Red Robin. ICR 2023 ● . ● . . . . . . . . . ● ● . . . . . . . . . FORWARD LOOKING STATEMENTS Forward-looking statements regarding the Company's future performance; "North Star" strategic plan; preliminary results including revenue; Adjusted EBITDA projections; potential Sale-Leaseback transactions, timing, and anticipated uses of proceeds including potential share repurchases; capital expenditures including investment in our restaurants and systems, new restaurant growth; pricing expectations; our ability t ...

Financial Data and Key Metrics Changes - Comparable restaurant revenues grew by 5.3% compared to 2021 and 5.9% compared to 2019, marking the third consecutive quarter of positive comparable restaurant revenues versus pre-pandemic sales [25] - Total company revenue increased by 4.2% to $286.9 million, driven by increased pricing and favorable menu mix shifts [30] - Adjusted EBITDA was $4 million, down from $8.3 million in Q3 2021, with adjusted loss per diluted share at $1.03 compared to $0.88 in Q3 2021 [36] Business Line Data and Key Metrics Changes - Off-premises sales dollars were more than double pre-pandemic levels, with third-party delivery at 53.5%, To-Go at 34.9%, catering at 7.5%, and Red Robin Delivery at 4.1% [26] - Average guest check increased by 9%, driven by a 7.7% increase in pricing and a 2.5% increase in menu mix [29] Market Data and Key Metrics Changes - The company outperformed peers in category sales and traffic in Q3, attributed to new limited-time product offerings and compelling promotions [15] - Restaurants with Donatos Pizza outperformed non-Donatos restaurants by 10.1% versus 2019, up from approximately 8% in Q2 and 5% in Q1 [18] Company Strategy and Development Direction - The company aims to strengthen restaurant management structure and service model, improve food quality, and optimize the menu [13] - There is a focus on enhancing the guest experience and operational efficiency, with plans to prioritize capital spending on refreshing the restaurant base [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged higher-than-expected commodity and operating costs but expects restaurant margins to improve in Q4 and beyond [22][40] - The company plans to implement additional pricing in Q4 to mitigate inflation while retaining a strong value proposition [39] Other Important Information - The company ended the quarter with liquidity of approximately $75 million, including cash and cash equivalents and available borrowing capacity [28] - Leadership changes were announced, including the retirement of CFO Lynn Schweinfurth and the appointment of Todd Wilson as the new CFO [44][46] Q&A Session Summary Question: Insights on current strategy and macro backdrop - Management is focused on enhancing the brand's core values and improving execution at a higher level, including expanding the menu and improving guest experience [61][64] Question: Clarification on guidance and EBITDA outlook - The majority of the change in guidance is attributed to higher commodity and operating costs experienced in Q3 [73] Question: Thoughts on Donatos rollout and future expansion - Management is prioritizing existing restaurant maintenance and refreshes before focusing on the expansion of Donatos [75][91] Question: Capital allocation for deferred maintenance - An assessment of deferred maintenance needs is ongoing, and specific capital allocation will be communicated once the plan is finalized [82] Question: Profitability model and investment strategy for 2023 - Management believes in a balanced approach between investment in quality and operational improvements while recognizing the need for returns on these investments [87][88] Question: Corporate versus franchise growth strategy - Future growth will be a combination of corporate and franchise-driven initiatives, with a focus on stabilizing the brand before significant expansion [90][92]

