1.6% increase in fiscal 2023 comparable
restaurant revenue
$57.7 million improvement in net loss and a 33%
increase in Adjusted EBITDA during fiscal 2023
Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or
the "Company"), a full-service restaurant chain serving an
innovative selection of high-quality gourmet burgers in a
family-friendly atmosphere, today reported financial results for
the fiscal fourth quarter and year ended December 31, 2023.
Highlights for the Fourth Quarter Fiscal of 2023 Compared to
the Fourth Quarter Fiscal of 2022:
- Total revenues are $309.0 million, an increase of $19.4
million, inclusive of an additional week in the quarter.
- Comparable restaurant revenue(1) decreased 2.7%.
- Net loss is $13.7 million, an improvement of $31.0 million from
a net loss of $44.7 million during the same period of 2022.
- Adjusted EBITDA(2) is $10.6 million, a 26% increase.
Highlights for Fiscal 2023 Compared to Fiscal 2022:
- Total revenues are $1.3 billion, an increase of $37.5
million.
- The fifty-third week in 2023 contributed $24.5 million of
restaurant revenue.
- Comparable restaurant revenue(1) increased 1.6%.
- Net loss is $21.2 million, an improvement of $57.7 million from
a net loss of $78.9 million during 2022.
- Adjusted EBITDA(2) is $68.9 million, a 33% increase.
- Completed two Sale-Leaseback transactions, generating net
proceeds of $58.8 million and a gain, net of expenses of $29.4
million.
- Repaid $24.9 million of debt and repurchased $10.0 million of
stock.
(1)
Comparable restaurant revenue represents
revenue from Company-owned restaurants that have operated five full
quarters as of the 52 weeks ending December 24, 2023. The
comparable restaurant base includes 408 and 406 restaurants in the
fourth quarter and full year, respectively, out of the total 415
Company-owned restaurants.
(2)
See below for a reconciliation of adjusted
EBITDA, a non-GAAP measure, to Net loss.
G.J. Hart, Red Robin’s President and Chief Executive Officer
said, “2023 was a successful transformational year for our iconic
brand. Operationally, we made significant investments in what we
serve and how we serve it to ensure the Guest experience at Red
Robin is a memorable one and we continue to receive positive
feedback from Guests. Financially, we made substantial progress by
delivering a 1.6% increase in comparable restaurant revenue, a 33%
increase in Adjusted EBITDA, and we strengthened our balance sheet
by completing two tranches of sale-leaseback transactions to reduce
our long-term debt by almost $25 million dollars.”
Hart concluded, “While we have made significant progress across
all points of our North Star Plan, 2023 was only the first step of
our multi-year strategy. In 2024 we expect continued operational
execution of a great Guest experience, additional marketing support
and new campaigns to communicate the upgrades we have made, the
launch of our new loyalty program, and aligning incentives under
our Partner compensation model, will accelerate our path to achieve
our goal - to bring Guests back into our restaurants for connection
over craveable food that only Red Robin can provide.”
Fourth Quarter and Full Year 2023 Financial Summary Compared
to 2022:
The following table presents financial results for the fiscal
fourth quarter and full year of 2023, compared to results from the
same period in 2022:
Thirteen Weeks Ended
Twelve Weeks Ended
Fifty-Three Weeks
Ended
Fifty-Two Weeks Ended
December 31, 2023
December 25, 2022
December 31, 2023
December 25, 2022
Total revenues (millions)
$
309.0
$
289.6
$
1,303.0
$
1,265.5
Restaurant revenues (millions)
301.0
278.6
$
1,274.3
$
1,230.2
Net loss (millions)
(13.7
)
(44.7
)
$
(21.2
)
$
(78.9
)
Income (loss) from operations
(millions)
(8.0
)
(39.9
)
$
4.5
$
(57.5
)
Income (loss) from operations as a percent
of total revenues
(2.6
)%
(13.8
)%
0.3
%
(4.5
)%
Restaurant Level Operating Profit
(millions)(1)
$
36.8
$
31.6
$
164.0
$
159.5
Restaurant Level Operating Profit
Margin(1)
12.2
%
11.3
%
12.9
%
13.0
%
Adjusted EBITDA (millions)(2)
$
10.6
$
8.4
$
68.9
$
51.7
Net loss per diluted share ($ per
share)
$
(0.87
)
$
(2.81
)
$
(1.34
)
$
(4.98
)
Adjusted loss per diluted share ($ per
share)(3)
$
(0.66
)
$
(1.38
)
$
(1.44
)
$
(3.32
)
(1)
See Schedule II for a reconciliation of
Restaurant Level Operating Profit and Restaurant Level Operating
Profit Margin, non-GAAP measures, to Income (loss) from operations
and Income (loss) from operations as a percentage of total
revenues, respectively.
