TAST - Earnings call transcript Q4 2017 | Carrols Restaurant Group Inc.

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Operator

Welcome to the Carrols Restaurant Group Fourth Quarter 2017 Earnings Conference Call. [Operator Instructions] I would like to remind everyone that the conference call is being recorded today, Wednesday, February 28, 2018, at 8:30 AM Eastern Time, and will be available for replay. I'll now turn the conference over to Paul Flanders, Chief Financial Officer. Please go ahead, sir.

Paul Flanders

Thank you. morning. Good Relations should which our Web is www.carrols.com, the you earlier announcement site access under morning, this available Investor have now earnings to released at By section. in our

them. therefore, I'd be are Before we discussion include future not guidance regarding guarantees statements, forward-looking or to placed comments and everyone may of strategies, that of will consist like undue which our begin not our remind plans. on reliance remarks, should our intentions, These performance statements

refer our risks for could results. to also more details, impact and SEC We with the you filings business especially that the our

to earnings During isolation Dan discussing our in today's reconciliation will evaluating or refer release. is the all we'll for results acquired as non-GAAP that not to accordance this including restaurants company's certain legacy useful while of The Today we measures available performance. with should measures, of a generally A presentation substitute which CEO turn call, restaurants and principles. we in those accepted Carrols accounting our XXXX additional include of the be to now XXXX. call other the those when prepared through said, With be Group, before our in President over believe restaurants, XXXX, with we GAAP considered can comparable information discuss acquired acquired Restaurant restaurants, I'll from Accordino. be

Dan Accordino

pleased a to and crossed of were Paul, company everyone. XXXX. have We milestones Thanks, good morning, major couple in

the sales almost sales First, $X.X the with billion crossed for total year. totaling $X mark billion restaurant

XX and We ended in units operate we restaurants opening restaurants units. XX number the having XXX Secondly, new XXX King the of exceeds that Burger year restaurants with acquired XXXX. now

that accomplishments proud and few rather we've years. of growth is team over the Our past achieved significant the these

on XX.X% to $X.XX, notable X.X% parts all strength a gain sales for $X.XX Total two we and XXXX better across billion sales for impressive an somewhat increased with value a restaurant line, with exceeded guidance recent drink in onions and increase prior for results, results beef fries gains full-year turn all our egg. X for to and on in crispy Flamin' promotion, our able flame-grilled restaurant commodity rose Cheetos. Hot a the included our and growth, the adjusted while sales included increase top day signature to than EBITDA. will of restaurant extension $XX.X year most and the solid persistent offers featuring WHOPPER $X.XX quarter-pound sales top for drivers Mac the promotions, small quarter, in that, and cheese, With X.X% quarterly elevated financial estimates comparable Turning results. I performed sales our in And under recent were million. from fourth adjusted more we traffic Sandwich topped n' million wage quarter fourth Chicken $XX.X EBITDA With to KING line Cheeseburgers were XXXX from to respect the X Farmhouse pressure quarter most and X.X% to Comparable and year. fried restaurant sauce costs inflation, comparable bacon patties, a our DMAs. King, Nuggets Premium reflecting Spicy with $X

Buffalo chicken quarter the featured the bacon also chicken sandwich. Junior, new Cordon During we KING and the crispy Bleu melt, a

breakfast mix-and-match our biscuit. part or fresh with now breakfast day on continued CROISSAN'WICH focus included sandwich available X is offering the either which the Our for $X baked

check Chicken products Sandwich. broad mix-and-match quarter. momentum All by reflected our a and offerings limited and format $X we has the pancakes in three in our the WHOPPER these first sales very promoted balancing result we effectiveness all, of expanded January, for biscuits and demonstrated promotional value strategy the of large in our drive to as array in Burger King's X The in Lastly offering for Crispy sausage $X.XX time been and for marketing the into continued sales $X.XX. accounts customer is Starting to positive results. supporting include premium,

We to while improving higher EBITDA the restaurant profitability. adjusted fourth level quarter, year compared Turning and prior generated operating to margins.

