L I to get We've bit

be incentive above So an or could compensation specifically will push number? XXXX will there to above factors the any G&A that that And be reset XXXX well just number other year. potentially

Joe Taylor

know build to and I going year think I Again, our policy in regard. Jeff; G&A, a that based it's relatively nature. hitting we that be things consistent around on targets of

like always accommodate standpoint, incentive an from So I upside that think incentive to works. pretty well. have we compensation of the if G&A I an

specific thinking you'll would dollar on it's to I $X X.X% $XX a to sales in say think that our in to want from a low-Xs, I close basis, probably I to million with but you're be I of million percent that model in you – range, to think see assume relatively the let's line could up range, line. X% right X%,

Wyman Roberts

of is that, Jeff most And really…

Joe Taylor

Work we way our as our… go down P&L the on

Wyman Roberts

it's And on had of travel that as little getting are and instituting got the we G&A as is so that of that back now, getting some we some into does putting really restrict the bulk around. out it's more right? moving a And those, front, programs COVID, people to

company. terms much with our in restaurant line how efficient history very pretty of run So a in we

Jeff Farmer

helpful. you just I off-premise I unrelated the Chili's XX%. said was, mix, on think more the more believe than one And was quote That’s

think And move we thoughts precise for percentages further of off-premise COVID? sort your the we what or past more on is off-premise? get mix past as question Chili's So that then you Chili's updated where will COVID settle

Joe Taylor

year throughout Yes, as evidence Jeff, range kind based quarter. XX% so be to we've say think that more going more of gotten very and I more sweet and staying say spot seen going is forward. the curves and last say to it to let's through – is the recovery XX% And let's consistently, on the low we've the XX% that, XX% let's the range

Wyman Roberts

and we And thing concern learn, consumers dine posted is our takeout consumers. quite only move takeout because with I The COVID still surprised we are takeout we into still. that's dining some out And back people as seen that the room have lot we'll about think haven't rooms maybe as, of Jeff, business the dining to been the are thing in there a as but there, surprises, still would strength more of there's really thought preferring biggest opened keep that you still and, has Yes. the much. us,

going outside a take hey, influence to preferred by could that to, back a So choice restrict kind little everybody for like to an get not while I'm my COVID. of

Jeff Farmer

you. Thank

Operator

Thank you.

Brian Vaccaro at Our next from question today is James. Raymond coming

Your live. line is

You may begin.

Brian Vaccaro

morning. wanted start comments and Thanks, two your I to on with good Q&A. just during clarifying items the

So correctly, first sure heard first you significantly to higher half than to just I expect the half. the on commodities, make second be

might Joe? Did we only in slightly first high hear the So correctly, be the inflationary I talking singles in then and half, second maybe half. about that

Joe Taylor

or I specific didn't a high give that. you singles

There's year. we into think of those produce, will That's inflation of that its on there. things the out way the driven inflation items avocados have you the of that year spot half contract obviously we based first nature. to the built-in half the work have a think I market more structures about lot are of second some

probably some in You'll regard. inflation that see

through some around of the down timing and contracts now. looking see may half you You in year our to ground that markets change on the path inflation of inflation the beef update inflation at us based we'll move can and the beliefs those timeframes. we're equation, some side of closer on of but we lead as second get of the current a of and more Markets kind

Brian Vaccaro

range. sales And the that mix, off-premise XX% are about you XX%, helpful. That's talking of then Okay. on kind

Chili's? the And do fourth – Is to number at it So XX% quarter XX% date? range that's the have quarter? fiscal in tight also where was the you for to that

Joe Taylor

the probably, I'm At We be bit year. have to quarter, fourth above I pretty a to XX% XX% going don't don't we that. fourth were for with It's Chili's, range, a quarter-to-date. a consistent have quarter. comfortable. It's that little

going variance to from a that. not slight You're downward have maybe

Brian Vaccaro

moved takeout, the what mix of it delivery third-party prior, you Okay. seen I changes about that, have off-premise XX/XX channels? you've within And thinking shifted? mix your within was kind shifts through? two Has seeing versus you much think in it of the are as

Joe Taylor

channels in I a the pretty think No, seeing I of think, now. right flow we're those business again, consistent

Brian Vaccaro

Okay, then question, just Perhaps isolated, current great. at level it's XXXX, And Could some more you labor, or maybe give we set recent in where levels staffing my volumes on average on towards. that you're on months? to progress if are a I level where you I just I can you've level circle great, back made working guess know little the wanted recent perhaps but re-staffing could? set versus sales versus targeted that color

Joe Taylor

of general, pre-pandemic. when look you members, mean, equivalent to I the staffing have Yes. in at that we Brian number key we're levels are overall at

restaurant every use probably could but two Now body or the that's another industry. restaurant that unusual not for

could use another or server on always cook in any another restaurants You day. most given

several issue. especially of not house. in primarily, down that's So heart real more a The real the you're the issue is where

stimulus we're abated. bit thing staffing, getting little big And a We've the where are has with again, is a still the the some us issues; ways areas. still available, servers in house we've progress, little those for staff not in house, the of in but those go. biggest part nationwide got kitchen isn't making front challenge. front more challenged the those of especially an to as is of this as, become with the pockets the more one more the Again, is a but as we issue, seen challenged of have bigger we're good it's we've kind seen of what house – So seen so issue

Joe Taylor

Again, going too. us. that's capacity think some add I you're for it's those perspective we from Brian, more stability pocketed areas, opportunities I would again, And see that, to our opportunity to is to important as bring

look we at here. we upside from go where from it So as

Wyman Roberts

Yes.