(2)
See Schedule III for a reconciliation of
Adjusted EBITDA, a non-GAAP measure, to Net income (loss).
(3)
See Schedule I for a reconciliation of
Adjusted income (loss) per diluted share, a non-GAAP measure, to
Net income (loss) per diluted share.
Balance Sheet and Liquidity
As of December 31, 2023, the Company had outstanding borrowings
under its credit facility of $189.1 million, in addition to amounts
issued under letters of credit of $7.7 million, and liquidity of
approximately $48.6 million including cash and cash equivalents and
available borrowing capacity under its credit facility.
Sale-Leaseback Update
The Company anticipates it will complete a Sale-Leaseback
transaction to sell and simultaneously lease-back from eight (8) to
eleven (11) owned properties during the first quarter of fiscal
2024. Red Robin expects the transaction to generate gross proceeds
of $20 million to $26 million and to use net proceeds from the
transaction to repay debt.
Outlook for Fiscal 2024 and Guidance Policy
The Company provides guidance of select information related to
the Company’s financial and operating performance, and such
measures may differ from year to year. The projections are as of
this date and the Company assumes no obligation to update or
supplement this information.
The Company's Fiscal 2024 guidance metrics are as follows:
- Total revenue of $1.250 billion to $1.275 billion, including
comparable restaurant revenue of a low single digit percentage
decline.
- Restaurant level operating profit(1) of 12.5% to 13.5%,
inclusive of investments in the Guest experience and rent expenses
related to the sale leaseback transactions;
- Adjusted EBITDA of $60 million to $70 million(1);
- Capital expenditures of $25 million to $35 million.
Fiscal 2024 includes 52 weeks versus 53 weeks in fiscal
2023.
(1)
The Company has not provided a
reconciliation of its Restaurant Level Operating Profit or Adjusted
EBITDA outlook to the most comparable GAAP measure of Income (loss)
from operations and Net income (loss), respectively. Providing
Income (loss) from operations and Net Income (loss) guidance is
potentially misleading and not practical given the difficulty of
projecting event-driven transactional and other non-core operating
items that are included in Income from operations and Net income
(loss), including asset impairments, gains (losses) on asset
dispositions and income tax valuation adjustments. The
reconciliations of Restaurant Level Operating Profit and Adjusted
EBITDA to Income (loss) from operations and Net income (loss),
respectively, for the historical periods presented herein is
indicative of the reconciliations that will be prepared upon
completion of the periods covered by the non-GAAP guidance. Please
refer to the historical period Reconciliation of Income (loss) from
operations to Restaurant Level Operating Profit and Net income
(loss) to EBITDA and Adjusted EBITDA included on Schedule II and
Schedule III of this release, respectively.
Investor Conference Call and Webcast
Red Robin will host an investor conference call to discuss its
fourth quarter and full year 2023 results, and outlook for fiscal
2024 today at 4:30 p.m. ET. The conference call can be accessed
live over the phone by dialing 201-689-8560 which will be answered
by an operator or by clicking Call Me. The conference call should
be accessed at least 10 minutes prior to its scheduled start.
A replay will be available from approximately two hours after
the end of the call and can be accessed by dialing 412-317-6671;
the conference ID is 13744318. The replay will be available through
March 6, 2024.
The call will be webcast live and later archived from the
Company’s Investor Relations website.
Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)
Red Robin Gourmet Burgers, Inc. (www.redrobin.com), is a casual
dining restaurant chain founded in 1969 that operates through its
wholly-owned subsidiary, Red Robin International, Inc., and under
the trade name, Red Robin Gourmet Burgers and Brews. We believe
nothing brings people together like burgers and fun around our
table, and no one makes moments of connection over craveable food
more memorable than Red Robin. We serve a variety of burgers and
mainstream favorites to Guests of all ages in a casual, playful
atmosphere. In addition to our many burger offerings, Red Robin
serves a wide array of salads, appetizers, entrees, desserts,
signature beverages and Donatos® pizza at select locations. It's
now easy to enjoy Red Robin anywhere with online ordering available
for to-go, delivery and catering, or you can download our new app
for easy customization, access to the Red Robin Royalty® dashboard
and more. There are more than 500 Red Robin restaurants across the
United States and Canada, including those operating under franchise
agreements. Red Robin… YUMMM®!
