☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 84-1573084 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | |||||||||||||||
Common Stock, $0.001 par value | RRGB | Nasdaq | (Global Select Market) |
Large Accelerated Filer | ☐ | Accelerated Filer | ☒ | |||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |||||||||||
Emerging Growth Company | ☐ |
Page | ||||||||
(in thousands, except for per share amounts) | April 20, 2025 | December 29, 2024 | ||||||||||||
Assets: | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 24,150 | $ | 30,651 | ||||||||||
Accounts receivable, net | 13,100 | 19,688 | ||||||||||||
Inventories | 27,016 | 26,737 | ||||||||||||
Prepaid expenses and other current assets | 12,797 | 13,608 | ||||||||||||
Restricted cash | 9,140 | 8,750 | ||||||||||||
Total current assets | 86,203 | 99,434 | ||||||||||||
Property and equipment, net | 178,147 | 181,224 | ||||||||||||
Operating lease assets, net | 318,762 | 331,617 | ||||||||||||
Intangible assets, net | 10,454 | 11,064 | ||||||||||||
Assets held for sale | — | 4,313 | ||||||||||||
Other assets, net | 12,663 | 13,662 | ||||||||||||
Total assets | $ | 606,229 | $ | 641,314 | ||||||||||
Liabilities and stockholders' equity: | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 32,976 | $ | 29,783 | ||||||||||
Accrued payroll and payroll-related liabilities | 38,783 | 39,672 | ||||||||||||
Unearned revenue | 18,264 | 27,083 | ||||||||||||
Current portion of operating lease liabilities | 51,620 | 50,083 | ||||||||||||
Accrued liabilities and other | 43,899 | 42,931 | ||||||||||||
Total current liabilities | 185,542 | 189,552 | ||||||||||||
Long-term debt | 164,831 | 181,641 | ||||||||||||
Long-term portion of operating lease liabilities | 327,850 | 345,635 | ||||||||||||
Other non-current liabilities | 8,418 | 8,755 | ||||||||||||
Total liabilities | 686,641 | 725,583 | ||||||||||||
Commitments and contingencies (see Note 8. Commitments and Contingencies) | ||||||||||||||
Stockholders' equity (deficit): | ||||||||||||||
Common stock; $0.001 par value: 45,000 shares authorized; 22,050 shares issued; 17,738 and 17,403 shares outstanding as of April 20, 2025 and December 29, 2024 | 22 | 22 | ||||||||||||
Preferred stock, $0.001 par value: 3,000 shares authorized; no shares issued and outstanding as of April 20, 2025 and December 29, 2024 | — | — | ||||||||||||
Treasury stock 4,312 and 4,647 shares, at cost, as of April 20, 2025 and December 29, 2024 | (152,944) | (164,937) | ||||||||||||
Paid-in capital | 224,280 | 233,667 | ||||||||||||
Accumulated other comprehensive loss, net of tax | (60) | (62) | ||||||||||||
Accumulated deficit | (151,710) | (152,959) | ||||||||||||
Total stockholders' equity (deficit) | (80,412) | (84,269) | ||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 606,229 | $ | 641,314 |
Sixteen Weeks Ended | |||||||||||||||||
(in thousands, except for per share amounts) | April 20, 2025 | April 21, 2024 | |||||||||||||||
Revenues: | |||||||||||||||||
Restaurant revenue | $ | 385,809 | $ | 378,568 | |||||||||||||
Franchise revenue | 4,489 | 5,341 | |||||||||||||||
Other revenue | 2,053 | 4,632 | |||||||||||||||
Total revenues | 392,351 | 388,541 | |||||||||||||||
Costs and expenses: | |||||||||||||||||
Restaurant operating costs (excluding depreciation and amortization shown separately below): | |||||||||||||||||
