“North Star” Five-Point Plan Demonstrating
Early Traction Comparable Restaurant Revenue(1) Growth of
8.6%, Exceeding Industry Average Company Raises Outlook for
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 first quarter ended April 16, 2023.
Highlights for the First Quarter of Fiscal 2023, Compared to
the First Quarter of Fiscal 2022:
- Total revenues are $418.0 million, an increase of $22.4 million
compared to 2022.
- Comparable restaurant revenue(1) increased 8.6%.
- Ninth consecutive quarter of positive comparable restaurant
revenue(1) growth.
- Comparable restaurant traffic increased 0.6%.
- Comparable restaurant revenue(1) and comparable restaurant
traffic both exceeded the industry averages as measured by the
Black Box Casual Dining index.
- Comparable restaurant dine-in sales increased 16.4%.
- Comparable restaurant sales for the first thirteen weeks of the
quarter increased 10.0%(4).
- Net loss of $3.1 million was unchanged compared to 2022.
- Income from operations was $4.3 million, or 1.0% of total
revenues, compared to $4.4 million, or 1.1% of total revenues, in
2022.
- Restaurant Level Operating Profit Margin(2) (a non-GAAP metric)
was 14.7% versus 14.0% in 2022.
- Adjusted EBITDA(3) (a non-GAAP metric) was $36.1 million, an
$8.1 million increase compared to 2022.
(1)
Comparable restaurant revenue represents
revenue from Company-owned restaurants that have operated five full
quarters as of the end of the period presented.
(2)
See Schedule II for a reconciliation of
Restaurant Level Operating Profit and Restaurant Level Operating
Profit Margin, non-GAAP measures, to Income from operations and
Income from operations as a percentage of total revenues,
respectively.
(3)
See Schedule III for a reconciliation of
Adjusted EBITDA, a non-GAAP measure, to Net loss.
(4)
Comparable restaurant sales for the first
thirteen weeks of fiscal 2023 are calculated based on the Company’s
point-of-sale sales data, which does not include adjustments for
loyalty breakage.
G.J. Hart, Red Robin’s President and Chief Executive Officer,
said “Our first quarter results are strong and demonstrate the
power of the Red Robin brand. We are just getting started with the
implementation of our ‘North Star’ plan, and already see higher
Guest satisfaction and significant gains in sales and profits. Due
to the tremendous efforts of all of our Team Members, we are able
to both accelerate investments in people and enhancements to the
quality of our food offerings, while also raising our financial
guidance for 2023. We are committed to the diligent execution of
our strategic plan, and I am more confident than ever in the
comeback of this iconic brand."
First Quarter 2023 Financial Summary
The following table presents financial results for the first
fiscal quarter of 2023, compared to results from the same period in
2022:
Sixteen Weeks Ended
April 16, 2023
April 17, 2022
Total revenues (millions)
$
418.0
$
395.6
Restaurant revenues (millions)
406.9
380.6
Net loss (millions)
(3.1
)
(3.1
)
Income from operations (millions)
4.3
4.4
Income from operations as a percent of
total revenues
1.0
%
1.1
%
Restaurant Level Operating Profit
(millions)(1)
$
60.0
$
53.1
Restaurant Level Operating Profit
Margin(1)
14.7
%
14.0
%
Adjusted EBITDA (millions)(2)
$
36.1
$
28.0
Net loss per diluted share ($ per
share)
$
(0.19
)
$
(0.20
)
Adjusted income (loss) per diluted share
($ per share)(3)
$
0.25
$
(0.12
)
(1)
See schedule II for a reconciliation of Restaurant Level Operating
Profit and Restaurant Level Operating Profit Margin, non-GAAP
measures, to Income from operations and Income 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 loss.
(3)
See schedule I for a reconciliation of
Adjusted loss per diluted share, a non-GAAP measure, to Net loss
per diluted share.
Balance Sheet and Liquidity
As of April 16, 2023, Red Robin had outstanding borrowings under
its credit facility of $213.0 million, in addition to amounts
issued under letters of credit of $9.0 million, and liquidity of
approximately $59.0 million, including cash and cash equivalents
and available borrowing capacity under its credit facility.
New Chief Technology Officer
The Company announced the appointment of Jyoti Lynch to the role
of Chief Technology Officer effective June 5, 2023. With more than
25 years of experience leading technological transformation within
well-known restaurant, retail and technology brands, Ms. Lynch will
play a key role in innovating Red Robin’s technology landscape to
deliver enhanced Guest experiences, operational performance and
shareholder value as the Company executes its North Star plan
announced earlier this year.