Forward-Looking Statements
Forward-looking statements in this press release regarding the
Company's future performance; the implementation of the Company’s
“North Star” plan and the anticipated impacts thereof; the
completion of the Sale-Leaseback transaction and anticipated use of
proceeds of such transaction; our new marketing program; the launch
of our new loyalty program; operations simplification efforts; cost
savings; our ability to drive traffic and bring Guests into the
restaurant; efforts to grow sales; our ability to build upon
investments and transformational changes, including product and
menu enhancements and changes to the staffing model and
compensation programs; anticipated uses of capital and planned
investments; and statements under the heading “Outlook for Fiscal
2024 and Guidance Policy,” including with respect to total revenue,
comparable restaurant revenue, restaurant level operating profit,
selling, general and administrative costs, capital expenditures and
Adjusted EBITDA; and all other statements that are not historical
facts are made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
based on assumptions believed by the Company to be reasonable and
speak only as of the date on which such statements are made.
Without limiting the generality of the foregoing, words such as
"expect," "believe," "anticipate," "intend," "plan," "project,"
"could," "should," "will," "outlook" or "estimate," or the negative
or other variations thereof or comparable terminology are intended
to identify forward-looking statements. Except as required by law,
the Company undertakes no obligation to update such statements to
reflect events or circumstances arising after such date and
cautions investors not to place undue reliance on any such
forward-looking statements. Forward-looking statements are subject
to various risks and uncertainties that could cause actual results
to differ materially from those described in the statements,
including but not limited to the following: the effectiveness of
the Company's strategic initiatives, including our “North Star”
plan, labor and service models, and operational improvement
initiatives and our ability to execute on such strategic
initiatives; the global and domestic economic and geopolitical
environment; our ability to effectively compete in the industry and
attract and retain Guests; the adequacy of cash flows and the cost
and availability of capital or credit facility borrowings; a
privacy or security breach or a failure of our information
technology systems; the effectiveness and timing of the Company's
marketing and branding strategies, including the loyalty program
and social media platforms; changes in consumer preferences;
leasing space including and the location of such leases in areas of
declining traffic; changes in cost and availability of commodities;
interruptions in the delivery of food and other products from third
parties; pricing increases and labor costs; changes in consumer
behavior or preference; expanding our restaurant base; maintaining
and improving our existing restaurants; the transition and
retention of our key personnel; our ability to recruit, staff,
train, and retain our workforce; operating conditions, including
adverse weather conditions, natural disasters, pandemics and other
events affecting the regions where our restaurants are operated;
actions taken by our franchisees that could harm our business or
reputation; negative publicity regarding food safety or health
concerns; protection of our intellectual property rights; changes
in federal, state, or local laws and regulations affecting the
operation of our restaurants; and an increase in litigation or
legal claims by team members, franchisees, customers, vendors,
stockholders. These factors should not be construed as exhaustive
and should be read in conjunction with other cautionary statements
and risk factors described from time to time in the Company's Form
10-K, Form 10-Q, and Form 8-K reports (including all amendments to
those reports) filed with the U.S. Securities and Exchange
Commission.