Cost of sales | 88,028 | 90,209 | |||||||||||||||
Labor | 143,058 | 148,958 | |||||||||||||||
Other operating | 67,532 | 66,490 | |||||||||||||||
Occupancy | 32,197 | 31,428 | |||||||||||||||
Depreciation and amortization | 15,434 | 18,154 | |||||||||||||||
General and administrative (includes $2,589 and $1,190 of stock-based compensation) | 26,989 | 25,842 | |||||||||||||||
Selling | 9,376 | 13,547 | |||||||||||||||
Other charges (gains), net (includes $(225) and $33 of stock-based compensation) | 676 | (3,976) | |||||||||||||||
Total costs and expenses | 383,290 | 390,652 | |||||||||||||||
Income (loss) from operations | 9,061 | (2,111) | |||||||||||||||
Other expense (income): | |||||||||||||||||
Interest expense | 8,066 | 7,480 | |||||||||||||||
Interest (income) and other, net | (251) | (312) | |||||||||||||||
Income (loss) before income taxes | 1,246 | (9,279) | |||||||||||||||
Income tax provision (benefit) | (3) | 181 | |||||||||||||||
Net income (loss) | $ | 1,249 | $ | (9,460) | |||||||||||||
Net income (loss) per share: | |||||||||||||||||
Basic | $ | 0.07 | $ | (0.61) | |||||||||||||
Diluted | $ | 0.07 | $ | (0.61) | |||||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 17,546 | 15,554 | |||||||||||||||
Diluted | 18,302 | 15,554 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation adjustment | $ | 2 | $ | (18) | |||||||||||||
Other comprehensive income (loss), net of tax | 2 | (18) | |||||||||||||||
Total comprehensive income (loss) | $ | 1,251 | $ | (9,478) |
Common Stock | Treasury Stock | Accumulated Other Comprehensive Loss, net of tax | ||||||||||||||||||||||||||||||||||||||||||||||||
Paid-in Capital | Accumulated Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Shares | Amount | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance, December 29, 2024 | 22,050 | $ | 22 | 4,647 | $ | (164,937) | $ | 233,667 | $ | (62) | $ | (152,959) | $ | (84,269) | ||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan | — | — | (335) | 11,993 | (11,752) | — | — | 241 | ||||||||||||||||||||||||||||||||||||||||||
Non-cash stock compensation | — | — | — | — | 2,365 | — | — | 2,365 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | 1,249 | 1,249 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||
Balance, April 20, 2025 | 22,050 | $ | 22 | 4,312 | $ | (152,944) | $ | 224,280 | $ | (60) | $ | (151,710) | $ | (80,412) | ||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Accumulated Other Comprehensive Loss, net of tax | ||||||||||||||||||||||||||||||||||||||||||||||||
Paid-in Capital | Accumulated Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Shares | Amount | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2023 | 20,449 | $ | 20 | 4,921 | $ | (174,702) | $ | 229,680 | $ | (22) | $ | (75,418) | $ | (20,442) | ||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, shares exchanged for exercise and tax, and stock issued through employee stock purchase plan | — | — | (84) | 3,011 | (3,382) | — | — | (371) | ||||||||||||||||||||||||||||||||||||||||||
Non-cash stock compensation | — | — | — | — | 1,190 | — | — | 1,190 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | (9,460) | (9,460) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | (18) | — | (18) | ||||||||||||||||||||||||||||||||||||||||||
