Red Robin Gourmet Burgers, Inc. · NASDAQ:RRGB
Red Robin Gourmet Burgers — Q1 2020 Earnings Presentation
17 slides from Red Robin Gourmet Burgers's earnings presentation, Jun 10, 2020
Slide 1: First Quarter 2020 Results
First Quarter 2020 Results June 10, 2020
Slide 2: Forward-Looking Statements
RG Robin Forward-Looking Statements some eace snes Forward-looking statements in this presentation regarding the Company's future performance, including sales growth including in off-premise sales, reopening of dining rooms, anticipated Q2 2020 cash burn and underlying assumptions, preliminary compa
Slide 3: Business and Operational Update Related to COVID-19
Ga>. Business and Operational Update Related to Red Robin COVID-19 + Navigating an unprecedented time for the business, industry and country to combat the global COVID-19 crisis + Strategic investments made prior to the crisis in off-premise, digital and loyalty have enabled us to successfully shift
Slide 4: Red Robin First Quarter Financial and Operating Results
G>a>. Red Robin First Quarter Financial Red Robin GOURMET BURGERS 4 BREWS and Operating Results + Red Robin entered fiscal 2020 with strong business momentum and substantially improved guest satisfaction scores ° Through the first eight weeks of the year, comparable restaurant revenue grew 3.7%, dri
Slide 5: Responding to the COVID Pandemic
cd Robin Responding to the COVID 19 Pandemic Kea Kobin OFF PREMISE BUSINESS DRIVING STABILITY FINANCIAL MEASURES TO ENSURE AMPLE IN UNPRECEDENTED TIMES LIQUIDITY AND FINANCIAL FLEXIBILITY * Off-premise business enhancements made over the last few * Asof June 7, 2020 Red Robin had $84 million of liqu
Slide 6: Recent Performance and Dining Room Openings
Ca. Recent Performance and Dining Room Openings Red Robin GOURMET BURGERS 4 BREWS + Since the mid-March peak impact of the COVID-19 pandemic, substantial improvement in revenue with consistent and sequential increases in each of the last Weekly Comparable Store Sales five weeks 20% | 7 Dining room +
Slide 7: Recent Performance and Dining Room Openings
Red Robin Recent Performance and Dining Room Openings BNCEUENCHIE + Overall since the beginning of the second quarter of 2020, the Company's weekly comparable restaurant revenue has sequentially improved: Week ended Company-owned Restaurants 26-Apr 3-May 10-May 17-May 24-May 31-May 7-Jun Weekly Net
Slide 8: New service model, menu rationalization, technology investment
New service Menu model rationalization Investmentin Guest-facing technology Donatos® Significant off- Portfolio premise growth optimization Our Guests’ trust in our brand and investments made in critical capabilities will serve as a competitive advantage for Red Robin
Slide 9: Comparable Restaurant Revenue Trend
Car. Comparable Restaurant Revenue Trend") Red Robin GOURMET BURGERS #*” BREWS 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% = 7 x= He a ™ 5.0% 2.0% 3.4% 3.3% 10.0% 15.0% 20.0% 25.0% Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q219 Q3-19 4-19 Q1-20 (1) Calculated at constant currency rates
Slide 10: Continued Off-Premise Sales Growth
Continued Off-Premise Sales Growth RE Robin GOURMET BURGERS #*” BREWS US Comp Locations Off-Premise Sales as a % of Gross F&B Sales 100.0% sO 86.1% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 11.6% 12.5% 13.2% 13.9% 10.0% 9.4% 9.6% 10.1% 10.6% B 0.0% | | ail I | | | | | | | 1-18 2-18 Q3-18 4-18 Q1-19
Slide 11: Appendix
Appendix PAGE 11
Slide 12: First Quarter 2020 Sales Highlights
First Quarter 2020 Sales Highlights REARobin GOURMET BURGERS 4 BREWS Q1-20 Q1-19 (16 Weeks) (16 Weeks) Restaurant revenue $301.4 million $400.5 million -24.7% Total company revenues $306.1 million $409.9 million -25.3% Company-owned comp revenue") -20.8% -3.3% Price/Mix 0.1% 2.2% Guest counts -20.9%
Slide 13: First Quarter 2020 Restaurant Results
RG Robin First Quarter 2020 Restaurant Results each haart % of Restaurant Revenue % of Restaurant Revenue Favorable (Unfavorable) Q1-20 Q1-19 (bps) Cost of sales 23.4% 23.4% - Labor 39.3% 35.7% (360) Other operating 17.3% 13.9% (340) Occupancy 11.2% 8.7% (250) Restaurant Level Operating Profit" 8.8%
Slide 14: First Quarter 2020 Commodity Update
RG Robin First Quarter 2020 Commodity Update creates % of Total COGS in Q1-20 Variable vs Ground beef 16.6% Variable (market driven) Steak fries 12.4% 100% fixed through 10/21 Poultry 9.3% 100% fixed through 1/21 Produce 7.7% 80% fixed through 10/21 Bread 6.1% 100% fixed through 6/20 Cheese 5.9% 90%
Slide 15: Restaurant Level Operating Profit Reconciliation to Income (Loss) from Operations and Net Income (Loss)
Restaurant Level Operating Profit Reconciliation to Income (Loss) from Operations and Net Income (Loss) ‘$ in thousands) 2018 2019 2020 Restaurant revenue Restaurant operating costs” Cost of sales Labor Other operating” ‘Occupancy Restaurantlevel operating profit ‘Add ~ Franchise and other revenue’
Slide 16: EBITDA and Adjusted EBITDA Reconciliation to Net Income (Loss)
EBITDA and Adjusted EBITDA Reconciliation to Net Income (Loss) REIRobin 5 GOURMET BURGERS H BREWS ($ in thousands) 2018 2019 2020 a az Qs a4 ai az a3 as a Net income (loss) as reported $4,380 $(1,874) $1,709 $(10,634) ‘$639 $981 $(1,821) (7,702) $(174,298) Adjustments to net income (loss): Depreciat
Slide 17: Reconciliation of Adjusted Net Income to Net Income (Loss) and Adjusted EPS
Reconciliation of Adjusted Net Income to Net Income (Loss) and Adjusted REIRobin Earnings (Loss) Per Diluted Share to Earnings (Loss) Per Diluted Share GOURMET BURGERS 2 BREWS ($ in thousands, except per share data) a ae as a4 a a as ae a [Net income (loss) as reported $4,380 (1,874) $1,708 (10.634)
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