Red Robin Gourmet Burgers, Inc. (RRGB) reported preliminary results for the fourth quarter of fiscal 2024. The company expects to report its final fourth-quarter fiscal 2024 results in February 2025.Red Robin's president and CEO, G.J. Hart, expressed confidence that the company’s fourth-quarter comparable restaurant revenue growth would surpass its prior expectations. He attributed this success to initiatives such as the relaunched loyalty program and "Appointment Dining" offers, which target specific day-o ...

FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): January 13, 2025 RED ROBIN GOURMET BURGERS, INC. (Exact name of registrant as specified in its charter) Delaware 001-34851 84-1573084 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 10000 E. Geddes Avenue, Suite 500 Englewood, Colorado 8 ...

Delivers Positive Fourth Quarter Comparable Restaurant Revenue Growth ENGLEWOOD, Colo., Jan. 13, 2025 /PRNewswire/ -- 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 and American favorites in a family-friendly atmosphere, today reported preliminary, unaudited revenue results for the fourth quarter ended December 29, 2024.  Preliminary Revenue Results for the Fourth Quarter of Fiscal ...

ENGLEWOOD, Colo., Jan. 6, 2025 /PRNewswire/ -- 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 announced that it will host meetings with institutional investors at the following conferences in January: 27th Annual ICR Conference in Orlando, FL on January 13-14, 2025 Jefferies Boston SMid Cap Consumer Summit in Boston, MA on January 28, 2025Abou ...

Red Robin Gourmet Burgers, Inc. (RRGB) posted mixed third-quarter fiscal 2024 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. Both top and bottom lines declined year over year.  Following the results, the company’s shares declined 10.1% during yesterday’s after-hours trading session.Red Robin’s third-quarter fiscal 2024 results declined despite some positive developments in restaurant performance and customer satisfaction. The company’s CEO G.J. Hart emphasized tha ...

Red Robin (RRGB) reported $274.64 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 1.1%. EPS of -$1.13 for the same period compares to -$0.79 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $271.64 million, representing a surprise of +1.10%. The company delivered an EPS surprise of -29.89%, with the consensus EPS estimate being -$0.87.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings - ...

Red Robin (RRGB) came out with a quarterly loss of $1.13 per share versus the Zacks Consensus Estimate of a loss of $0.87. This compares to loss of $0.79 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -29.89%. A quarter ago, it was expected that this casual restaurant chain would post a loss of $0.41 per share when it actually produced a loss of $0.48, delivering a surprise of -17.07%.Over the last four quarters, the company ...