Comparable Restaurant Revenue
The following table presents the comparable restaurant revenue
in each quarter and the Full Year ("FY") total for fiscal 2023
compared to results from the same period in 2022:
Comparable Restaurant Increase
(Decrease) Over Prior Year
Q1 2023
Q2 2023
Q3 2023
Q4 2023
FY 2023
Guest Traffic
0.6%
(6.0)%
(10.4)%
(7.6)%
(5.2)%
Average Guest Check
Menu Price Increase
7.2%
8.8%
7.7%
6.3%
7.5%
Menu Mix
0.8%
(2.1)%
(2.8)%
(2.4)%
(1.6)%
Discounts
—%
0.8%
2.1%
1.0%
0.9%
Total Guest Check
8.0%
7.5%
7.0%
4.9%
6.8%
Total Change in Comparable Restaurant
Revenue
8.6%
1.5%
(3.4)%
(2.7)%
1.6%
RED ROBIN GOURMET BURGERS,
INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except per share data) (Unaudited)
Thirteen Weeks Ended
Twelve Weeks Ended
Fifty-Three Weeks
Ended
Fifty-Two Weeks Ended
December 31, 2023
December 25, 2022
December 31, 2023
December 25, 2022
Revenues:
Restaurant revenue
$
300,987
$
278,556
$
1,274,294
$
1,230,189
Franchise royalties, fees, and other
revenue
8,038
11,044
28,752
35,345
Total revenues
309,025
289,600
1,303,046
1,265,534
Costs and expenses:
Restaurant operating costs (excluding
depreciation and amortization shown separately below):
Cost of sales
72,791
72,226
308,962
306,509
Labor
114,697
100,292
473,538
440,564
Other operating
50,755
51,979
224,999
224,704
Occupancy
25,955
22,462
102,761
98,868
Depreciation and amortization
13,938
17,321
66,190
76,245
General and administrative
22,703
20,246
89,360
84,912
Selling
12,078
14,198
34,770
51,700
Pre-opening costs
2
55
587
568
Other charges, net
4,063
30,725
(2,663
)
38,961
Total costs and expenses
316,982
329,504
1,298,504
1,323,031
Income (loss) from operations
(7,957
)
(39,904
)
4,542
(57,497
)
Other expense:
Interest expense, net and other
5,919
4,487
25,460
20,639
Loss before income taxes
(13,876
)
(44,391
)
(20,918
)
(78,136
)
Income tax provision (benefit)
(143
)
294
310
747
Net loss
$
(13,733
)
$
(44,685
)
$
(21,228
)
$
(78,883
)
Loss per share:
Basic
$
(0.87
)
$
(2.81
)
$
(1.34
)
$
(4.98
)
Diluted
$
(0.87
)
$
(2.81
)
$
(1.34
)
$
(4.98
)
Weighted average shares outstanding:
Basic
15,806
15,922
15,835
15,840
Diluted
15,806
15,922
15,835
15,840
RED ROBIN GOURMET BURGERS,
INC. CONSOLIDATED BALANCE SHEETS (In thousands,
except per share amounts) (Unaudited)
December 31, 2023
December 25, 2022
Assets:
Current assets:
Cash and cash equivalents
$
23,634
$
48,826
Accounts receivable, net
21,592
21,989
Inventories
26,839
26,447
Prepaid expenses and other current
assets
11,785
12,938
Restricted cash
7,931
9,380
Total current assets
91,781
119,580
Property and equipment, net
261,258
318,517
Operating lease assets, net
361,609
361,432
Intangible assets, net
15,491
17,727
Other assets, net
11,795
14,889
Total assets
$
741,934
$
832,145
Liabilities and stockholders'
equity:
Current liabilities:
Accounts payable
$
27,726
$
39,336
Accrued payroll and payroll-related
liabilities
32,524
33,666
Unearned revenue
36,067
46,944
Current portion of operating lease
obligations
43,819
47,394
Current portion of long-term debt
—
3,375
Accrued liabilities and other
46,201
49,498
Total current liabilities
186,337
220,213
Long-term debt
182,594
203,155
Long-term portion of operating lease
obligations
383,439
393,157
Other non-current liabilities
10,006
13,831
Total liabilities
762,376
830,356
Stockholders' equity:
Common stock; $0.001 par value: 45,000
shares authorized; 20,449 shares issued; 15,528 and 15,934 shares
outstanding as of December 31, 2023 and December 25, 2022
20
20
Preferred stock, $0.001 par value: 3,000
shares authorized; no shares issued and outstanding as of December
31, 2023 and December 25, 2022
—
—
Treasury stock 4,921 and 4,515 shares, at
cost as of December 31, 2023 and December 25, 2022
(174,702
)
(182,810
)
Paid-in capital
229,680
238,803
Accumulated other comprehensive loss, net
of tax
(22
)
(34
)
Accumulated deficit
(75,418
)
(54,190
)
Total stockholders' equity
(20,442
)
1,789
Total liabilities and stockholders'
equity
$
741,934
$
832,145
Reconciliation of Non-GAAP Results to GAAP
Results
In addition to the results provided in accordance with Generally
Accepted Accounting Principles ("GAAP") throughout this press
release, the Company has provided Adjusted EBITDA, Adjusted net
income (loss) and Adjusted net income (loss) per share - diluted,
which are non-GAAP measurements. We define EBITDA as net income
(loss) before interest expense, income taxes, and depreciation and
amortization. Adjusted EBITDA, Adjusted net income (loss) and
Adjusted net income (loss) per share-diluted are supplemental
measures of our performance that are not required by or presented
in accordance with GAAP. We believe these non-GAAP measures give
the reader additional insight into the ongoing operational results
of the Company, and are intended to supplement the presentation of
the Company's financial results in accordance with GAAP. Adjusted
EBITDA, Adjusted net income (loss) and Adjusted net income (loss)
per share-diluted exclude the impact of non-operating or
nonrecurring items including changes in estimate, asset
impairments, litigation contingencies, gains (losses) on debt
extinguishment, restaurant and office closure costs, gains on sale
leaseback transactions, severance and executive transition costs
and other non-recurring, non-cash or discrete items; net of income
tax impacts. Other companies may define these non-GAAP measures
differently, and as a result may not be directly comparable to
those of other companies. Management believes this supplemental
information will assist with comparisons of past and future
financial results against the present financial results presented
herein.