Balance, April 21, 2024 | 20,449 | $ | 20 | 4,837 | $ | (171,691) | $ | 227,488 | $ | (40) | $ | (84,878) | $ | (29,101) | ||||||||||||||||||||||||||||||||||||
Sixteen Weeks Ended | ||||||||||||||
(in thousands) | April 20, 2025 | April 21, 2024 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | $ | 1,249 | $ | (9,460) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 15,434 | 18,154 | ||||||||||||
Non-cash other gains, net | (172) | (193) | ||||||||||||
Stock-based compensation expense | 2,365 | 1,190 | ||||||||||||
Gain on sale of property | (1,137) | (7,425) | ||||||||||||
Deferred financing costs and other, net | 1,386 | 672 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | 6,588 | 7,641 | ||||||||||||
Inventories | (518) | (383) | ||||||||||||
Prepaid expenses and other current assets | 416 | (195) | ||||||||||||
Operating lease assets, net of liabilities | (2,550) | 3,024 | ||||||||||||
Trade accounts payable and accrued liabilities | 5,092 | 13,179 | ||||||||||||
Unearned revenue | (8,820) | (11,394) | ||||||||||||
Other operating assets and liabilities, net | 241 | (1,076) | ||||||||||||
Net cash provided by operating activities | 19,574 | 13,734 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of property, equipment, and intangible assets | (11,972) | (8,248) | ||||||||||||
Net proceeds from sale of property | 5,593 | 23,393 | ||||||||||||
Net cash provided by (used in) investing activities | (6,379) | 15,145 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Net (repayments) borrowings on revolving credit facility | (15,000) | — | ||||||||||||
Repayments on term loan | (2,770) | (21,232) | ||||||||||||
Repayments of finance lease obligations | (251) | (291) | ||||||||||||
Repayments of insurance premium financing | (1,528) | — | ||||||||||||
Proceeds (uses) from other financing activities, net | 241 | (371) | ||||||||||||
Net cash used in financing activities | (19,308) | (21,894) | ||||||||||||
Effect of exchange rate changes on cash | 2 | 2 | ||||||||||||
Net change in cash and cash equivalents, and restricted cash | (6,111) | 6,987 | ||||||||||||
Cash and cash equivalents, and restricted cash, beginning of period | 39,401 | 31,565 | ||||||||||||
Cash and cash equivalents, and restricted cash, end of period | $ | 33,290 | $ | 38,552 | ||||||||||
Supplemental disclosure of cash flow information | ||||||||||||||
Income taxes paid, net | $ | 77 | $ | 146 | ||||||||||
Interest paid, net of amounts capitalized | $ | 5,734 | $ | 5,708 | ||||||||||
Accrued purchases of property, equipment, and intangible assets | $ | 2,461 | $ | 1,737 | ||||||||||
Right of use assets obtained in exchange for operating lease obligations | $ | 3,561 | $ | 15,951 | ||||||||||
Periods | Period End Date | Number of Weeks in Period | ||||||||||||
Current, Prior and Upcoming Fiscal Quarters: | ||||||||||||||
First Quarter 2025 | April 20, 2025 | 16 | ||||||||||||
First Quarter 2024 | April 21, 2024 | 16 | ||||||||||||
Second Quarter 2025 | July 13, 2025 | 12 | ||||||||||||
Second Quarter 2024 | July 14, 2024 | 12 | ||||||||||||
Third Quarter 2025 | October 5, 2025 | 12 | ||||||||||||
Third Quarter 2024 | October 6, 2024 | 12 | ||||||||||||
Current and Prior Fiscal Years: | ||||||||||||||
Fiscal Year 2025 | December 28, 2025 | 52 | ||||||||||||
Fiscal Year 2024 | December 29, 2024 | 52 | ||||||||||||
Upcoming fiscal year: | ||||||||||||||
Fiscal Year 2026 | December 27, 2026 | 52 |