level XXXX, purchased updated margins beef total year level in locations most the in performance end including to Although fourth In favorably our restaurant and total leverage respect were brought the were our acquisitions, our our adjusted to store locations strong quarter portfolio we With total the fourth XXXX, across restaurant by than and activity had wages. costs operating during XX progressing EBITDA other four higher restaurant remodeled promotional restaurants impacted to these to of we activity quarter, design. restaurants, ground XXXX is XX sales which a more XX% higher costs XX/XX of in of acquisition new Maine we well. integration at the and of able

in reiterating Paul And review. momentum XXXX the the the earlier, off will into capped now fourth mentioned while profitability financial for In EBITDA adjusted I that for end a provided the over that, November, sales several bottom going With our year. As improved our opened new the the we raising prior we most XX year a modestly XXXX, that with King's summary, range we last also to we've restaurants, new of to turn quarter compared solid guidance. including call solid years. we initial Burger guidance and the are generally I strong opened performance with

Paul Flanders

premium reflecting since period, healthy X.X% momentum Adjusted XX.X%. average sales fourth prior to trend X.X% of to increased note, XXXX a menu including $XX.X XX.X% while year a increase million shifts of restaurant in of EBITDA and EBITDA included $XXX quarter quarter margin of customer also The the million margin increase quarter year $XX.X increased basis XX% Comparable increased restaurants Dan. million and restaurant of increased X.X% in fourth acquired in accelerated contributing XX.X% comp million top to in $XX.X level year X-year so in sales. fourth with adjusted check quarter the restaurant EBITDA check XX.X% increased the of X.X% million the King's the quarter sales Thanks, level in period. X.X% traffic. was quarter, points the while the was in check. EBITDA of beginning increase average Restaurant in sales, and Restaurant million Burger promotions the X.X% in in Restaurant higher to $XX.X restaurant $XX.X a very to the impact basis sales XX prior the to from in sales sales sales. XXXX. than the increase XX points in the mix comparable the in contributed pricing, X.X% increase of prior on Of

to Restaurant points beef X% X.X% they the a XX.X% lowest said, year. fourth most decreased sales percentage prior sequentially quarter ground sales strong decreased previous higher was sales leverage Dan our our year increase exception, of favorably prior $X.XX in quarter, third XX the restaurant prices XXX able as performance as to to compared than were in ground of in compared strong from about costs. we per leveraged Cost we were As increasing period. notable pound quarter the basis XXXX. This which the quarter against due sales sales. the while expense quarter the quarter all of prices activity And reflected higher the beef year-over-year to restaurant year fourth basis averaged points of operating the of level of management labor the with cost higher to along fourth promotional XXXX,

excludes for $XX.X reversal lease for credit million expense we period. fourth wage the under were basis against rate adjusted the and press compared primarily it tax sales, as of included valuation capital taxes rate $X.X $XX changes full-year. the leveraged favorably of Net tables late charges, the acquisition quarter Our a restaurant total income million fourth deferred per $XXX,XXX operating per the million revolving to the impairment of income $XX.X $X.X XX assets. to measure Adjusted X% today's $X.XX expenses of provided by balances facility. debt or an losses acquisitions following share is due discussed revaluation quarter. $X.XX gains or million, certain And in to to net income share A restaurant of the that, was restaurant cash above. income guidance in diluted per net general In no end administrative approximately the to previously $XX.X of provide per other XXXX about income tax share the fourth hourly was a XXXX. XXXX, income lowering or the million $XX.X the points to in percentage were inflation, other deferred Total and million $XX.X our XX expense of taxes of by net $X.XX share outstanding XX of million the of basis for or points, million a fourth under excluding and a cost were In however, net and established reconciliation of in with and federal net advertising net and non-GAAP diluted benefit costs, tax to income This enacted deferred XXXX year for me With $X.XX prior basis XXXX respect diluted our our the diluted let and million prior points. was there is for also GAAP borrowings outstanding the the other year net quarter net income supplemental excludes reversal the expenditures XXXX taxes. $X.XX of $X allowance or period. excludes allowance was under recorded related million of income release. which due to XX% in compared the XXXX. XXXX Adjusted diluted $XXX.X share in At was valuation quarter, law tax quarter per with of other decrease

bottom generally adjusted we range, exception with reiterating increased we’ve are end. of our back what the much EBITDA the of We in on which provided November

as As a does progresses. may impact potential reminder, year from our we and include complete the guidance any acquisitions not

restaurant comparable an billion estimated of sales. restaurant billion. $X.X $X.XX growth to to billion X% We billion sales expect $X.XX X in total X% $X.XX to Previously including

to Given EBITDA be including General in $XXX to that costs increase to part in our or expenses compensation expense are to be comparable restaurant is expected Commodity excluding X% acquisition to beef our $XX million. and of better-than-expected compared $XX to range. increase million related believe the costs. the stock range to skew quarter, now lower X% performance $XX to of total $XX this million $XXX expected middle to administrative million we fourth could X% a cost. are X% the somewhat million, and expected million to Adjusted previous sales