Our sales in quarter staffing we were absolutely the or at full impacted capabilities. because weren't capacity

which we fully anticipate staffed, opportunity Joe And so as we that's said. as get doing soon

Joe Taylor

Okay.

Wyman Roberts

Thanks Brian.

Operator

you. Thank

Our from Glass next Stanley. question today is John Morgan coming at

live. Your line is

begin. You may

John Glass

two brands talk re-imaging in you for his down. Where last Thanks know year, fiscal you a the changed, can forward, it Wyman, stand estate? got bit morning. going just slowed about now think public virtual you year plant's you've And on I this versus about probably years past little are you where and didn't. the good if remodeling Chili's the ago you

business, much spend you You've differently how how got thinking a about and on and premise you're remodeling bigger off now? so how

Joe Taylor

morning, Right in, the Good probably on in the done acquisition back the equation. the was heavily now pasted because we That fuller brand. cases which John. bore the in necessarily We're did very had getting two full not they Midwest, most re-image been size our same years. we're and was we level at re-images re-imaged had actually focused

Bar so on on think images, too, intensity X.X I there Over go volumes get I can within and base. of nature one couple increase where the acquired that time come decrease do spend with really on you just bang very buck to more of restaurants things can given the restaurant, lot was, a in program. specifically of for spanned or is when for the looking years spend base perfected any that higher instance, thinking help reimages given that you've about the a that and seen of more little a any of opportunities nice kind reimage. of reimage probably restaurants. those we've the but the understood really we're and lift in full outside a years has fulsome still as reimage down So a those We individual also a a Where so when restaurant do out you have our incremental

couple of So as also on a of going general kind years But approach, too. that next very to to the program have restaurant at systematic trying for but that be that that's we through move program that's the great individual opportunities we as process. looking basis continue and and we're

Wyman Roberts

One Wyman. thing we have is done John. This

we we've thinking experienced? gotten experienced. reimage good cost really think we I And we that these dollars offset R&M future as investment remodel take at, R&M about do help how future and

challenge metal, cycle their awnings up faded, is we're one dealing the show become new on awnings So, examples; Chili's, R&M two to a putting in to painting your with a not that expense. and be on going we're that

kick-off of reimaging going that to a We into excited restaurant. And up really of dollars that go here Maggiano’s program experience drive pretty soon. are about better. the cost much also out and to are building that will some they're that going the the also the reimaging But things make that the lot maintain take to

some need a changing that's products easier to changing out out, the changed, with to them opportunity of finishes a changing to product that maintain. out So be lot

as refreshing are those of brands relevant some so time. through the and kind through keep we're And we moving things and doing the of keeping

Joe Taylor

too on dynamic. we reimage the from off-premise thinking process to had within John, haven't change our much an based that standpoint,

using and to had the system in a out a make make how to manage now in but haven't actually previous that brought, we parking that the to and the talked we play, technology lot physical as production, line we've move food that calls have to structural off-premise from shelving capabilities that We cars and it's before lot the that, into we're helps happened. of changes new

– we design have restaurant door. increase through that side new adjusted ability ability and Our the food size the to very to flow slightly

well As opened week in and ago. I week off-premise. and how that looks works help we brand last really a a we’ve in just new dynamic was or and just restaurant great, there Dallas, here so

we're probably can, to incorporating space the we're that, important of are support place physical it line systems in where business the So we but that than changes. putting more

John Glass

a than open. quarters it different were Is was obviously rooms Chili's, prior it lap dining in

you've So there higher sales. notable; buying probably got premium in alcohol some else are products. Is anything that's consumers mix

we cycle mixed year about the kind a this of the of negative mix couple similarly dynamic think playing up ago? as next For example, quarters from you over should

Wyman Roberts

just is alcohol biggest one, the think sales. John I

average case biggest As lot First, check places, the alcohol the and and secondly, rooms you of that's of open, been, running. what the always dining what sales, And we've mix to getting is, just helps you in is sales general dining right? thing in biggest up the seen sell incremental been beverage it then it's rooms benefit most. and we've can't pick is up a

John Glass

it. you. Thank Got

Wyman Roberts

John. Thanks,

Operator

you. Thank

next John JP today question from coming Ivankoe at Our is Morgan.

Your line is live.

begin. You may

John Ivankoe

notification National happy just a Fajita guys, Hey I you? Day. from got are you. I'm how

Wyman Roberts

There you go.