Sixteen Weeks Ended | ||||||||||||||
April 20, 2025 | April 21, 2024 | |||||||||||||
Restaurant revenue | $ | 385,809 | $ | 378,568 | ||||||||||
Franchise revenue | 4,489 | 5,341 | ||||||||||||
Gift card breakage | 1,705 | 4,162 | ||||||||||||
Other revenue | 348 | 470 | ||||||||||||
Total revenues | $ | 392,351 | $ | 388,541 |
April 20, 2025 | December 29, 2024 | ||||||||||
Unearned gift card revenue | $ | 14,660 | $ | 24,333 | |||||||
Unearned Royalty revenue | 3,604 | 2,750 | |||||||||
Unearned revenue | $ | 18,264 | $ | 27,083 |
Sixteen Weeks Ended | |||||||||||
April 20, 2025 | April 21, 2024 | ||||||||||
Gift card revenue | $ | 10,704 | $ | 12,629 |
Sixteen Weeks Ended | ||||||||||||||
April 20, 2025 | April 21, 2024 | |||||||||||||
Unearned Royalty revenue, beginning balance | $ | 2,750 | $ | 7,509 | ||||||||||
Revenue deferred | 1,625 | 2,325 | ||||||||||||
Revenue recognized | (771) | (1,802) | ||||||||||||
Unearned Royalty revenue, ending balance | $ | 3,604 | $ | 8,032 |
Sixteen Weeks Ended | |||||||||||||||||
April 20, 2025 | April 21, 2024 | ||||||||||||||||
Operating lease cost | $ | 23,020 | $ | 23,007 | |||||||||||||
Finance lease cost: | |||||||||||||||||
Amortization of right of use assets | 238 | 288 | |||||||||||||||
Interest on lease liabilities | 127 | 137 | |||||||||||||||
Total finance lease cost | $ | 365 | $ | 425 | |||||||||||||
Variable lease cost | 6,059 | 5,903 | |||||||||||||||
Total | $ | 29,444 | $ | 29,335 |
Sixteen Weeks Ended | |||||||||||
April 20, 2025 | April 21, 2024 | ||||||||||
Basic weighted average shares outstanding | 17,546 | 15,554 | |||||||||
Dilutive effect of stock options and awards | 756 | — | |||||||||
Diluted weighted average shares outstanding | 18,302 | 15,554 | |||||||||
Awards excluded due to anti-dilutive effect on diluted income (loss) per share | 2,095 | 1,422 |
Sixteen Weeks Ended | ||||||||||||||
April 20, 2025 | April 21, 2024 | |||||||||||||
Gain on sale of restaurant property | $ | (1,137) | $ | (7,425) | ||||||||||
Restaurant closure costs, net | 210 | 175 | ||||||||||||
Severance and executive transition (includes $(225) and $33 of stock-based compensation) | 880 | 945 | ||||||||||||
Litigation contingencies | 12 | 420 | ||||||||||||
Asset disposal and other, net | 711 | 1,909 | ||||||||||||
Other charges (gains), net | $ | 676 | (3,976) |
April 20, 2025 | Variable Interest Rate | December 29, 2024 | Variable Interest Rate | |||||||||||||||||||||||
Revolving line of credit | $ | 5,000 | 11.92 | % | $ | 20,000 | 12.03 | % | ||||||||||||||||||
Term loan | $ | 166,702 | 12.06 | % | $ | 169,470 | 12.21 | % | ||||||||||||||||||
Total borrowings | 171,702 | 189,470 | ||||||||||||||||||||||||
Less: unamortized debt issuance costs and discounts | 6,871 | 7,829 | ||||||||||||||||||||||||
Long-term debt | $ | 164,831 | $ | 181,641 | ||||||||||||||||||||||
Revolving line of credit unamortized deferred financing charges: | $ | 1,119 | $ | 1,298 |
April 20, 2025 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Investments in rabbi trust | $ | 1,739 | $ | 1,739 | $ | — | $ | — | ||||||||||||||||||
Total assets measured at fair value | $ | 1,739 | $ | 1,739 | $ | — | $ | — | ||||||||||||||||||
December 29, 2024 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Investments in rabbi trust | $ | 1,821 | $ | 1,821 | $ | — | $ | — | ||||||||||||||||||