Hart continued, “Jyoti is a tremendous, well-respected
technology leader with proven success innovating and improving
processes and systems at large-scale restaurant and retailer
brands. I’m excited to welcome her to Red Robin’s Executive
Leadership Team and am confident in the competitive edge Jyoti will
bring to advancing our technological capabilities to best serve our
Guests, operations and Restaurant Support Center during this
transformative year for Red Robin and beyond.”
As CTO of Red Robin, Ms. Lynch will oversee strategic and
operational planning, innovation, growth and maintenance of Red
Robin’s comprehensive information systems and technological
functions in support of the Company’s corporate-owned restaurant
locations and Restaurant Support Center.
Most recently, Ms. Lynch served as Chief Information Officer at
European Wax Center, a leading specialty personal care brand with
more than 950 retail locations, where she spearheaded the
modernization of the company’s retail technology and digital
transformation and helped guide the company through its successful
IPO. Prior, Ms. Lynch served as Senior Vice President and Chief
Information Officer at Jamba Juice, the 750+ unit restaurant brand
and top smoothie and juice franchisor, where she led the creation
of a modernized, multi-platform digital ecosystem, including key
operational and Guest experience technology initiatives. Ms. Lynch
also served in senior technology leadership roles at Blockbuster,
Inc., Fortium Partners and Speed Commerce.
Outlook for Fiscal 2023 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 Red Robin assumes no obligation to update or
supplement this information.
The Company is raising its guidance and currently expects the
following:
Initial Guidance
Updated Guidance
Total Revenue
Approximately $1.3 billion
At least $1.3 billion
Comparable Restaurant Revenue
N/A
Increase 2.0% to 4.0%
Restaurant Level Operating Profit(1),
inclusive of investments in the Guest experience
At least 13.0%
At least 13.5%
Selling, general and administrative costs,
inclusive of incentive compensation costs
$120 to $125 million
$127 to $132 million
Capital expenditures
$35 to $40 million
$45 to $50 million
Adjusted EBITDA(1)
$62.5 to $72.5 million
$70 to $80 million
Fiscal 2023 includes 53 weeks versus 52 weeks in fiscal
2022.
(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 from operations and Net income,
respectively. Providing Income from operations and Net Income
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 loss, including asset impairments and income tax
valuation adjustments. The reconciliations of Restaurant Level
Operating Profit and Adjusted EBITDA to Income from operations and
Net 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 from
operations to Restaurant Level Operating Profit and Net loss to
EBITDA and Adjusted EBITDA included on Schedule II and Schedule III
of this release.
Sale-Leaseback Transaction
The Company previously announced it was evaluating a
Sale-Leaseback transaction, in consultation with its advisor CBRE
Group. During the first quarter of fiscal 2023, the Company
marketed an initial tranche of 10 owned properties to investors.
Through multiple rounds of competitive bidding, the Company
selected a winning bid and is currently progressing through the
final stages of documentation and diligence. The transaction is
expected to close in the second quarter of fiscal 2023, and
generate gross proceeds of approximately $30 million. The Company
expects the transaction will add Occupancy expense of approximately
$2.0 million annually, and has incorporated incremental Occupancy
expense of approximately $1.2 million in its updated financial
guidance for fiscal 2023 in anticipation of closing the
transaction.
Red Robin anticipates proceeds from any Sale-Leaseback
transaction will be used to repay debt, fund capital investments,
and repurchase shares of Company stock, subject to the terms of its
Credit Agreement and approval by the Board of Directors. The
Company's updated capital expenditure guidance for fiscal 2023,
includes anticipated use of Sale-Leaseback proceeds.
Acquisition of Five Red Robin Franchised Restaurants
Subsequent to the close of the first quarter of fiscal 2023, the
Company acquired five Red Robin restaurants in the northeastern
United States from a long-term franchisee who retired for
approximately $3.3 million plus standard closing adjustments. The
acquisition is anticipated to add approximately $1 million of net,
annual EBITDA contribution and is contemplated in both the
Company's Initial and Updated financial guidance for fiscal
2023.
Jefferies Consumer Conference Participation
Red Robin will host meetings with institutional investors at the
Jefferies Consumer Conference in Nantucket, MA on June 20-21, 2023.
Interested parties should contact their Jefferies salesperson to
request a meeting.