to million X%. $XX million. to related is expenditures tax X% estimated discretionary expected before be between effective be growth rate income Our and $XX are Capital to expenditures

construction remaining In the addition cost new our be XX in $XX the XXXX from are to to new to expenditures million. restaurants for late and XX of $XX million expected year, construction to unit

properties in We XXXX. lastly, generating including million our XX XX proceeds. primarily expect remarks. in Such million expect complete we certain $XX XXXX. that new opened prepared to to of restaurants include units This sale-leasebacks estimated restaurant restaurants opened close in to concludes already sale-leasebacks And we $XX

questions. So, for line with go lets operator, that ahead open the and

Operator

Thank you. first with comes Inc. And Slabaugh question Stephens [Operator Instructions] from our Will

Will Slabaugh

Yes. Congrats on quarter. you first. the the comp to I acceleration, Thanks, wanted ask guys. on

you’re a going a execution number. better anything or I restaurants? is XXX just points basis, think there product on you the which showing is you on were this in Is X-year weather-related here, a benefiting basis of geographically eye-popping pretty up

Paul Flanders

a the in think better strongest I we had double-digit -- example. a some that too consistently the I meaningful I Upstate, that for a December. were probably don't was which single will positive is were -- I we recall across up New of we comps York the comps little on weather quarter. don’t Northeast operate in one markets were markets past. know if many were the but the our every basis, were DMAs reason. in we for pretty many that we impact, happening I'd maybe in bit in, say, don't the say times that regional We of all

Will Slabaugh

and And it. you curious January heard pretty you’re said consistent would right, helpful to Got the February, sure well. you and I if on throughout be just that had also you’d quarter any make as was I comments

Dan Accordino

little quarter say turned mean bit. to out actually would we -- through accelerated mean, I the month December. strongest be a we I actually our I

performance in our our In through first solidly say I February, the would range. of quarter, so describe first -- the would describe in I as three of the single-digit we terms weeks first would our January, was far fiscal comps guess I obviously, I and

Will Slabaugh

it. Got

beef on seeing Any and you the throughout XQ are there down of move out thoughts as thoughts year? XXXX, Last kind mentioned in Okay. was for thing we now? sequentially you you’d what moved curious

Dan Accordino

As cost think, to X% to beef we for said full-year. averaged X% We full-year. up about, I first we for to expect our be the $X.XX the $X.XX about

below there We're to a on just little least to from think here, our beef actually I I X% the are are year. -- at We point. that at XX% so but could a from where bit over -- we this year-over-year $X, over up implies X% last today, guidance go over basis X% think last

Will Slabaugh

Got Thanks, it. guys.

Operator

And from comes our Citi. question Badishkanian next Greg with

Fred Wightman

you be just Fred X%, on check look mix how sort I X.X% and last think is? we If over Wightman number fourth sustainable seeing pricing actually about that think you Greg. implied it is up benefit This just over at for you the you're of guys. was that talk that for said quarter Can should Hey, quarter. which

Paul Flanders

just check up also X.X% effective pretty have premium size, quarter, the more the I the mix in Yes, very that promotions. which was on Well, the we premium promotions we value year, along think driving the mix a about check. is pricing, X%. was which both promotions seen so the said, is I reflection the right have probably average throughout good as and going the obviously contribution here of of of been in have

promotion WHOPPER north the generating for For second is XXXX, $XX. X example, average a it’s and particularly we in check of the half had of an $X promotion $X which

in into of Because the over the we the and a little sense. pricing obviously and in further I into of likely we a X% full-year, we’ll effective very about price increases that that quarter X% additional had think are as menu year. promotions those X.X% get that So for take quarter, rolls bit the we're some under first

Fred Wightman

year. you levels, sort mentioned that just about which into you're landscape to in what -- competitive think talk of broadly great. that? the in I Can promotional next release or the remain Okay, this into And to expecting was elevated seeing you're you the

Dan Accordino

McDonald's was $X, in -- Dan. know I much $X it's is, is we generally Yes, the their $X, same the mean Wendy's be for competitive landscape this to so is and as in Yes, is X XXXX will competitive with you think competitive -- very doing the doing $X, -- and what XXXX landscape continue the -- the it XXXX.

