What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-28 compared with 2023-02-28 · 119 added, 125 removed, 219 unchanged (53% of the section changed)

26 unchanged sentences

Business Strategy

The Company recently released its North Star five-point plan designed to enhance the Company's competitive positioning.

In January of 2023, the Company released its North Star five-point plan designed to enhance the Company's competitive positioning.

The North Star five-point plan consists of the following:

21 unchanged sentences

Restaurant Concept

With our menu of Gourmet Burgers and American favorites, attractive atmosphere, and playful environment that connects friends and family, our brand not only carries great memories for our most loyal Guests but also appeals to a broad demographic.

Our Guests seek connection with friends and family across a diverse and multi-generational demographic.

With our menu of Gourmet Burgers and American favorites, creative beverage menu, over 30 bottomless items, energetic atmosphere, and playful environment that connects families of all kinds, our brand not only carries great memories for our most loyal Guests but also appeals to a broad demographic.

Our Guests enjoy the playful spirit of our experience and the comfort they feel with friends and family across a diverse and multi-generational demographic.

We pride ourselves on our Gourmet Burgers and other mainstream favorites served in a casual, playful atmosphere.

Our menu features our signature product, a line of Gourmet Burgers made from premium quality, fresh ground beef.

To complement our best-selling Gourmet Burgers, we offer an everyday-value line of Red's Tavern Double® burgers, and Red Robin's Finest line made with premium toppings.

Our menu features our signature product, a line of Gourmet Burgers with layers of fresh ingredients and premium quality, fresh ground beef.

We also offer burgers made with other proteins including chicken breasts (grilled or fried), turkey patties, as well as a proprietary vegetarian patty and the Impossible™ plant-based burger patty.

We offer a selection of buns, including gluten free, sesame, brioche, and lettuce wraps, with a variety of toppings, including house-made sauces, crispy onion straws, sautéed mushrooms, several cheese choices, and a fried egg.

All of our burgers are served with our all-you-can-eat Bottomless Steak Fries® or Guests may choose from other side options.

All of our burgers are served with a choice from eight all-you-can-eat bottomless sides from steak fries, to broccoli, to garlic fries.

We specialize in customizing our menu items to meet our Guests' dietary needs and preferences and have received recognition from experts in the allergen community.

9 unchanged sentences

In 2023, we had an average check per Guest of $17.08.

Average Guest check increased 10.5% compared to 2021.

We believe our price-to-value relationship, featuring our innovative array of quality burgers, served with bottomless fries, differentiates us from our casual dining competitors and allows us to appeal to a broad base of middle income, multi-generational consumers.

Average check per Guest increased 6.8% compared to 2022.

We believe our price-to-value relationship, featuring our innovative array of quality burgers, "instaworthy" beverages, and over 30 bottomless items, differentiates us from our casual dining competitors and allows us to appeal to a broad base of middle income, multi-generational consumers.

Ongoing Commitment to Sustainability

Red Robin is a company that cares;

we strive to make the world a better place for our Team Members, our community, and our planet.

We are beginning to undertake a more formal and robust sustainability journey with meaningful goals and a commitment to align with the industry and are informed by experts including the Sustainability Accounting Standards Board (the "SASB").

We will continue to adapt our sustainability approach integrated with our North Star strategic priorities.

In 2022, we published our first sustainability report, which is available on our website at ir.redrobin.com.

The contents of the sustainability report and our website are not incorporated by reference into this Form 10-K.

we strive to impact Guests, Team Members, communities, and our planet for the better.

We continued our sustainability journey by completing a materiality assessment, designed to help us identify and understand the ESG topics that matter most to our stakeholders.

In 2023, we published our second sustainability report and Sustainability Accounting Standards Board (the "SASB") Restaurant Industry disclosures, which is available on our website at ir.redrobin.com.

The contents of the sustainability report, our SASB Restaurant Industry disclosures and our website are not incorporated by reference into this Form 10-K.

Our sustainability efforts continue to evolve, and we intend to continue to adapt our sustainability approach to integrate with our North Star strategic priorities.