Total assets measured at fair value | $ | 1,821 | $ | 1,821 | $ | — | $ | — |
Sixteen Weeks Ended | |||||||||||
April 20, 2025 | April 21, 2024 | ||||||||||
Revenues: | |||||||||||
Restaurant revenue | $ | 385,809 | $ | 378,568 | |||||||
Franchise revenue | 4,489 | 5,341 | |||||||||
Other revenue | 2,053 | 4,632 | |||||||||
Total revenues | 392,351 | 388,541 | |||||||||
Costs and expenses: | |||||||||||
Cost of sales | 88,028 | 90,209 | |||||||||
Labor | 143,058 | 148,958 | |||||||||
Other operating | 67,532 | 66,490 | |||||||||
Occupancy | 32,197 | 31,428 | |||||||||
General and administrative expenses | 26,989 | 25,842 | |||||||||
Selling | 9,376 | 13,547 | |||||||||
Other segment items(1) | 676 | (3,976) | |||||||||
Depreciation and amortization | 15,434 | 18,154 | |||||||||
Interest expense, net and other | 7,815 | 7,168 | |||||||||
Income tax expense (benefit) | (3) | 181 | |||||||||
Segment net income (loss) | $ | 1,249 | $ | (9,460) |
(Dollars in millions) | Sixteen Weeks Ended | |||||||
Restaurant Revenue for the period ended April 21, 2024 | $ | 378.6 | ||||||
Increase/(decrease) in comparable restaurant revenue | 11.5 | |||||||
Decrease in non-comparable and closed restaurant revenue | (4.3) | |||||||
Total increase/(decrease) | 7.2 | |||||||
Restaurant Revenue for the period ended April 20, 2025 | $ | 385.8 |
Sixteen Weeks Ended | ||||||||||||||
April 20, 2025 | April 21, 2024 | |||||||||||||
Company-owned: | ||||||||||||||
Beginning of period | 407 | 415 | ||||||||||||
Opened during the period | — | — | ||||||||||||
Closed during the period | (6) | (2) | ||||||||||||
End of period | 401 | 413 | ||||||||||||
Franchised: | ||||||||||||||
Beginning of period | 91 | 92 | ||||||||||||
Opened during the period | — | — | ||||||||||||
Closed during the period | (1) | — | ||||||||||||
End of period | 90 | 92 | ||||||||||||
Total number of restaurants | 491 | 505 |
Company-Owned Restaurants | Franchised Restaurants | |||||||||||||
State: | ||||||||||||||
Arkansas | 2 | |||||||||||||
Alaska | 3 | |||||||||||||
Alabama | 3 | |||||||||||||
Arizona | 18 | 1 | ||||||||||||
California | 56 | |||||||||||||
Colorado | 21 | |||||||||||||
Connecticut | 3 | |||||||||||||
Delaware | 4 | |||||||||||||
Florida | 16 | |||||||||||||
Georgia | 6 | |||||||||||||
Iowa | 5 | |||||||||||||
Idaho | 8 | |||||||||||||
Illinois | 17 | |||||||||||||
Indiana | 11 | |||||||||||||
Kansas | 5 | |||||||||||||
Kentucky | 3 | |||||||||||||
Louisiana | 1 | |||||||||||||
Massachusetts | 5 | |||||||||||||
Maryland | 11 | |||||||||||||
Maine | 2 | |||||||||||||
Michigan | 19 | |||||||||||||
Minnesota | 4 | |||||||||||||
Missouri | 8 | 3 | ||||||||||||
Montana | 1 | |||||||||||||
North Carolina | 16 | |||||||||||||
Nebraska | 4 | |||||||||||||
New Hampshire | 3 | |||||||||||||
New Jersey | 11 | 1 | ||||||||||||
New Mexico | 3 | |||||||||||||
Nevada | 6 | |||||||||||||
New York | 14 | |||||||||||||
Ohio | 15 | 3 | ||||||||||||
Oklahoma | 5 | |||||||||||||
Oregon | 15 | 5 | ||||||||||||
Pennsylvania | 11 | 20 | ||||||||||||
Rhode Island | 1 | |||||||||||||
South Carolina | 4 | |||||||||||||
South Dakota | 1 | |||||||||||||
Tennessee | 9 | |||||||||||||
Texas | 17 | 9 | ||||||||||||
Utah | 1 | 5 | ||||||||||||
Virginia | 18 | |||||||||||||
Washington | 36 | |||||||||||||
Wisconsin | 11 | |||||||||||||
Province: | ||||||||||||||