Operator

comes Hunt question Wells And our with next Fargo. from Bryan

Bryan Hunt

sales that if I could you. a or date. you push of Thank in digit high-single was -- quarter -- bit the Paul, Would I more, that low-single wondering be solidly little I if said kind single-digit to put what I and to digit? same-store interpret

Paul Flanders

it Bryan? just to give me me like want want answer number, to you You -- you the sounds

Bryan Hunt

That fine. would as Okay, helpful well. be

Paul Flanders

Solidly the range. in mid-single-digit

Bryan Hunt

you very Okay. That Thank helps. much.

Paul Flanders

I If clear? that make didn’t

Bryan Hunt

mind. acceleration caused the your quarter. in look driver I said the bigger day because all relative about out may of you If that's same-store the a premium you throughout comps Can I accelerated these QX good. part, that’s mean, some the in anybody promotional be to whether it far be QX? that so QX strongest talk amount of and/or were driver No, at sales, promotions in posted reported the they may you consumers of taking

Dan Accordino

of X $X $X accelerator for quarter. clearly The X terms this The Dan, the -- is major in promotion comps fourth was Bryan. a the in for

saw dinner both the increase menu we talked launched, And day environment that McDonald's was $X, is in as a promotional you with $X, soon new. Fantastic. lunch about the -- promotion forward, snack $X As going the and promotion pretty Quarter robust parts.

of jack-in-the-box been you or as renewed they're best suit these you pace reemphasizing particular Have difference doing. share all. besides reemphasized, relative a who think any said to has the you sales all of of is same-store in have the followed kind you taking do one of as Wendy's promotions seen think what -- I and kind promotions, these doing is

Dan Accordino

been effective what a No, been Burger been and I very of the actually competitors doing. King the think marketing calendar has actually have bit ahead that

of could as restaurants. quarter fourth tell promotions by suggest much on I our wouldn't have you impact So these that sales, our competitive any

Bryan Hunt

Are back a store manage and long of becoming good core you do or is enumerated you what of cumbersome you're list is any employees balance Dan a LTOs? there the for think that fears And too to juggling products. the there -- between in

Dan Accordino

in a the Actually good Burger King is same job on using very with various toppings. SKU

So, we quarter. fourth kitchen in -- consequently, have haven't of as new in SKUs seen fact, not a of lot any the a seen matter the we

new modifications a Chicken Crispy its been Sandwiches Chicken same really to the X So existing -- obviously and toppings. WHOPPER $X SKU. not it's was just for is the and The

been the increased of that has the marketing So think I don't all virtue complexity calendar. or by at -- enhanced

Bryan Hunt

And questions. this stand ordering the Where year? Is for launch we early something Burger does app last that King? see will two mobile this for

Dan Accordino

question expect That the mobile but year, Carrols any we not answered better Restaurants King, by is Burger do to no. see early launch this in

Bryan Hunt

last bonds capital Are done a And near-term is, is Okay. in structure is very become performance XXX, or the your any question more strategy? plans callable this there solid. year XXXX your of the this

Paul Flanders

plans the we have for are not in capital. any rush It's May, get I something to don't call to necessarily is starting market. that immediate mean, mean look just at. obviously no needs presently. have we the We to I there's

get As $XX we million cash. I said, in

year's would at of these be look and that. be rate think structure would that’s obviously relative interest [indiscernible] plenty more of offering. opportunistic to And to so Some less simply We the starting opportunities. -- I we're last left -- -- restructuring, from revolver, it got just capital

Bryan Hunt

for your Thank you luck. Good time.

Dan Accordino

Bryan. Thanks,

Operator

we next Raymond from Vaccaro James. take our question with Brian And will

Brian Vaccaro

good and Thanks morning.

circling And as your you the us back you comps, Just monthly comparisons think get on the of through to a Paul, cadence the Can first quarter. move if 'XX? date, in remind couple the on difficult first quarter of I could. questions quarter more I of the

Paul Flanders

year generally think know last the not if if to, nature out of with the don’t that a really just in changed slow with you I pretty I year I disclose was necessarily we -- pretty historically comps, That back got we monthly think but, last quickly. in January, you promotion. of January start mean, we successful which

I how got -- January. stronger. commentary we a sort started think on that’s So of February

the where I think a launched Cheeseburger time was King Burger deal. there [indiscernible] X

worked saw So obviously the our quarter. as improvements we way we through

Brian Vaccaro

were March Jan then Okay. my Is recollection and positive? both right Feb -- negative it and that was