The Company believes restaurant level operating profit is an
important measure for management and investors because it is widely
regarded in the restaurant industry as a useful metric by which to
evaluate restaurant level operating efficiency and performance. The
Company defines restaurant level operating profit to be income from
operations less franchise royalties, fees and other revenue, plus
other charges (gains), net, pre-opening costs, selling costs,
general and administrative expenses, and depreciation and
amortization. The measure includes restaurant level occupancy costs
that include fixed rents, percentage rents, common area maintenance
charges, real estate and personal property taxes, general liability
insurance, and other property costs, but excludes depreciation and
amortization expense, substantially all of which is related to
restaurant level assets, because such expenses represent historical
sunk costs which do not reflect current cash outlay for the
restaurants. The measure also excludes costs associated with
selling, general, and administrative functions, pre-opening costs,
as well as, other charges (gains), net because these costs are
non-operating or nonrecurring and therefore not related to the
ongoing operations of its restaurants. Restaurant level operating
profit is not a measurement determined in accordance with GAAP and
should not be considered in isolation, or as an alternative, to
income (loss) from operations as an indicator of financial
performance. Restaurant level operating profit as presented may not
be comparable to other similarly titled measures of other companies
in the Company's industry.
Schedule I
Reconciliation of Net income
(loss) to Non-GAAP Adjusted Net income (loss) and Adjusted income
(loss) per share - diluted (In thousands, except per share data,
unaudited)
Thirteen Weeks Ended
Twelve Weeks Ended
Fifty-Three Weeks
Ended
Fifty-Two Weeks Ended
December 31, 2023
December 25, 2022
December 31, 2023
December 25, 2022
Net loss as reported
$
(13,733
)
$
(44,685
)
$
(21,228
)
$
(78,883
)
Gift card breakage(1)
480
—
480
(5,246
)
Write-off of unamortized debt issuance
costs(2)
—
—
—
1,727
Other charges, net:
Asset impairment
1,942
25,486
9,130
38,534
Gain on sale of restaurant property,
net
(129
)
—
(29,543
)
(9,204
)
Severance and executive transition
224
326
3,419
2,280
Other financing costs(3)
—
70
—
1,462
Restaurant closure costs, net
1,516
519
3,062
828
Closed corporate office costs, net of
sublease income
162
209
416
475
Litigation contingencies
—
4,101
9,140
4,148
Asset disposal and other
348
14
1,713
438
Income tax effect
(1,181
)
(7,989
)
568
(9,215
)
Adjusted net loss
$
(10,371
)
$
(21,949
)
$
(22,843
)
$
(52,656
)
Diluted loss per share:
Net loss as reported
$
(0.87
)
$
(2.81
)
$
(1.34
)
$
(4.98
)
Gift card breakage
0.03
—
0.03
(0.33
)
Write-off of unamortized debt issuance
costs
—
—
—
0.11
Other charges (gains), net:
Asset impairment
0.12
1.60
0.58
2.43
Gain on sale of restaurant property,
net
(0.01
)
—
(1.87
)
(0.58
)
Severance and executive transition
0.01
0.02
0.22
0.14
Other financing costs
—
—
—
0.09
Restaurant closure costs, net
0.10
0.03
0.19
0.05
Closed corporate office costs, net of
sublease income
0.01
0.01
0.03
0.03
Litigation contingencies
—
0.26
0.58
0.26
Asset disposal and other
0.02
0.01
0.11
0.03
Income tax effect
(0.07
)
(0.50
)
0.04
(0.58
)
Adjusted loss per share - diluted
$
(0.66
)
$
(1.38
)
$
(1.44
)
$
(3.32
)
Weighted average shares outstanding:
Basic
15,806
15,922
15,835
15,840
Diluted(4)
15,806
15,922
15,835
15,840
(1)
During 2022, the Company re-evaluated the
estimated redemption pattern related to gift cards. The impact of
this change in estimate comprised $5.9 million included in Other
revenue, partially offset by $0.6 million in gift card commission
costs included in Selling, general, and administrative expenses on
the Consolidated Statements of Operations.