British Columbia | 11 | |||||||||||||
Total | 401 | 90 |
Sixteen Weeks Ended | ||||||||||||||
(Dollars in thousands) | April 20, 2025 | April 21, 2024 | ||||||||||||
Revenues: | ||||||||||||||
Restaurant revenue | 98.4 | % | 97.4 | % | ||||||||||
Franchise revenue | 1.1 | 1.4 | ||||||||||||
Other revenue | 0.5 | 1.2 | ||||||||||||
Total revenues | 100.0 | 100.0 | ||||||||||||
Costs and expenses: | ||||||||||||||
Restaurant operating costs (1) (excluding depreciation and amortization shown separately below): | ||||||||||||||
Cost of sales | 22.8 | 23.8 | ||||||||||||
Labor | 37.1 | 39.3 | ||||||||||||
Other operating | 17.5 | 17.6 | ||||||||||||
Occupancy | 8.3 | 8.3 | ||||||||||||
Total restaurant operating costs | 85.6 | 88.9 | ||||||||||||
Depreciation and amortization | 3.9 | 4.7 | ||||||||||||
General and administrative | 6.9 | 6.7 | ||||||||||||
Selling | 2.4 | 3.5 | ||||||||||||
Other charges (gains), net | 0.2 | (1.0) | ||||||||||||
Income (loss) from operations | 2.3 | (0.5) | ||||||||||||
Other expense (income): | ||||||||||||||
Interest expense | 2.1 | 1.9 | ||||||||||||
Interest (income) and other, net | (0.1) | (0.1) | ||||||||||||
Income (loss) before income taxes | 0.3 | (2.4) | ||||||||||||
Income tax provision (benefit) | — | — | ||||||||||||
Net income (loss) | 0.3 | % | (2.4) | % |
Sixteen Weeks Ended | ||||||||||||||||||||
(Dollars in thousands) | April 20, 2025 | April 21, 2024 | Percent Change | |||||||||||||||||
Restaurant revenue | $ | 385,809 | $ | 378,568 | 1.9 | % | ||||||||||||||
Franchise revenue | 4,489 | 5,341 | (16.0) | % | ||||||||||||||||
Other revenue | 2,053 | 4,632 | (55.7) | % | ||||||||||||||||
Total revenues | $ | 392,351 | $ | 388,541 | 1.0 | % | ||||||||||||||
Average weekly net sales volumes in Company-owned restaurants | $ | 59,483 | $ | 57,139 | 4.1 | % | ||||||||||||||
Total operating weeks | 6,486 | 6,611 | (1.9) | % | ||||||||||||||||
Sixteen Weeks Ended | ||||||||||||||||||||
(In thousands, except percentages) | April 20, 2025 | April 21, 2024 | Percent Change | |||||||||||||||||
Cost of sales | $ | 88,028 | $ | 90,209 | (2.4) | % | ||||||||||||||
As a percent of restaurant revenue | 22.8 | % | 23.8 | % | (1.0) | % |
Sixteen Weeks Ended | ||||||||||||||||||||
(In thousands, except percentages) | April 20, 2025 | April 21, 2024 | Percent Change | |||||||||||||||||
Labor | $ | 143,058 | $ | 148,958 | (4.0) | % | ||||||||||||||
As a percent of restaurant revenue | 37.1 | % | 39.3 | % | (2.2) | % |
Sixteen Weeks Ended | ||||||||||||||||||||
(In thousands, except percentages) | April 20, 2025 | April 21, 2024 | Percent Change | |||||||||||||||||
Other operating | $ | 67,532 | $ | 66,490 | 1.6 | % | ||||||||||||||
As a percent of restaurant revenue | 17.5 | % | 17.6 | % | (0.1) | % |
Sixteen Weeks Ended | ||||||||||||||||||||
(In thousands, except percentages) | April 20, 2025 | April 21, 2024 | Percent Change | |||||||||||||||||
Occupancy | $ | 32,197 | $ | 31,428 | 2.4 | % | ||||||||||||||
As a percent of restaurant revenue | 8.3 | % | 8.3 | % | — | % | ||||||||||||||
Sixteen Weeks Ended | ||||||||||||||||||||
(In thousands, except percentages) | April 20, 2025 | April 21, 2024 | Percent Change | |||||||||||||||||
Depreciation and amortization | $ | 15,434 | $ | 18,154 | (15.0) | % | ||||||||||||||
As a percent of total revenues | 3.9 | % | 4.7 | % | (0.8) | % |