Paul Flanders

That's whole say mean, month really yes, that one slightly then was -- But wouldn't quarter the significantly February was a a negative. March and vary -- although, from positive. that much. slightly they I wouldn’t was -- it's I January I fair negative, stemming different another say were that’s

Brian Vaccaro

Okay. pretty a terms U.S versus outsized great. of in the in also, that this And what attribute the in system Burger That’s outperformance? row is of overall the you King quarter to as second performance

Dan Accordino

I that the The be to stronger because -- of in Dan. I only only favorably thing I benefited for but specific geographic the The don't comps what that know divisions, our is more King. ascribe divisions it Northeast can differences. Northeast, assume probably can various each in this the were would other was than only were Burger that the the comps the

Brian Vaccaro

particularly acquired I pretty margins it quarter XXX reflecting units, up that improvement quick, Is Okay. could you touch Cincinnati of drivers gears, maybe unit that store realizing? also reflecting of And the on the the over is meaningful was bps. Maryland shifting the fourth improvement? were or if mostly mix the real operational you're that impressed some that that acquisitions, and can Paul, by margins, on

Paul Flanders

mean, acquired or in we’ve certainly units given a unit average of unit impact of -- somewhat I think are just margins, [indiscernible] much the both. obviously I on little simply overall it's had volumes those bit acquisition their Maryland, that the higher. so have -- a

So because [indiscernible] some would But stores. that improvements been more of on that acquired say the a we’ve in have impact. the I general basis making

Dan Accordino

Yes, offset margins age were but of by somewhat fact the the Maryland in that this that the is Cincinnati Dan. higher, certainly Yes, these [indiscernible]. in was

the Cincinnati, by bit margins margins Cincinnati have we’ve we virtue as sales both just the longer those that consequently have of quite made But little enhanced markets, the but had Cincinnati in considerably. in improvements in a primarily robust. weren't So

Brian Vaccaro

like one single-digit Okay. That's the does G&A helpful. for reflect percentage And last guidance. It then a me, question growth 'XX. high in it seems on

'XX that us the what's look you 'XX. the at up about walk increase? the bucks increase midpoint through of of X% organic assume saw Can Before in dollar in that’s there? that basis, X% bringing you versus it year-on-year increase just acquisitions, $X same impact sort driving on to dollar an Anything you’re on I of you if a million that sort at basis

Paul Flanders

of district level, at Well, -- stores anything XX don’t there's been managers I you full-year if had in field stores, clearly think probably overhead so -- we’ve that’s specifically mean, the impact some the have I remember, added know I XXXX, regional that's incremental and acquired impact. for the some

our for and training manager thing our costs other everyone training sure I'm G&A The but not understands, classifies expense. in is

because that’s So out for pull And of call think XXXX. compensations have higher, [indiscernible] G&A out the assumed only of we we of in plans, that's guess gone in effect thing to -- other managers particularly not the costs that our on we assuming salaries purposes the the focused area get do and toward obviously maybe number. cost. little classified is when which training training, turnover hit restaurants growth, I say training were And bit reducing internally I I’d other did instead to maybe had a up on we those the it the restaurant similar be is

Brian Vaccaro

along. you. Great. I will right. Thank All pass

Operator

question [Operator Hamblin Company. with Instructions] next Jeremy We will from take Dougherty & our

Jeremy Hamblin

a sense on Good stock finished my $X.X wanted about and on on million think follow-up I just last strong to I'll add front. for that year at a I congratulations results. the the morning, it there with compensation get start guys.

$X.X we on side $X of basis, in let's million the do you stock although I comp income reports Can the statement. equation? a how it that, on you or included Paul, the factor on should think be sense, it like this G&A give say me million number reported in excludes a

Paul Flanders

$X thing last for to I structure say comp risk have in is putting added in the range. million you’re some relative that shifted our period some $X one modifications that payable million we to so, the probably of period a I'd some over just or some and of mean, a of time -- included then aware of, form year of time, the we of depending so at bonus Yes, which is in turn now performance. component stock, bonus -- longer actually paying on of of the is a the

that So have some impact on that well. line as

Jeremy Hamblin

Okay.

adjusted stock range, an Excluding including be basis reported on to million basis is So for million $XX the like on any to a $XX right? the acquisitions?

Paul Flanders

Correct.