[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)) The company reported a significant net loss increase and asset decrease for the forty weeks ended October 6, 2024, with declining cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $669.4 million, while the stockholders' deficit widened to $(53.3) million as of October 6, 2024 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Oct 6, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$669,448** | **$741,934** | | Total current assets | $79,439 | $91,781 | | Property and equipment, net | $217,073 | $261,258 | | **Total Liabilities** | **$722,785** | **$762,376** | | Long-term debt | $180,688 | $182,594 | | **Total stockholders' equity (deficit)** | **$(53,337)** | **$(20,442)** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) Net loss significantly widened to $37.8 million for the forty-week period, with revenues declining to $963.3 million Statement of Operations Summary (in thousands, except per share data) | Metric | Twelve Weeks Ended Oct 6, 2024 | Twelve Weeks Ended Oct 1, 2023 | Forty Weeks Ended Oct 6, 2024 | Forty Weeks Ended Oct 1, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$274,638** | **$277,560** | **$963,333** | **$994,020** | | Loss from operations | $(12,877) | $(1,938) | $(19,551) | $12,498 | | **Net Loss** | **$(18,876)** | **$(8,161)** | **$(37,825)** | **$(7,496)** | | **Diluted Loss Per Share** | **$(1.20)** | **$(0.52)** | **$(2.42)** | **$(0.47)** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow sharply declined to $1.8 million, leading to a net decrease in cash and cash equivalents Cash Flow Summary (Forty Weeks Ended, in thousands) | Cash Flow Activity | Oct 6, 2024 | Oct 1, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,840 | $17,361 | | Net cash provided by investing activities | $4,873 | $18,992 | | Net cash used in financing activities | $(7,990) | $(33,741) | | **Net change in cash** | **$(1,277)** | **$2,612** | [Notes to Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail operations, accounting policies, and key events including loyalty program re-launch, sale-leasebacks, and credit facility amendments - As of October 6, 2024, the Company owned and operated **408 restaurants** and had **92 franchised restaurants**[13](index=13&type=chunk) - During Q2 2024, the company re-launched its Red Robin Royalty program, deferring revenue until redemption[19](index=19&type=chunk) - In Q1 2024, the company sold ten restaurant properties in a sale-leaseback transaction for **$23.9 million** in proceeds, resulting in a net gain of **$7.4 million**[29](index=29&type=chunk) - Subsequent to quarter-end, on November 4, 2024, the company entered a Third Amendment to its Credit Agreement to increase covenant flexibility and maintain its revolving commitment at **$40 million** through Q1 2026[44](index=44&type=chunk) [Item 2. Management's Discussion and Analysis (MD&A)](index=16&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A highlights decreased Q3 2024 revenues and widened net loss, impacted by rising costs and declining guest counts, despite credit facility amendments [Performance Highlights](index=16&type=section&id=Performance%20Highlights) Q3 2024 saw decreased revenues, widened net loss, and lower Adjusted EBITDA, while the Loyalty Program membership grew Q3 2024 vs. Q3 2023 Performance (Millions) | Metric | Q3 2024 (Millions) | Q3 2023 (Millions) | | :--- | :--- | :--- | | Total Revenues | $274.6M | $277.6M | | Comparable Restaurant Revenue | +0.6% | N/A | | Net Loss | $(18.9)M | $(8.2)M | | Adjusted EBITDA | $2.1M | $6.8M | - The company's relaunched Loyalty Program grew to **14.5 million members**, up from **13.1 million** in the prior year[46](index=46&type=chunk) - The company closed a net of **9 company-owned restaurants** since October 1, 2023, ending the period with **408 locations**[49](index=49&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) Q3 2024 comparable restaurant revenue increased 0.6% due to higher guest checks, but profitability declined due to rising labor and occupancy costs - Q3 comparable restaurant revenue increased **0.6%**, driven by a **4.9%** increase in average Guest check but offset by a **4.3%** decrease in Guest count[57](index=57&type=chunk) - Labor costs as a percentage of restaurant revenue increased by **180 basis points** in Q3 2024, primarily due to strategic investments in management labor, a new bonus plan, and higher hourly wages[60](index=60&type=chunk) - Occupancy costs as a percentage of restaurant revenue increased by **20 basis points** in Q3 2024, mainly due to fixed rents from recent sale-leaseback transactions[62](index=62&type=chunk) - Selling, general, and administrative (SG&A) expenses decreased by **$1.7 million** in Q3 2024, driven by reduced marketing and production costs[66](index=66&type=chunk) [Non-GAAP Financial Measures](index=25&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP metrics show significant profitability decline, with Q3 2024 restaurant level operating profit at $24.2 million and Adjusted EBITDA at $2.1 million Restaurant Level Operating Profit (in millions) | Period | Q3 2024 (Millions) | Q3 2023 (Millions) | YTD 2024 (Millions) | YTD 2023 (Millions) | | :--- | :--- | :--- | :--- | :--- | | **Profit** | **$24.2** | **$30.4** | **$100.4** | **$127.2** | | **Margin** | **9.0%** | **11.1%** | **10.6%** | **13.1%** | Adjusted EBITDA Reconciliation (in thousands) | Period | Q3 2024 (Thousands) | Q3 2023 (Thousands) | YTD 2024 (Thousands) | YTD 2023 (Thousands) | | :--- | :--- | :--- | :--- | :--- | | Net Loss | $(18,876) | $(8,161) | $(37,825) | $(7,496) | | **Adjusted EBITDA** | **$2,081** | **$6,796** | **$26,095** | **$58,250** | [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) Total liquidity was **$42.0 million** as of October 6, 2024, supported by credit facility amendments to enhance financial flexibility - As of October 6, 2024, the Company had approximately **$42.0 million** in liquidity, comprising cash and cash equivalents plus **$20.0 million** available borrowing capacity[82](index=82&type=chunk) - The company amended its credit agreement on August 21, 2024, and again on November 4, 2024, to increase the maximum net total leverage ratio covenant and extend the **$40 million** revolving commitment capacity through Q1 2026[88](index=88&type=chunk) - The company's share repurchase program has **$58.5 million** of availability, but its ability to repurchase shares is limited by conditions in its Credit Agreement[91](index=91&type=chunk) [Item 3. Market Risk Disclosures](index=33&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate fluctuations on variable-rate debt and commodity price changes impacting food and beverage costs - A **1.0%** change in the effective interest rate on the company's **$187.9 million** of variable-rate debt would result in an annualized pre-tax interest expense fluctuation of **$1.9 million**[99](index=99&type=chunk) - A **1.0%** increase in food and beverage costs would negatively impact the annual cost of sales by approximately **$2.9 million**[99](index=99&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of October 6, 2024, with no material changes to internal controls - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of the end of the period covered by the report[100](index=100&type=chunk) - No changes occurred in the Company's internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[101](index=101&type=chunk) [PART II - OTHER INFORMATION](index=34&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings and Risk Factors](index=34&type=section&id=ITEM%201%20%26%201A.%20Legal%20Proceedings%20and%20Risk%20Factors) The company faces routine legal claims with adequate reserves and reports no material changes to previously disclosed risk factors - The company has reserves for various legal contingencies and believes the ultimate resolution will not have a material adverse effect on its financial position[103](index=103&type=chunk) - There have been no material changes from the risk factors disclosed in the fiscal year 2023 Annual Report on Form 10-K[104](index=104&type=chunk) [Item 5. Other Information (Subsequent Events)](index=35&type=section&id=ITEM%205.%20Other%20Information) Subsequent to quarter-end, the company amended its Credit Agreement on November 4, 2024, to enhance financial flexibility and extend revolving commitments - On November 4, 2024, the Company entered into the Third Amendment to its Credit Agreement to gain additional financial flexibility[108](index=108&type=chunk) - The amendment maintains the revolving commitments at **$40 million** through Q1 2026 and provides additional relief from the Maximum Net Total Leverage Ratio financial covenant[108](index=108&type=chunk)