Human Capital Management

5 unchanged sentences

We strive to provide our people with a great place to work, opportunities for growth, and competitive compensation for their contributions.

Our values empower and motivate our Team Members and create a Company culture that we collectively take pride in every day.

We also provide

our Team Members the opportunity to grow and develop, promote health and safety, and value inclusion, diversity, and engagement.

Our values empower

and motivate our Team Members and create a Company culture that we collectively take pride in every day.

We also provide our Team Members the opportunity to grow and develop, promote health and safety, and value inclusion, diversity, and engagement.

As part of our human capital management strategy, we focus on the following areas:

1 unchanged sentence

As of December 31, 2023, we had 22,516 Team Members, consisting of 22,149 Team Members at Company-owned restaurants and 367 Restaurant Support Center and field-based Team Members.

We focus on General Manager tenure in restaurants and its positive link to Guest traffic, overall Guest satisfaction, and Team Member turnover trends.

Our General Manager turnover during 2022 was 20.9%, and 72.0% of General Managers have been managing their current restaurant for a year or more.

None of our Team Members are covered by a collective bargaining agreement.

Competitive Compensation and Benefits

3 unchanged sentences

Our benefit programs include medical, dental, and vision insurance offerings, employee assistance programs, shift meals, Red Robin meal discounts, paid time off, 401(k) with employer match, an employee stock purchase plan, and equity-based awards for eligible Restaurant Support Center and operations Team Members, generally, at the director level and above.

Our compensation and performance evaluation systems are designed to compensate our Team Members fairly for their level of experience, team effort, and overall contribution to our business.

Compensation and performance evaluations are designed to compensate our Team Members fairly for their level of experience and overall contribution to our business.

We leverage our rewards to motivate our Team Members to do what is necessary in our mission to deliver a best-in-class Guest experience.

For our field operations leaders we anticipate implementing a new performance-based manager compensation program.

For our operations leaders we implemented a performance-based compensation program.

Our individual restaurant managers and multi-restaurant operators are now referred to as "Managing Partners" and "Market Partners," respectively.

Under our new 2023 plan we expect each Partner will earn a base salary plus a performance bonus, which represents a percentage of each of their respective restaurant’s operating profit.

We expect to change our legacy program because we believe that providing each Partner with a significant stake in our business will attract and retain the best talent in the industry.

We also believe that this program rewards our Partners for making the right day-to-day decisions to satisfy our Guests and meet our financial objectives.

Under the new compensation plan for these field Team Members, they will earn a base salary plus a performance bonus, which represents a percentage of each of their respective restaurant’s operating profit.

We changed our legacy program because we believe providing each Partner with a direct and uncapped financial incentive will attract and retain the best talent in the industry and incentivizes each Partner to take action to drive growth in the restaurant or market they manage.

We also believe this program rewards our Partners for making the right day-to-day decisions to satisfy our Guests and meet our financial objectives.

Health and Safety

We operate with the health, safety, and well-being of Red Robin's Team Members, Guests, and communities in mind, as well as federal, state and local regulatory requirements.

During the COVID-19 pandemic, we took additional measures to protect our Team Members and Guests from infectious disease as well as comply with state and local protocols designed to maintain a healthy work environment.

Since the COVID-19 pandemic, we have taken additional measures to protect our Team Members and Guests from infectious disease as well as comply with state and local protocols designed to maintain a healthy work environment.

Diversity, Equity, and Inclusion ("DE&I")

At Red Robin, our Guests and Team Members reflect the communities we serve and can always come as they are.

We champion a culture of inclusion, diversity of thought, perspective and experience, all vital ingredients of a winning recipe.

At Red Robin, we value everyone for who they are.

We are committed to combining the key ingredients of diverse identities, perspectives, and experiences to create our own special seasoning of Unbridled Hospitality.

By respecting and supporting our Team Members, our Guests, and our Communities, we all win together.

We have a successful Women's Excellence program, a Company-wide resource group to support and inspire Team Members through development, networking, leadership, and other resources while fueling a culture of opportunity and diversity.

In 2022, we established a 10-member Diversity, Equity, and Inclusion Council to develop a long-term strategy and plan for our Company.