Jeremy Hamblin

There's Okay. bit any lots that Any It kind XXXX, at, And as or all older. looking a you kind you’re the stand? changes getting franchisee earlier, of things didn't then How follow-up little but at in we acquisitions, digesting in talk see deals where active you're have to the -- anything commentary on there, on on many pipeline. whether nice about not continue out from of transactions has sizable in based of we acquisition commentary point a some the deals pipeline. -- been nature?

Dan Accordino

is Yes, digested well. acquisitions Dan. pretty the Jeremy. This We’ve XXXX

be yes, in which one could which those and particularly So that's are do negotiated. are of to XX And we with all. deals ability range, inhibiting several deals, pursuing actively to deals of not the currently are our XX store some And, being not large.

Jeremy Hamblin

your with that you're from in -- continuing higher willing on what acceleration but obviously perspective, higher of to the EBITDA Xx to in on that's stay evaluation, valuation comps, EBITDA, the change disciplined there's pay? any in any And change

Dan Accordino

we Yes, disciplined. remain

Jeremy Hamblin

would that to mentioned to the X% thinking be How menu some pricing on growth back for think on price of last I Paul, wanted the heels then, going comps mix X% the of positive at Could I we it the come clearly looking same-store up menu just there getting about which guidance, is like build again I as into to me build how out thinking think back the X% And to about QX through comp? you you to composition the just on X%? Are Okay. plus contribution X%, should stands get kind back that in X%. that from the for year, QSR X% even sales in best the that? or of I X.X% X%. year, you represent

Paul Flanders

Yes, quarter. we’ve first [ph] effective dealt what I X% pricing carrying said is into the

off year, but of pricing, a course been little price taken. Some already for full-year. is increases the we’ve price will our full-year for on under been based existing added those already drop the the -- during just X% the That’s

Our to get to reexamine we would year. view plans is but try that for to that will obviously forward, this as move X% our be up we the and

at So, the to from mix continue level. objective expect the we we favorable know this we’ve as as indicated seen will be to have pricing which X% promotions, we

sales have I mix. the would So those, from expect we some additional in increases average check the from

mean, obviously frankly. want I XXXX aggressive yes, to comparisons very I be mean, given We it's what think we could as wanted -- been asked like, you the don’t trends, strong. as think to we're I just the overly -- look forward

Jeremy Hamblin

but with ask, fairly And figuring guys. you the they’re better is with side WHOPPERS two customers because cost price. for what again, Okay. there's because checks a pound your now in in then traditional to also I very this as out discount think the off [technical to, really for off strong for is real difficulty] check sandwiches disguise, What well. so bucks, consumers and for value I these $X and it that's success you’re of the terms I double are -- really that quarter of just just is significant think roughly a the really driving the to higher just the to simply KING value restaurants XX%, of But the sandwiches, Is kind high this Is into real value for you responding brand coming I it's the what start of strong premium messaging is even messaging? asking and a KING series. have had kind disguised think, XX% of discount, comps

Dan Accordino

about behaving. think it, the Jeremy. the I think way exactly that’s a That very is to way good consumer is

check As Paul $XX. for of average is earlier, an yielding the promotion said $X X north

So, King. think exactly on being and consumer, of this behalf yes, the is I that that's Burger it's how very used clever by

Jeremy Hamblin

I you XXXX? Yes, average for just for that the check context can Paul, the agree. what to in put year, was

Paul Flanders

here. Give me second a

Jeremy Hamblin

I think $X.XX XXXX. had you for

Paul Flanders

have I good the quarter, to higher. the I might I you fourth don’t full-year can you that. it know tell a where here. we’re. give be Its benchmark

Jeremy Hamblin

Okay. Sure.

Paul Flanders

are at we quarter Fourth $X.XX.

Jeremy Hamblin

Okay.

Paul Flanders

$X of $X.XX basically. would the I look I sort year, back over I from the of And were we just mean, to say, $X course anywhere -- to

say is would one probably $X.XX, range. the in of I the what So average $X.XX

Jeremy Hamblin

Great. for Thanks and my guys. … questions, Congratulations taking

Paul Flanders

Thanks, Jeremy.

Jeremy Hamblin

this … wishes best year.

Paul Flanders

Okay.

Operator

no it further remarks. And time. additional are to there at this management turn questions any conference closing like or the back to over for I'd appears

Paul Flanders

We after Thank point. your anything have today look to time appreciate really this speaking add and you. forward to We quarter. the you to don't you. at first Thank

Operator

Thank today’s does your conclude that And for you participation. conference.

You disconnect. may now

Carrols Restaurant (TAST) 28 Feb 182017 Q4 Earnings call transcript