Financial Performance - Total revenues for Q3 2024 were $274.6 million, a decrease of $2.9 million compared to Q3 2023[2] - Net loss for Q3 2024 was $18.9 million, compared to a net loss of $8.2 million in Q3 2023[2] - Adjusted EBITDA for Q3 2024 was $2.1 million, down from $6.8 million in Q3 2023[2] - Restaurant revenue for the twelve weeks ended October 6, 2024, was $270,605, a decrease of 1.9% from $273,133 for the same period last year[11] - Total revenues for the twelve weeks ended October 6, 2024, were $274,638, down 1.3% from $277,560 in the prior year[11] - Net loss for the twelve weeks ended October 6, 2024, was $18,876, compared to a net loss of $8,161 for the same period last year, representing a 131.5% increase in losses[11] - Basic loss per share for the twelve weeks ended October 6, 2024, was $(1.20), compared to $(0.52) for the same period last year[11] - Adjusted net income for the twelve weeks ended October 6, 2024, was $(17,742) thousand, compared to $(12,511) thousand for the same period last year[14] - EBITDA for the twelve weeks ended October 6, 2024, was $549 thousand, a significant decrease from $12,674 thousand for the same period last year[17] - The company reported a loss per share of $(1.20) for the twelve weeks ended October 6, 2024, compared to $(0.52) for the same period last year[14] Operational Metrics - Comparable restaurant revenue increased by 0.6% in Q3 2024, while year-to-date comparable restaurant revenue declined by 2.6% excluding a deferred revenue benefit[3] - Restaurant-level operating profit margin for the twelve weeks ended October 6, 2024, was 9.0%, down from 11.1% for the same period last year[15] - Restaurant level operating profit is emphasized as a key metric for evaluating operational efficiency, though it is not a GAAP measure[13] Liquidity and Debt - As of October 6, 2024, outstanding borrowings under the credit facility were $187.9 million, with liquidity of approximately $42.0 million[4] - The company executed amendments to its credit agreement, extending financial covenant adjustments and expanding revolver capacity through Q1 2026[3] - Long-term debt was $180,688 as of October 6, 2024, slightly down from $182,594 as of December 31, 2023[12] Assets and Liabilities - Total current assets decreased to $79,439 as of October 6, 2024, from $91,781 as of December 31, 2023, a decline of 13.5%[12] - Total liabilities decreased to $722,785 as of October 6, 2024, from $762,376 as of December 31, 2023, a reduction of 5.2%[12] - Cash and cash equivalents were $21,988 as of October 6, 2024, down from $23,634 as of December 31, 2023, a decrease of 7.0%[12] Other Key Developments - The loyalty program membership increased to 14.5 million members, up from 13.1 million members in the previous year[2] - The company completed a sale-leaseback transaction for ten restaurants, generating net proceeds of approximately $23.3 million[3] - Updated guidance for fiscal 2024 includes total revenue of approximately $1.250 billion and adjusted EBITDA of $35.0 million to $37.5 million[6] - Guest satisfaction scores have improved to levels not seen since 2016, indicating positive momentum for the brand[3] - Total revenues from franchise and other revenue for the twelve weeks ended October 6, 2024, were $4,033 thousand, compared to $4,427 thousand for the same period last year[16] - Interest expense for the twelve weeks ended October 6, 2024, was $6,193 thousand, compared to $5,885 thousand for the same period last year[17] - The company incurred litigation contingencies of $271 thousand for the twelve weeks ended October 6, 2024, compared to $3,600 thousand for the same period last year[17] - The weighted average shares outstanding for diluted earnings per share was 15,754 thousand for the twelve weeks ended October 6, 2024[14]