Sixteen Weeks Ended | ||||||||||||||||||||
(In thousands, except percentages) | April 20, 2025 | April 21, 2024 | Percent Change | |||||||||||||||||
General and administrative | $ | 26,989 | $ | 25,842 | 4.4 | % | ||||||||||||||
As a percent of total revenues | 6.9 | % | 6.7 | % | 0.2 | % |
Sixteen Weeks Ended | ||||||||||||||||||||
(In thousands, except percentages) | April 20, 2025 | April 21, 2024 | Percent Change | |||||||||||||||||
Selling | $ | 9,376 | $ | 13,547 | (30.8) | % | ||||||||||||||
As a percent of total revenues | 2.4 | % | 3.5 | % | (1.1) | % |
Sixteen Weeks Ended | ||||||||||||||||||||
(Dollars in millions) | April 20, 2025 | April 21, 2024 | Increase/ (Decrease) | |||||||||||||||||
Restaurant revenue | $ | 385.8 | $ | 378.6 | 1.9 | % | ||||||||||||||
Restaurant operating costs: | ||||||||||||||||||||
Cost of sales | 88.0 | 90.2 | (2.4) | % | ||||||||||||||||
Labor | 143.1 | 149.0 | (4.0) | % | ||||||||||||||||
Other operating | 67.5 | 66.5 | 1.5 | % | ||||||||||||||||
Occupancy | 32.2 | 31.4 | 2.5 | % | ||||||||||||||||
Total restaurant operating costs | $ | 330.8 | $ | 337.1 | (1.9) | % | ||||||||||||||
Restaurant level operating profit(1) | $ | 55.0 | $ | 41.5 | 32.5 | % |
Sixteen Weeks Ended | ||||||||||||||||||||
(Dollars in millions) | April 20, 2025 | April 21, 2024 | Increase/(Decrease) | |||||||||||||||||
Restaurant revenue | $ | 385.8 | $ | 378.6 | 1.9 | % | ||||||||||||||
Restaurant operating costs: | (Percentage of Restaurant Revenue) | (Basis Points) | ||||||||||||||||||
Cost of sales | 22.8 | % | 23.8 | % | (100) | |||||||||||||||
Labor | 37.1 | 39.3 | (220) | |||||||||||||||||
Other operating | 17.5 | 17.6 | (10) | |||||||||||||||||
Occupancy | 8.3 | 8.3 | — | |||||||||||||||||
Total restaurant operating costs | 85.6 | % | 88.9 | % | (330) | |||||||||||||||
Restaurant level operating profit | 14.3 | % | 11.0 | % | 330 |
Sixteen Weeks Ended | ||||||||||||||
(in thousands, except per share amounts) | April 20, 2025 | April 21, 2024 | ||||||||||||
Net income (loss) as reported | $ | 1,249 | $ | (9,460) | ||||||||||
Income (loss) per share - diluted: | ||||||||||||||
Net Income (loss) as reported | $ | 0.07 | $ | (0.61) | ||||||||||
Stock-based compensation expense | 0.14 | 0.08 | ||||||||||||
Other charges (gains), net: | ||||||||||||||
Restaurant closure costs, net | 0.01 | 0.01 | ||||||||||||
Gain on sale of restaurant property | (0.06) | (0.48) | ||||||||||||
Severance and executive transition | 0.05 | 0.06 | ||||||||||||
Litigation contingencies | — | 0.03 | ||||||||||||
Asset disposal and other, net | 0.03 | 0.13 | ||||||||||||
Income tax effect | (0.05) | 0.05 | ||||||||||||
Adjusted income (loss) per share - diluted(1) | $ | 0.19 | $ | (0.73) | ||||||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 17,546 | 15,554 | ||||||||||||
Diluted | 18,302 | 15,554 |
Sixteen Weeks Ended | |||||||||||
April 20, 2025 | April 21, 2024 | ||||||||||
Net income (loss) as reported | $ | 1,249 | $ | (9,460) | |||||||
Interest expense, net | 7,964 | 7,313 | |||||||||
Income tax provision (benefit) | (3) | 181 | |||||||||
Depreciation and amortization | 15,434 | 18,154 | |||||||||
EBITDA | 24,644 | 16,188 | |||||||||
Stock-based compensation expense | 2,589 | 1,190 | |||||||||
Other charges (gains), net: | |||||||||||
Gain on sale of restaurant property | (1,137) | (7,425) | |||||||||