Investor Conference Call and Webcast
Red Robin will host an investor conference call to discuss
financial results for its first quarter of fiscal 2023 and outlook
for fiscal 2023 today at 5:00 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 approximately two hours after the end
of the conference call and can be accessed by dialing 412-317-6671;
the conference ID is 13737835. The replay will be available through
Wednesday, May 31, 2023.
The call will be webcast live and later archived from the
Company’s Investor Relations website.
About 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; expense
management; product quality; our anticipated investments including
in labor, kitchen equipment and product enhancement, and the
anticipated impacts of such investments on Guest satisfaction; our
Sale-Leaseback transactions and anticipated uses of the proceeds of
such transaction; potential future transactions such as potential
additional Sale-Leaseback transactions; potential repurchases by
the Company of shares of its common stock; executive changes and
the anticipated impacts thereof on the Company’s operations, Guest
experience and shareholder value; the anticipated impacts of
recently acquired restaurants; anticipated uses of capital and
planned investments in technology platforms; continued Guest demand
for dine-in and off-premise offerings; the impact of industry labor
and supply chain challenges and inflationary pressures; statements
under the heading "Outlook for Fiscal 2023 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; our
ability to mitigate cost inflation; 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 involve
risks and uncertainties that could cause actual results to differ
materially from those described in the statements based on a number
of factors, 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; our ability to recruit, staff, train, and
retain our workforce; the effectiveness and timing of the Company's
marketing strategies and promotions; menu changes and pricing
strategy; the anticipated sales growth, costs, and timing of the
Donatos® expansion; the implementation, rollout, and timing of new
technology solutions; risks associated with the transition and
retention of our key personnel; risks associated with our
Sale-Leaseback transactions; risks associated with the acquisition
of additional restaurants; our ability to achieve revenue and cost
savings from off-premises sales and other initiatives; competition
in the casual dining market and discounting by competitors; changes
in consumer spending trends and habits; changes in the availability
and cost of food products, labor, and energy; general economic and
operating conditions, including changes in consumer disposable
income, weather conditions, and other events affecting the regions
where our restaurants are operated; the adequacy of cash flows and
the cost and availability of capital or credit facility borrowings;
changes in federal, state, or local laws and regulations affecting
the operation of our restaurants, including minimum wage and tip
credit regulations, consumer and occupational health and safety
regulations, health insurance coverage and other benefits,
nutritional disclosures, and employment eligibility-related
documentation requirements; costs and other effects of legal claims
by Team Members, franchisees, customers, vendors, stockholders, and
others, including negative publicity regarding food safety or cyber
security; the impact of COVID-19 or future public health
emergencies; and other 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 the first quarter of fiscal 2023:
Comparable Restaurant Increase
(Decrease) Versus Prior Year
Q1 2023
Guest Traffic
0.6
%
Average Guest Check
Menu Price Increase
7.2
%
Menu Mix
0.8
%
Discounts
—
%
Total Guest Check
8.0
%
Total Change in Comparable Restaurant
Revenue
8.6
%
RED ROBIN GOURMET BURGERS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per
share data)
(Unaudited)
Sixteen Weeks Ended
April 16, 2023
April 17, 2022
Revenues:
Restaurant revenue
$
406,893
$
380,612
Franchise and other revenues
11,075
14,938
Total revenues
417,968
395,550
Costs and expenses:
Restaurant operating costs (excluding
depreciation and amortization shown separately below):
Cost of sales
99,670
90,941
Labor
145,421
138,108
Other operating
72,050
67,864
Occupancy
29,801
30,599
Depreciation and amortization
21,825
23,919
General and administrative
26,799
24,438
Selling
7,725
9,942
Pre-opening costs
582
62
Other charges (gains), net
9,759
5,307
Total costs and expenses
413,631
391,180
Income from operations
4,337
4,370
Other expense:
Interest expense, net and other
7,417
7,413
Loss before income taxes
(3,080
)
(3,043
)
Income tax provision (benefit)
20
62
Net loss
$
(3,100
)
$
(3,105
)
Loss per share:
Basic
$
(0.19
)
$
(0.20
)
Diluted
$
(0.19
)
$
(0.20
)
Weighted average shares outstanding:
Basic
15,996
15,748