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited Condensed Consolidated Financial Statements for the quarterly period ended October 2, 2022, including balance sheets, operations, cash flows, and notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | (in thousands) | October 2, 2022 | December 26, 2021 | | :--- | :--- | :--- | | **Total current assets** | $109,055 | $102,156 | | **Total assets** | $860,942 | $928,998 | | **Total current liabilities** | $205,601 | $223,300 | | **Total liabilities** | $809,315 | $852,024 | | **Total stockholders' equity** | $51,627 | $76,974 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) | (in thousands) | Twelve Weeks Ended Oct 2, 2022 | Twelve Weeks Ended Oct 3, 2021 | Forty Weeks Ended Oct 2, 2022 | Forty Weeks Ended Oct 3, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $286,888 | $275,444 | $976,528 | $878,694 | | **Loss from operations** | $(8,020) | $(12,136) | $(17,001) | $(19,031) | | **Net loss** | $(12,567) | $(14,980) | $(33,605) | $(28,689) | | **Loss per share (Basic & Diluted)** | $(0.79) | $(0.95) | $(2.12) | $(1.83) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | (in thousands) | Forty Weeks Ended Oct 2, 2022 | Forty Weeks Ended Oct 3, 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $38,800 | $37,617 | | **Net cash used in investing activities** | $(18,297) | $(19,967) | | **Net cash provided by (used in) financing activities** | $14,921 | $(16,037) | | **Net change in cash, cash equivalents, and restricted cash** | $35,380 | $1,641 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - As of October 2, 2022, the Company owned and operated **424 restaurants** and had **101 franchised restaurants**[23](index=23&type=chunk) - A change in the accounting estimate for gift card redemption patterns resulted in the recognition of an additional **$5.9 million** in gift card breakage revenue in the first quarter of 2022, decreasing net loss by **$5.2 million** for the forty-week period[28](index=28&type=chunk) - During the third quarter of 2022, the company completed the sale of a restaurant property, recognizing a **$9.2 million** gain[38](index=38&type=chunk) - On March 4, 2022, the Company entered into a new **five-year**, **$225.0 million** Credit Agreement, consisting of a **$25.0 million** revolving line of credit and a **$200.0 million** term loan, replacing its prior credit facility[45](index=45&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, covering revenue, profitability, liquidity, and capital resources, with inflation impacts [Results of Operations](index=19&type=section&id=Results%20of%20Operations) | Metric | Twelve Weeks Ended Oct 2, 2022 | Twelve Weeks Ended Oct 3, 2021 | | :--- | :--- | :--- | | Restaurant Revenue | $282.4 million | $270.2 million | | Comparable Restaurant Revenue Change | +5.3% | N/A | | Average Guest Check Change | +9.0% | N/A | | Guest Count Change | -3.7% | N/A | - For the forty weeks ended October 2, 2022, restaurant revenue increased **10.5%** to **$951.7 million**, driven by an **11.2%** increase in comparable restaurant revenue, composed of a **10.6%** increase in average guest check and a **0.6%** increase in guest count[79](index=79&type=chunk) | Cost Category (% of Restaurant Revenue) | Twelve Weeks Ended Oct 2, 2022 | Twelve Weeks Ended Oct 3, 2021 | Change (Basis Points) | | :--- | :--- | :--- | :--- | | Cost of Sales | 25.0% | 23.2% | +180 bps | | Labor | 35.6% | 36.9% | -130 bps | | Other Operating | 18.7% | 19.0% | -30 bps | | Occupancy | 8.1% | 8.3% | -20 bps | - Cost of sales increased by **180 basis points** in Q3 2022 primarily due to commodity inflation, partially offset by pricing actions and favorable menu mix shifts[83](index=83&type=chunk) - Labor costs as a percentage of revenue decreased by **130 basis points** in Q3 2022 due to sales leverage, lower hiring costs, and reduced management incentive compensation, offsetting wage rate inflation[85](index=85&type=chunk) - Selling, general, and administrative (SG&A) expenses increased by **$5.3 million** in Q3 2022 compared to Q3 2021, primarily due to a timing shift of the annual leadership conference and increased marketing spend[94](index=94&type=chunk)[95](index=95&type=chunk)[97](index=97&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) - As of October 2, 2022, the Company had approximately **$75.0 million** in liquidity, including cash on hand and available borrowing capacity under its new credit facility[104](index=104&type=chunk) - Net cash provided by operating activities was **$38.8 million** for the forty weeks ended October 2, 2022, a slight increase from **$37.6 million** in the prior year period, primarily due to changes in working capital including tax refunds[105](index=105&type=chunk)[106](index=106&type=chunk) | Capital Expenditures (in thousands) | Forty Weeks Ended Oct 2, 2022 | Forty Weeks Ended Oct 3, 2021 | | :--- | :--- | :--- | | Restaurant improvement capital and other | $12,376 | $6,467 | | Investment in technology, infrastructure, and other | $8,274 | $5,355 | | Donatos® expansion | $4,396 | $7,687 | | New restaurants and restaurant refreshes | $1,989 | $478 | | **Total capital expenditures** | **$27,036** | **$19,987** | - The Company operates with a working capital deficit, typical for the industry, as cash from sales is received before payables are due, with future cash flows and credit facility capacity expected to be sufficient to manage this deficit and fund capital expenditures[115](index=115&type=chunk) [Inflation](index=27&type=section&id=Inflation) - The company's operations are significantly affected by inflation in food, labor, and energy costs, negatively impacting financial results during the forty weeks ended October 2, 2022, and expected to continue for the remainder of the year[118](index=118&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section outlines the company's market risk exposure from interest rates and commodity prices, detailing financial impacts - The company is exposed to interest rate risk with **$199.0 million** of variable-rate debt outstanding, where a **1.0%** change in the effective interest rate would result in an annualized pre-tax interest expense fluctuation of **$2.0 million**[129](index=129&type=chunk) - The company faces commodity price risk, particularly for ground beef, poultry, and potatoes, where a **1.0%** increase in food and beverage costs would negatively impact cost of sales by approximately **$3.0 million** on an annualized basis[130](index=130&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal financial reporting controls - The Company's CEO and CFO concluded that the disclosure controls and procedures were effective as of the end of the period covered by the report[131](index=131&type=chunk) - There were no changes in the Company's internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are likely to materially affect, these controls[132](index=132&type=chunk) [PART II - OTHER INFORMATION](index=31&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal claims, with adequate provisions made and no material financial impact - The company is involved in various claims and litigation in the normal course of business, but management believes adequate financial provisions have been made and the outcomes will not have a material adverse effect[62](index=62&type=chunk)[135](index=135&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) This section confirms that there have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 26, 2021 - There have been no material changes from the risk factors disclosed in the company's Annual Report on Form 10-K for the fiscal year 2021[137](index=137&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered equity sales or share repurchases in Q3 2022, limited by Credit Agreement - No share repurchases were made by the Company during the twelve weeks ended October 2, 2022, with the ability to repurchase shares limited by conditions in the Credit Agreement[138](index=138&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL data - The exhibits filed with this report include CEO and CFO certifications (Exhibits **31.1**, **31.2**, **32.1**) and financial information formatted in XBRL (Exhibit **101**)[140](index=140&type=chunk)