This group meets on a monthly basis to assess opportunities for the Company to improve its efforts to create a best-in-class work environment that thrives on inclusion and diversity of thought.

This Council meets with our Executive Team and Board of Directors on a periodic basis to provide recommendations and updates on our progress against our evolving DE&I objectives.

In 2022, we established a Diversity, Equity, and Inclusion Committee to develop a mission and vision for DE&I from a Team Member’s point of view.

In 2023, we established a DE&I Steering Council made up of senior leaders of the organization to establish an overarching long-term strategy and plan for our Company.

The DE&I Committee meets routinely to assess opportunities for the Company to improve its efforts to create a best-in-class work environment that thrives on inclusion and diversity of thought.

The DE&I Steering Council meets with the DE&I Committee, our Executive Team, and Board of Directors on a periodic basis to provide recommendations and updates on our progress against our evolving DE&I objectives.

Restaurant Management

From 2020 through 2022, our typical restaurant management team consisted of a General Manager, an assistant General Manager, one to two associate managers, and additional shift supervisors depending on restaurant sales volumes.

We believe it is critical to operate our restaurants with a full complement of experienced, professional, and salaried restaurant management.

Beginning in 2023, we anticipate changing the typical restaurant management team to consist of a Managing Partner, an assistant General Manager, a kitchen manager, and associate managers or shift supervisors as appropriate dependent primarily on restaurant Sales volume.

We expect this transition in restaurant management will occur in phases.

This transition marks a major change in our operational approach for the future.

Expectations for local restaurant leadership will be to “own” all aspects of the profit and loss of the restaurant.

Decision making on a number of P&L related activities will now be driven by local leadership with the support of multi-unit field operations leaders when appropriate.

In support of this approach the compensation plan for field restaurant leaders will change significantly.

A larger portion of the total compensation package for Managing Partners will be in the form of a monthly bonus linked to restaurant-level operating profit.

Leaders who are effective

at driving higher levels of monthly operating profit will receive higher monetary rewards.

We believe it is critical to operate our restaurants with a full complement of experienced and professional restaurant management.

Beginning in 2023, we changed the typical restaurant management team to consist of a Managing Partner, an assistant General Manager, a kitchen manager, and service managers, associate managers, or shift supervisors, as appropriate, dependent primarily on restaurant Sales volume.

This transition in restaurant management is occurring in phases.

This transition marks a major change in our operational approach with expectations for local restaurant leadership to behave as if they are the “owner” of the restaurant.

Decision making on a number of activities is now being driven by local leadership with the support of multi-unit field operations leaders when appropriate.

In support of this approach, beginning in 2024, the compensation plan for field restaurant leaders will change significantly.

A larger portion of the total compensation package for Managing Partners will be in

the form of a monthly bonus linked to restaurant-level operating profit.

Leaders who are effective at driving higher levels of performance will receive higher monetary rewards over time.

This model also supports our intent to improve our level of community focus within the local regions we serve.

Managing Partners will have the flexibility and resources to drive localized activities aimed at nurturing relationships within the community to drive Guest traffic.

It is our expectation that this approach will help to drive both top and bottom-line results.

Managing Partners will have the flexibility and resources to drive localized activities aimed at nurturing relationships within their community to drive Guest traffic.

Our expectation is this approach will help to drive both top and bottom-line results and engagement.

The management team of each restaurant is responsible for the day-to-day operation of that restaurant, including hiring, training, and coaching of Team Members, as well as operating results.

Our typical restaurant employs approximately 57 Team Members, most of whom work part-time on an hourly basis.

Our typical restaurant employs 40 to 70 Team Members, most of whom work part-time on an hourly basis.

Learning and Development

9 unchanged sentences

We regularly collect feedback to better understand and improve Team Member experience and identify opportunities to strengthen our culture.

We welcome open, candid feedback to ensure Team Members feel heard and engaged and to better support the values important to each of our Team Members.

We accomplish this through a variety of programs and forums, including town halls, virtual open forums, and one-on-one coaching, wellness and engagement meetings, and Team Member Voice surveys.

