Red Robin Gourmet Burgers(RRGB) - 2024 Q3 - Quarterly Results

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]