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) Q2 2022 Earnings Conference Call August 10, 2022 4:30 PM ET Company Participants Paul Murphy - CEO Lynn Schweinfurth - CFO Conference Call Participants Alex Slagle - Jefferies Todd Brooks - The Benchmark Company Operator Good afternoon, everyone. And welcome to the Red Robin Gourmet Burgers Incorporated Second Quarter 2022 Earnings Call. Please note that today's call is being recorded. During today's conference call, management will be making forward-looking st ...

Washington, D.C. 20549 UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 10, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 10000 E. Geddes Avenue, Suite 500 Englewood, Colorado 80112 (Address of principal executive offices) (Zip Code) (303) 846-6000 (Registrant's telephone numbe ...

Red Robin Gourmet Burgers Inc. (NASDAQ:RRGB) Q1 2022 Earnings Conference Call May 26, 2022 5:00 PM ET Company Participants Paul Murphy - CEO Lynn Schweinfurth - CFO Conference Call Participants Alex Slagle - Jefferies Brian Vaccaro - Raymond James Operator Good afternoon, everyone, and welcome to the Red Robin Gourmet Burgers, Inc. First Quarter 2022 Earnings Call. Please note that today's call is being recorded. During today's conference call, Management will be making forward-looking statements about the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 17, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34851 RED ROBIN GOURMET BURGERS, INC. (Exact name of registrant as specified in its charter) Delaware 84-1573084 (State or othe ...

| --- | --- | |-----------------------------------------|---------------| | | | | March 10, 2022 | | | Red Robin Gourmet Burgers, Inc. | Reports | | Results for the Fiscal Fourth | Quarter and | | Year Ended December 26, 2021 | | GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)-- 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 resul ...

Red Robin Gourmet Burgers Inc. (NASDAQ:RRGB) Q4 2021 Results Conference Call March 10, 2022 5:00 PM ET Company Participants Paul Murphy - CEO Lynn Schweinfurth - CFO Conference Call Participants Alex Slagle – Jefferies Brian Vaccaro - Raymond James Todd Brooks - Benchmark Operator Good afternoon, everyone, and welcome to the Red Robin Gourmet Burgers Incorporated Fourth Quarter 2021 Earnings Call. Please note that today's call is being recorded. During today's conference call, management will be making forw ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 26, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-34851 ____________________________________________________________ ...