We welcome open, candid feedback to promote Team Members feeling heard and engaged and to better support the values important to each of our Team Members.

We accomplish this through a variety of programs and forums, including Team Member engagement surveys, virtual open forums, one-on-one coaching, wellness and engagement meetings, Town Hall meetings, leadership conferences, and exit interviews.

In addition to these structured programs and forums, we maintain an open-door policy at all levels of the Company.

Our Company remains committed to offering Team Members numerous opportunities to have their voices heard because we believe our Team Members are our most valuable resource.

In late 2022, we partnered with an outside vendor to launch a new Team Member engagement survey across our enterprise.

Launch is set for mid-2023.

We plan to use this information to gather insights from our Team Member population and identify opportunities to better meet their needs.

We plan to offer the use of this survey tool multiple times during the year to gain feedback when key events occur, so we can quickly respond to suggestions and concerns when they arise.

In 2022, we partnered with an outside vendor and launched a new Team Member engagement survey to all field Team Members in 2023.

We have utilized this information to gather insights from our Team Member population and have created action plans from this data to continue to enhance our workplace.

We also plan to offer the use of this survey tool multiple times during the year to gain feedback when key events occur, so we can quickly respond to suggestions and concerns when they arise.

We believe that such a tool will not only assist us with workforce retention, but also enhance labor productivity over time.

3 unchanged sentences

We provide detailed specifications for our proprietary food ingredients, products, and supplies to our suppliers.

We qualify and require outside third party certification audits on an annual basis for all of our food and beverage suppliers, as well as growers.

We qualify and require outside third party certification audits on an annual basis for all of our food and beverage suppliers (excluding alcoholic beverages, which are not held to the same auditing standards), as well as growers.

Their certifications must comply with the Global Food Safety Initiative, if applicable.

Our restaurant leaders must pass and maintain an accredited manager-level food safety and sanitation certification.

Strict food safety protocols, including safe cooking temperature requirements, food handling procedures, cooling procedures, and frequent temperature and quality checks, ensure the safety and quality of the food we serve in our restaurants.

In order to provide the freshest ingredients and products and to maximize operating efficiencies between purchase and usage, each restaurant's management team determines the restaurant's daily usage requirements for food ingredients, products, and supplies, and accordingly, orders from approved suppliers, and distributors.

We maintain strict food safety protocols, including safe cooking temperature requirements, food handling procedures, cooling procedures, and frequent temperature and quality checks, for the safety and quality of the food we serve in our restaurants.

In order to provide fresh ingredients and products and to maximize operating efficiencies between purchase and usage, each restaurant's management team determines the restaurant's daily usage requirements for food ingredients, products, and supplies, and accordingly, orders from approved suppliers, and distributors.

The restaurant management team inspects deliveries to ensure that the products received meet our safety and quality specifications.

2 unchanged sentences

This same follow-up requirement is in place for government regulatory inspections.

To maximize our purchasing efficiencies and obtain the best possible prices for our high-quality ingredients, products, and supplies, our centralized purchasing team negotiates supply agreements that may include fixed price contracts that can vary in term or formula-based pricing agreements that can fluctuate on changes in raw material commodity pricing.

Of our total cost of goods in 2022, ground beef represented approximately 15%, poultry represented approximately 12%, and potatoes represented

approximately 11%.

To enhance our purchasing efficiencies and obtain competitive prices for our high-quality ingredients, products, and supplies, our centralized purchasing team negotiates supply agreements that may include fixed price contracts that can vary in term or formula-based pricing agreements that can fluctuate on changes in raw material commodity pricing.

Of our total cost of goods in 2023, ground beef represented approximately 14%, potatoes represented approximately 12%, and poultry represented approximately 11%.

We monitor the market for the primary commodities we purchase and extend contract positions when applicable in order to minimize the impact of fluctuations in price and availability.

However, certain commodities, primarily cheese, bacon and ground beef, have historically been subject to market price fluctuations.

During the COVID-19 pandemic, we experienced distribution disruptions, commodity cost inflation, and certain food and supply shortages.