(2)
During 2022, the Company completed the
refinancing of our Credit Facility and reported a non-cash charge
associated with the write-off of unamortized debt issuance costs
related to the remaining unamortized debt issuance costs.
(3)
Other financing costs includes legal and
other charges related to the refinancing of our Credit Facility in
2022.
(4)
The impact of dilutive shares is excluded
due to the reported net loss for all periods presented.
Schedule II
Reconciliation of Income
(Loss) from Operations to Non-GAAP Restaurant-Level Operating
Profit (In thousands, unaudited)
Thirteen Weeks Ended
Twelve Weeks Ended
Fifty-Three Weeks
Ended
Fifty-Two Weeks Ended
December 31, 2023
December 25, 2022
December 31, 2023
December 25, 2022
Income (loss) from operations
$
(7,957
)
(2.6
)%
$
(39,904
)
(13.8
)%
$
4,542
0.3
%
$
(57,497
)
(4.5
)%
Less:
Franchise royalties, fees and other
revenue
8,038
2.6
%
11,044
3.8
%
28,752
2.2
%
35,345
2.8
%
Add:
Other charges, net
4,063
1.3
30,725
10.6
(2,663
)
(0.2
)
38,961
3.1
Pre-opening costs
2
—
55
—
587
—
568
—
Selling
12,078
3.9
14,198
4.9
34,770
2.7
51,700
4.1
General and administrative expenses
22,703
7.3
20,246
7.0
89,360
6.9
84,912
6.7
Depreciation and amortization
13,938
4.5
17,321
6.0
66,190
5.1
76,245
6.0
Restaurant-level operating profit
$
36,789
12.2
%
$
31,597
11.3
%
$
164,034
12.9
%
$
159,544
13.0
%
Income (loss) from operations as a
percentage of total revenues
(2.6
)%
(13.8
)%
0.3
%
(4.5
)%
Restaurant-level operating profit margin
(as a percentage of restaurant revenue)
12.2
%
11.3
%
12.9
%
13.0
%
Schedule III
Reconciliation of Net Loss to
EBITDA and Adjusted EBITDA (In thousands, unaudited)
Thirteen Weeks Ended
Twelve Weeks Ended
Fifty-Three Weeks
Ended
Fifty-Two Weeks Ended
December 31, 2023
December 25, 2022
December 31, 2023
December 25, 2022
Net loss as reported
$
(13,733
)
$
(44,685
)
$
(21,228
)
$
(78,883
)
Interest expense, net
6,030
4,745
25,796
19,882
Income tax provision (benefit)
(143
)
294
310
747
Depreciation and amortization
13,938
17,321
66,190
76,245
EBITDA
6,092
(22,325
)
71,068
17,991
Gift card breakage(1)
480
—
480
(5,246
)
Other charges, net:
Asset impairment
1,942
25,486
9,130
38,534
Gain on sale of restaurant property,
net
(129
)
—
(29,543
)
(9,204
)
Severance and executive transition
224
326
3,419
2,280
Other financing costs(2)
—
70
—
1,462
Restaurant closure costs
1,516
519
3,062
828
Closed corporate office costs, net of
sublease income
162
209
416
475
Litigation contingencies
—
4,101
9,140
4,148
Asset disposal and other
348
14
1,713
438
Adjusted EBITDA
$
10,635
$
8,400
$
68,885
$
51,706
(1)
During 2022, the Company re-evaluated the
estimated redemption pattern related to gift cards. The impact of
this change in estimate comprised $5.9 million included in Other
revenue, partially offset by $0.6 million in gift card commission
costs included in Selling, general, and administrative expenses on
the Consolidated Statements of Operations.
(2)
Other financing costs includes legal and
other charges related to the refinancing of our Credit Facility in
2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240228486834/en/
For media relations questions contact: Kathleen Bush, Red
Robin Gourmet Burgers, Inc. kbush@redrobin.com (303) 846-5114
For investor relations questions contact: Jeff Priester, ICR
jeff.priester@icrinc.com (332) 242-4370
Grafico Azioni Red Robin Gourmet Burgers (NASDAQ:RRGB)
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