Core Insights - Red Robin Gourmet Burgers, Inc. reported a comparable restaurant revenue increase of 0.6% for the third quarter of fiscal 2024, despite total revenues decreasing by $2.9 million to $274.6 million compared to the same period last year [2][4] - The company experienced a net loss of $18.9 million in the third quarter, compared to a net loss of $8.2 million in the previous year, indicating a significant decline in profitability [2][4] - The relaunch of the loyalty program has been successful, increasing membership to 14.5 million from 13.1 million year-over-year [2][4] Financial Performance - Total revenues for the year-to-date period of fiscal 2024 were $963.3 million, down $30.7 million from the previous year [3] - Adjusted EBITDA for the third quarter was $2.1 million, a decrease from $6.8 million in the same quarter last year [2][5] - Restaurant-level operating profit margin decreased to 9.0% in the third quarter from 11.1% in the prior year [5][21] Credit Agreement Amendments - The company executed an amendment to its credit agreement, extending financial covenant adjustments and expanding revolver capacity through the first quarter of fiscal 2026 [2][8] - The second amendment increased the maximum net total leverage ratio and revolving commitments, providing additional flexibility for the company's strategic initiatives [7][9] Operational Strategy - The company's North Star Plan is showing progress, with comparable restaurant revenue exceeding the industry average and guest satisfaction scores improving significantly [4] - The company aims to drive sustainable long-term growth and return to prominence in the industry, despite facing macroeconomic challenges [4] Outlook - The updated guidance for fiscal 2024 includes total revenue projections of approximately $1.250 billion and adjusted EBITDA of $35.0 million to $37.5 million [10][11] - The company plans to invest approximately $25 million in capital expenditures to enhance guest experience and operational efficiency [10]