4 unchanged sentences

Restaurant Development, Remodels, and Donatos ®

In 2020, Red Robin reestablished a new restaurant development program as part of its long-term growth strategy.

With the transition to a new leadership team in 2022, we have deprioritized new restaurant growth as we focus on other business initiatives and uses of capital.

In 2022, we resumed our restaurant refresh and remodel program to keep our restaurants relevant and well-maintained.

With the transition to a new leadership team and focus on the North Star plan in 2022 and 2023, we deprioritized new restaurant growth in the short-term as we focus on other business initiatives and uses of capital.

Beginning in 2022, we resumed our restaurant refresh and remodel program to keep our restaurants relevant and well-maintained.

We continue to believe this type of investment presents an opportunity to provide compelling investment returns.

5 unchanged sentences

As of December 31, 2023, we have introduced Donatos ® pizzas to 273 restaurants.

We plan to continue implementation of Donatos® to additional restaurants in 2023 and anticipate eventually operating Donatos® in substantially all Red Robin restaurants.

We plan to continue implementation of Donatos ® and anticipate eventually operating Donatos ® in substantially all Red Robin restaurants.

We invested $8.6 million and $6.1 million in the Donatos ® expansion in fiscal 2023 and 2022, respectively.

Comparable restaurant revenue growth in fiscal 2022 compared to fiscal 2021 at restaurants with Donatos® outperformed restaurants without Donatos® by 470 basis points.

Restaurant Franchise and Licensing Arrangements

10 unchanged sentences

In our restaurants, these technologies are designed to facilitate operational efficiency and support the Guest experience.

These technologies include (but are not limited to) labor management systems, sales and forecasting tools, inventory management, and operational execution solutions.

These technologies include (but are not limited to) labor management systems, sales and forecasting tools, inventory management, and operational execution technologies.

These technologies are integrated with our point-of-sale system to provide daily, weekly, and period-to-date reporting that is important for our Operators to run an efficient and high-performing restaurant.

We also use technology to interact with our Guests via our digital platforms, including our website, mobile Apps, loyalty platform, online ordering site, table top kiosks, Server handhelds, and Guest feedback systems, which provide actionable insights on the overall Guest experience.

We also use technology to interact with our Guests via our digital platforms, including our website, mobile Apps, loyalty platform, online ordering site, tabletop kiosks, Server handhelds, and Guest feedback systems, which provide actionable insights on the overall Guest experience.

We utilize centralized financial, accounting, and human resource management systems to support our Restaurant Support Center and Company-owned restaurants.

1 unchanged sentence

We believe these combined tools are important in analyzing and improving our operations, profit margins, and monitoring other key business metrics.

In 2021, we significantly upgraded our digital capabilities implementing the first phase of our digital transformation which included a new and improved ordering site, custom mobile Apps (iOS and Android), and a new integrated Loyalty

Platform specifically designed to connect with our Guests in a more meaningful and personalized way.

Digital enhancements and loyalty improvements continue to be an iterative effort and we expect to continue to implement ongoing enhancements that benefit our Guests and Team Members.

In 2023 and 2024, we expect to begin infrastructure modernization efforts to improve performance and stability of current and future technology solutions.

In 2024, we continue to make iterative enhancements to the digital and loyalty experience that benefit our Guests and Team Members.

Beginning in 2024, we expect to begin implementing infrastructure modernization efforts to improve

performance and stability of current and future technology solutions.

In 2024, we also expect to launch a new loyalty program, transitioning to a points-based system to reward our most loyal guests.

We accept electronic payment cards from our Guests for payment in our restaurants.

4 unchanged sentences

For example, because of the number of credit card transactions processed in our Company-owned restaurants, Red Robin is required to maintain compliance per the Payment Card Industry Data Security Standard (PCI-DSS) for our networks and systems both at our Restaurant Support Center and Company-owned restaurants.

Red Robin not only meets the requirements but also maintains a higher-level designation as a Merchant and Service Provider.

Red Robin not only meets the requirements but also maintains a higher-level designation as a Merchant.

These PCI compliance standards, set by a consortium of the major credit card companies, require annual assessment to ensure certain levels of system security and procedures are in place to protect our Guests' credit card and other personal information.