Diluted
15,996
15,748
RED ROBIN GOURMET BURGERS,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except per
share amounts)
(Unaudited)
April 16, 2023
December 25, 2022
Assets:
Current assets:
Cash and cash equivalents
$
49,024
$
48,826
Accounts receivable, net
12,520
21,427
Inventories
25,380
26,447
Income tax receivable
473
562
Prepaid expenses and other current
assets
13,337
12,938
Restricted cash
9,422
9,380
Total current assets
110,156
119,580
Property and equipment, net
307,954
318,517
Operating lease assets, net
355,917
361,432
Intangible assets, net
17,082
17,727
Other assets, net
12,785
14,889
Total assets
$
803,894
$
832,145
Liabilities and stockholders'
equity:
Current liabilities:
Accounts payable
$
32,290
$
39,336
Accrued payroll and payroll-related
liabilities
37,975
33,666
Unearned revenue
30,444
43,358
Current portion of operating lease
obligations
48,121
47,394
Current portion of long-term debt
2,875
3,375
Accrued liabilities and other
48,537
49,498
Total current liabilities
200,242
216,627
Long-term debt
203,188
203,155
Long-term portion of operating lease
obligations
383,621
393,157
Other non-current liabilities
12,157
13,831
Total liabilities
799,208
826,770
Stockholders' equity:
Common stock; $0.001 par value: 45,000
shares authorized; 20,449 shares issued; 16,063 and 15,934 shares
outstanding as of April 16, 2023 and December 25, 2022
20
20
Preferred stock, $0.001 par value: 3,000
shares authorized; no shares issued and outstanding as of April 16,
2023 and December 25, 2022
—
—
Treasury stock 4,386 and 4,515 shares, at
cost, as of April 16, 2023 and December 25, 2022
(177,480
)
(182,810
)
Paid-in capital
235,876
238,803
Accumulated other comprehensive loss, net
of tax
(26
)
(34
)
Retained deficit
(53,704
)
(50,604
)
Total stockholders' equity
4,686
5,375
Total liabilities and stockholders'
equity
$
803,894
$
832,145
Schedule I
Reconciliation of Non-GAAP Results to GAAP
Results
Reconciliation of Net loss to Non-GAAP
Adjusted Net loss and Adjusted loss per share - diluted
(In thousands, except per share data,
unaudited)
In addition to the results provided in accordance with Generally
Accepted Accounting Principles ("GAAP") throughout this press
release, the Company has provided Adjusted net loss and Adjusted
loss per share - diluted, which are non-GAAP measurements which
present the sixteen weeks ended April 16, 2023 and April 17, 2022.
Net loss and diluted loss per share, excluding the effects of
change in estimate - gift card breakage, asset impairment,
litigation contingencies, the write-off of unamortized debt
issuance costs, restaurant closure costs, other financing costs,
COVID-19 related charges, severance and executive transition costs,
related income tax effects, and other. We have revised our
definition of adjusted loss per diluted share to exclude severance
and executive transition and other. We did not revise the prior
year’s adjusted loss per diluted share because there were no other
charges similar in nature to these costs. The Company believes the
presentation of net loss and loss per share exclusive of the
identified items gives the reader additional insight into the
ongoing operational results of the Company. Management believes
this supplemental information will assist with comparisons of past
and future financial results against the present financial results
presented herein. Income tax effect of reconciling items was
calculated based on the change in the total tax provision
calculation after adjusting for the identified item. The non-GAAP
measurements are intended to supplement the presentation of the
Company’s financial results in accordance with GAAP.
Sixteen Weeks Ended
April 16, 2023
April 17, 2022
Net loss as reported
$
(3,100
)
$
(3,105
)
Litigation contingencies
4,300
1,720
Severance and executive transition
1,891
—
Restaurant closure costs, net
1,750
949
Other(1)
1,062
—
Asset impairment
694
2,122
Closed corporate office costs, net of
sublease income
62
—
Other financing costs(2)
—
309
COVID-19 related charges
—
207
Change in estimate, gift card
breakage(3)
—
(5,246
)
Write-off of unamortized debt issuance
costs(4)
—
1,727
Income tax expense
(2,537
)
(465
)
Adjusted net income (loss)
$
4,122
$
(1,782
)
Diluted loss per share:
Net loss as reported
$
(0.19
)
$
(0.20
)
Litigation contingencies
0.26
0.11
Severance and executive transition
0.12
—
Restaurant closure costs, net
0.11
0.06
Other(1)
0.06
—
Asset impairment
0.04
0.13
Other financing costs(2)
—
0.02
COVID-19 related charges
—
0.01
Change in estimate, gift card
breakage(3)
—
(0.33
)
Write-off of unamortized debt issuance
costs(4)
—
0.11
Income tax expense
(0.16
)
(0.03
)
Adjusted income (loss) per share -
diluted
$
0.25
$
(0.12
)
Weighted average shares outstanding:
Basic
15,996
15,748
Diluted(5)
16,360
15,748
(1)
Other includes non-cash charges primarily
related to terminated capital projects, disposals and lease
terminations.