Restaurant closure costs, net | 210 | 175 | |||||||||
Severance and executive transition | 880 | 945 | |||||||||
Litigation contingencies | 12 | 420 | |||||||||
Asset disposal and other, net | 711 | 1,909 | |||||||||
Adjusted EBITDA(1) | $ | 27,909 | $ | 13,402 |
Sixteen Weeks Ended | ||||||||||||||||||||||||||
April 20, 2025 | April 21, 2024 | |||||||||||||||||||||||||
Income (loss) from operations | $ | 9,061 | 2.3% | $ | (2,111) | (0.5)% | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Franchise revenue | 4,489 | 1.1% | 5,341 | 1.4% | ||||||||||||||||||||||
Other revenue | 2,053 | 0.5% | 4,632 | 1.2% | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Other charges (gains), net | 676 | 0.2 | (3,976) | (1.0) | ||||||||||||||||||||||
General and administrative expenses | 26,989 | 6.9 | 25,842 | 6.7 | ||||||||||||||||||||||
Selling | 9,376 | 2.4 | 13,547 | 3.5 | ||||||||||||||||||||||
Depreciation and amortization | 15,434 | 3.9 | 18,154 | 4.7 | ||||||||||||||||||||||
Restaurant level operating profit | $ | 54,994 | 14.3% | $ | 41,483 | 11.0% | ||||||||||||||||||||
Income (loss) from operations as a percentage of total revenues | 2.3% | (0.5)% | ||||||||||||||||||||||||
Restaurant level operating profit margin (as a percentage of restaurant revenue) | 14.3% | 11.0% | ||||||||||||||||||||||||
Sixteen Weeks Ended | ||||||||||||||
April 20, 2025 | April 21, 2024 | |||||||||||||
Net cash provided by operating activities | $ | 19,574 | $ | 13,734 | ||||||||||
Net cash provided by (used in) investing activities | (6,379) | 15,145 | ||||||||||||
Net cash used in financing activities | (19,308) | (21,894) | ||||||||||||
Effect of exchange rate changes on cash | 2 | 2 | ||||||||||||
Net change in cash and cash equivalents, and restricted cash | $ | (6,111) | $ | 6,987 |
Sixteen Weeks Ended | |||||||||||
April 20, 2025 | April 21, 2024 | ||||||||||
Restaurant improvement capital and other | $ | 6,146 | $ | 4,892 | |||||||
Technology, infrastructure, and other | 5,826 | 3,356 | |||||||||
Total capital expenditures | $ | 11,972 | $ | 8,248 |
Exhibit Number | Description | |||||||
101 | The following financial information from the Quarterly Report on Form 10-Q of Red Robin Gourmet Burgers, Inc. for the quarter ended April 20, 2025 formatted in XBRL (extensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets at April 20, 2025 and December 29, 2024; (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the sixteen weeks ended April 20, 2025 and April 21, 2024; (iii) Condensed Consolidated Statements of Stockholders' Equity at April 20, 2025 and April 21, 2024; (iv) Condensed Consolidated Statements of Cash Flows for the sixteen weeks ended April 20, 2025 and April 21, 2024; and (v) the Notes to Condensed Consolidated Financial Statements, tagged as blocks of text. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
RED ROBIN GOURMET BURGERS, INC. (Registrant) | ||||||||||||||
May 29, 2025 | By: | /s/ Todd Wilson | ||||||||||||
(Date) | Todd Wilson (Chief Financial Officer) |
May 29, 2025 | /s/ David Pace | |||||||
(Date) | David Pace Chief Executive Officer |
May 29, 2025 | /s/ Todd Wilson | |||||||
(Date) | Todd Wilson Chief Financial Officer |
Dated: | May 29, 2025 | /s/ David Pace | |||||||||
David Pace Chief Executive Officer | |||||||||||
Dated: | May 29, 2025 | /s/ Todd Wilson | |||||||||
Todd Wilson Chief Financial Officer |