We also engage security assessors and consultants to review and advise us on our other data security practices with respect to protection of other sensitive personal information that we obtain from Guests and Team Members.

We engage external security assessors and consultants to review and advise us on our other data security practices with respect to protection of other sensitive personal information that we obtain from Guests and Team Members.

Marketing and Advertising

We build brand equity and awareness through a marketing mix inclusive of paid, owned and earned media.

We leverage social media, SEM, SEO, online reputation and social community management, email, SMS, website and public relations initiatives.

These programs are funded primarily through cooperative creative development and national media advertising funds.

Beginning in 2023, we expect to reallocate national paid media marketing activities to emphasize Guest engagement through local restaurant marketing in communities in which we operate and improve the dine-in experience.

In recent years, we have undertaken significant market research initiatives to gain a deep understanding of our Guests, our brand promise, and what we must do to deliver that promise.

We use a Guest satisfaction tool in all restaurants that provides feedback from Guests on their experiences.

Restaurant managers use this information to help identify areas of focus to strengthen restaurant performance and track progress.

We also continually monitor our performance relative to peers and test potential business drivers among both current and potential Guests.

We leverage our over eleven million member Red Robin Royalty TM database to gain insights and track the frequency and purchase behavior of our Guests.

Our brand creative and messaging highlights our craveable food, distinctive positioning, dine-in experience and emotional connection with Guests.

We will also continue marketing support for our off-premises business which includes carryout, catering, and delivery.

Our marketing strategy has been designed to foster awareness, elevate brand equity, encourage consideration, and ultimately drive traffic and sales.

Our approach encompasses a blend of highly targeted and efficient paid, owned, and earned media channels, including paid search, programmatic digital, social media, creators, reputation management, search engine optimization, social community management, loyalty programs, personalized email marketing, local restaurant marketing, public relations, and investor relations.

Our digital footprint extends across platforms such as RedRobin.com, our mobile application, and a dedicated Catering site.

Funding for these initiatives is primarily derived from cooperative creative development efforts and national marketing funds.

Beginning in 2023, we initiated a strategic realignment, optimizing the allocation of resources across paid and earned media, and local marketing endeavors.

This realignment emphasizes personalized Guest engagement within the communities we serve, with a focused objective to enhance the dine-in experience.

Recently, we undertook an extensive consumer research initiative, coupled with a segmentation study, to deepen our understanding of today's Guests.

This research informed our growth targets, reinforced the distinctive essence of our brand, and guides our commitment to delivering on our promise to Guests.

Additionally, utilizing a Guest satisfaction tool in our restaurants, we actively gather feedback to identify areas for improvement, enhancing restaurant performance and tracking progress.

Continuous performance monitoring relative to industry peers, coupled with testing potential business drivers among current and potential Guests, promotes our adaptability and responsiveness to market dynamics.

Leveraging our expansive Red Robin Royalty TM database, comprising over 13 million members, we also gain valuable insights into Guest behavior, frequency, and purchase patterns.

Our brand creative and messaging celebrate the shared values and playful spirit of both our Guests and our brand, seamlessly extending across craveable food, distinctive positioning, dine-in experience, and emotional connections with Guests.

Central to our vision for future growth is a three-pillar approach, strategically designed to drive stronger dine-in experiences, facilitate more convenient off-premises options (including carryout, catering, and delivery), and employ retention-focused marketing initiatives to enhance Guest frequency.

We firmly believe that this holistic approach positions us for growth in the dynamic landscape of our industry.

Executive Officers

4 unchanged sentences

Sarah Mussetter 45 Chief Legal Officer and Secretary

Wayne Davis 60 Chief People Officer

Jyoti Lynch 52 Chief Technology Officer

Meghan Spuler 43 Chief People Officer

Kevin Mayer 54 Chief Marketing Officer

Hart joined Red Robin as President and Chief Executive Officer in September 2022.

6 unchanged sentences

Wilson joined Red Robin as Chief Financial Officer in November 2022.

Wilson most recently served as Chief Financial Officer at Hopdoddy Burger Bar and Hibar Hospitality from 2018 until 2022.