(2)
Other financing costs includes legal and
other charges related to the refinancing of our prior credit
agreement in the first quarter of fiscal year 2022.
(3)
During the sixteen weeks ended April 17,
2022, the Company re-evaluated the estimated redemption pattern
related to gift cards. The impact comprises $5.9 million included
in Franchise royalties, fees, and other revenue partially offset by
$0.6 million in gift card commission costs included in Selling on
the Condensed Consolidated Statements of Operations.
(4)
Write-off of unamortized debt issuance
costs related to the remaining unamortized debt issuance costs
related to our legacy credit agreement with the completion of the
refinancing of our Credit Agreement in the first quarter of fiscal
year 2022.
(5)
For the first quarter of 2023, the impact
of dilutive shares is included in the calculations as the
adjustments for the quarter resulted in adjusted net income. For
diluted shares reported on the Condensed Consolidated Statement of
Operations, the impact of dilutive shares is excluded due to the
reported net loss for the quarter.
Schedule II
Reconciliation of Income from Operations to
Non-GAAP Restaurant-Level Operating Profit
(In thousands, unaudited)
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, 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 selling costs and general
and administrative expenses, and therefore excludes costs
associated with selling, general, and administrative functions, and
pre-opening costs. The Company excludes Other charges, net because
these costs are 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 from operations or net
loss as indicators 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.
Sixteen Weeks Ended
April 16, 2023
April 17, 2022
Income from operations
$
4,337
$
4,370
Less:
Franchise royalties, fees and other
revenue
11,075
14,938
Add:
Other charges, net
9,759
5,307
Pre-opening costs
582
62
Selling
7,725
9,942
General and administrative expenses
26,799
24,438
Depreciation and amortization
21,825
23,919
Restaurant-level operating profit
$
59,951
$
53,100
Income from operations as a percentage of
total revenues
1.0
%
1.1
%
Restaurant-level operating profit margin
(as a percentage of restaurant revenue)
14.7
%
14.0
%
Schedule III
Reconciliation of Net Loss to EBITDA and
Adjusted EBITDA
(In thousands, unaudited)
The Company believes the non-GAAP measures of EBITDA and
adjusted EBITDA give the reader additional insight into the ongoing
operational results of the Company, and it is intended to
supplement the presentation of the Company's financial results in
accordance with GAAP. We define EBITDA as net loss before interest
expense, income taxes, and depreciation and amortization. Adjusted
EBITDA further excludes the effects of change in estimate - gift
card breakage, asset impairment, litigation contingencies,
restaurant closure costs, net, other financing costs, COVID-19
related charges, severance and executive transition costs, and
closed corporate office, net of sublease income, and other. We have
revised our definition of adjusted EBITDA to exclude other,
severance and executive transition costs, and closed corporate
office, net of sublease income. We did not revise prior years’
adjusted EBITDA because there were no other charges similar in
nature to these costs. Other companies may define EBITDA and
adjusted EBITDA differently, and as a result our measure of EBITDA
and adjusted EBITDA may not be directly comparable to those of
other companies. EBITDA and adjusted EBITDA should be considered in
addition to, and not as a substitute for, net loss as reported in
accordance with U.S. GAAP as a measure of performance.
Sixteen Weeks Ended
April 16, 2023
April 17, 2022
Net loss as reported
$
(3,100
)
$
(3,105
)
Interest expense, net
7,576
7,088
Income tax provision (benefit)
20
62
Depreciation and amortization
21,825
23,919
EBITDA
26,321
27,964
Change in accounting estimate, gift card
breakage
—
(5,246
)
Other charges, net:
Litigation contingencies
4,300
1,720
Severance and executive transition
1,891
—
Restaurant closure costs, net
1,750
949
Other
1,062
—
Asset impairment
694
2,122
Closed corporate office costs, net of
sublease income
62
—
Other financing costs
—
309
COVID-19 related charges
—
207
Adjusted EBITDA
$
36,080
$
28,025
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230524005835/en/
For media relations questions contact: Kathleen Bush, Red
Robin Gourmet Burgers, Inc. kbush@redrobin.com (303) 846-5114
For investor relations questions contact: Raphael Gross,
ICR (203) 682-8253
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