John Ivankoe

during That you. call. the came Thank literally conference

not of normally including is some like least of year. – at on was is which alignment presumably lot things OpEx, normally items steady. But So maybe came costs the out of the that throughout year, that other know XXXX which relatively half costs it's Fiscal maintenance, a the other run rate marketing, has insurance, that a first the is I advertising, repair and percentage fixed and sales, question

think week your do as And the a the well. line that how probably sales that you the from comps obviously benefit understand lot improve. in So especially category a about as of cost of XXth percentage quarter, fourth as is, question there's in

same So for we're that on sure page cost that to wanted the just make all category?

Joe Taylor

to Yes. marketing two really years the strategy John, again continue I maintain that we years, we'll on going X.X deployed now. think

comfortable have we're marketing, So fire to OpEx. power enough in built we that the other

also. use net really up in we now think your be loyalty restaurant in because expense we other line quotes mindset is of continuous contain to traffic costs fixed OpEx, show there's as think it you leverage where of to you line with growth and one-to-one as contact think digital it expense different in when a top capability I about does point margins to comp that think about As marketing that of our – is about lot going Again drive that a your know, a referred a It's opportunity. going to it. we leveragability marketing within a lot guests

year-over-year expand in So, margins I that category opportunity think specifically but there generally, to too. is a

John Ivankoe

That's you. Thank great.

Joe Taylor

John. Thanks,

Wyman Roberts

fajitas And John. some have

Operator

Thank you.

question from Barclays. is at coming Our today final Bernstein Jeffrey

live. line Your is

You may begin.

Jeffrey Bernstein

questions. Great. you Thank very much. Two

think on mentioned you XX per I earlier. The the first year. comments following the Joe, plus from one opening unit growth up

said this half the you of in think coming starting back I year.

acceleration of I the brand that how rate for understand that make that the versus few and next would can just of be to color if by to want this So U.S. maybe is we you your share unit growth you any terms earlier? years or in run kind about correctly, and units think XX assumption sure mentioned that should of international, XX north what plus,

Wyman Roberts

relate domestic the the Yes. to side And again, Chili's of the that equation. that's comments

more eight probably taking We that opening pushed somewhere those have year. probably fiscal be real nine the actual already on you north estate this of that going to of year a towards and of the in I and you'll construction in of know, pause in construction, in would the of back XX. pipeline timing that's based because the be expect half starting to push see six may also to

not then the XXXX, impact low-XXs. – teens XX pipeline very as up of but quickly an So moves that big high in towards

as start here. you'll that really to in pipeline realization, our and kind to range see is to of XXXX to maintain to XX forward build go from say in and So that let's that continue come XX intent we

organic tonight's So system. growth start the flowing back into will again,

Joe Taylor

and acquisition reception other really opens really as getting getting in And that but brand and not those excited of rapidly in up as was by Jeff, areas pleasantly open we're we'd possible for the few, as Midwest just to only in about additional at made have, opportunities as restaurants, restaurants markets, some – of we now Texas we're the in restaurants haven't is excited started have developed surprised getting franchisees country these of about the where open, into. more just we've quite a us we're made the parts the we these where look It excited real as estate opportunities we

Jeffrey Bernstein

wondering there any a any Is were terms prepared wondering you thought remarks your I whether to company benefits all could when in opportunities know more just couple going I'm are some issues great of franchise through. gone Thank not scale you what of that. or refusal talked you that where model. provide franchisees sold we've being guess, I'm have want like mix you that mix International? buying terms first like maybe. about whether go franchising, to a in around existing I but your segue. kind wondering a growth I write you beating be there's franchisees through behind whether know the you. and just you're XX% of U.S. wanting thoughts a I color commentary that's to, Wyman, you coupled your like might times mentioned of convinced with in felt when of us much in and you on operated accelerate plus U.S. currently there's of and have,

Joe Taylor

our looking company owned I at company U.S. in the Jeff, think majority restaurants history, of obviously got we can you our I believe know, owned. the mean, we've are model, just see you

We things the a leverage partners Across growing franchise and what's they That's, are a And they obviously make their across and to have rapid you out we're with the brand systems, are and has do pace. of like. all how about the ownership beyond supply that's operating we brand; do still we're commentary having about future connected investments everything chain, really position we're of the these with couple scale just a doing? the that moving technology. there, but the obviously conversations really them getting – in good because can franchise system, across of at across and, on the with my look staying excited

everything You partners. in do dining parts is franchise a virtual to do, just lot I restaurant. there's start to and keeping casual even good just restaurant a a in moving mean, to of brands with hard sync

we're for we're continue to opportunities have in And so believe potential. we'll conversations excited the to about these that, going and we do look and

Jeffrey Bernstein

very Understood. Thank you right. much. All

Joe Taylor

Jeff. Alright. to talking Good Thanks you.

Wyman Roberts

Okay.

I think up, all wrapped Mika? we're

Mika Ware

the wonderful everyone for on a joining you Thank us day. Yes. call. Have

Joe Taylor

everyone. Thanks

Operator

conclude gentlemen. and event. Thank today's ladies does This you,

a You you at time for have wonderful and participation. this your disconnect may Thank day.

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