Wilson previously served as Chief Financial Officer at Hopdoddy Burger Bar and Hibar Hospitality from 2018 until 2022.

Prior to that, he was Vice President of Finance for Jamba Juice from 2016 until 2018.

2 unchanged sentences

Sarah Mussetter.

Mussetter joined the Company as Chief Legal Officer and Secretary in December 2022.

Mussetter joined Red Robin as Chief Legal Officer and Secretary in December 2022.

She previously held the roles of Associate General Counsel and Vice President, Deputy General Counsel for the Company from 2011 to 2021.

2 unchanged sentences

Most recently, Ms.

Mussetter was SVP Deputy General Counsel for Skillsoft Corp., a learning application and technology company based in Denver, from September 2021 to December 2022.

Davis joined Red Robin as Chief People Officer in November 2021.

Prior to joining the Company he served as Senior Vice President of Human Resources at Comcast/NBC Universal from June 2009 to January 2021, and Vice President of Human Resources at YRC Worldwide from June 2005 to June 2009.

Mussetter was SVP Deputy General Counsel for Skillsoft Corp., a learning application and technology company, from September 2021 to December 2022.

Lynch joined Red Robin as Chief Technology Officer in June 2023.

She previously served as Senior Vice President and Chief Information Officer for Jamba Juice from 2017 to 2019, and as Chief Information Officer at European Wax Center from 2019 to 2023.

She has also served in senior technology leadership roles at Blockbuster, Inc., Fortium Partners, and Speed Commerce.

Meghan Spuler.

Spuler joined Red Robin as Chief People Officer in December 2023.

Prior to joining the Company, she held the roles of Chief People Officer of Eckerd Connects from 2021 to 2023.

From 2016 to 2021, Ms.

Spuler served as Director of Human Resources, Senior Director of Human Resources, and Vice President of Human Resources for Bloomin' Brands.

Mayer joined Red Robin as Chief Marketing Officer in May 2023.

Prior to joining the Company, he served as Chief Marketing Officer of Pedego Electric Bikes during 2022.

He previously held the roles of Executive Vice President, Chief Growth and Brand Officer and Chief Marketing Officer from 2014 to 2022 at BJ's Restaurants.

From 2012 to 2013 Mr.

Mayer served as Vice President of Marketing for Volkswagen of America.

The restaurant industry is highly competitive, and our Guests may choose to purchase food at supermarkets or other food retailers.

8 unchanged sentences

Our business is subject to seasonal fluctuations.

Sales in most of our restaurants are typically higher during the summer months and winter holiday season due to factors including our retail-oriented locations and family appeal.

As a result, our quarterly operating results may fluctuate significantly as a result of seasonality.

Accordingly, results for any one quarter or year are not necessarily indicative of results to be expected for any other quarter or for any year, and comparable restaurant sales for any particular future period may vary.

Sales in most of our restaurants were historically higher during the spring and summer months and winter holiday season due to factors including our retail-oriented locations and family appeal.

As a result, our quarterly operating results may fluctuate significantly as a result of seasonality, and seasonality of sales may shift over time.

Accordingly, results for any one quarter or year are not necessarily indicative of results to be expected for any other quarter or for any year.

We have a number of registered trademarks and service marks, including the Red Robin®, Red Robin Gourmet Burgers®, "YUMMM®", Red Robin Gourmet Burgers + Brews®, and Red Robin Royalty® and logos.

4 unchanged sentences

Government Regulation

Over the last few years, in response to the COVID-19 pandemic, federal, state, and local governments have issued and revised a significant amount of regulations affecting our business, with requirements often changing without much advance notice.

Regulations relating to the vaccination and COVID-19 testing of Guests and Team Members, Guest spacing within dining rooms and other social distancing practices, sanitation practices, isolation and quarantine periods for Team Members, paid sick leave, and mask mandates for Guests and Team Members materially affected the way we operate our business and serve our Guests.

We are also subject to laws and regulations relating to the preparation and sale of food, including regulations regarding product safety, nutritional content, and menu labeling.

We are subject to laws and regulations relating to the preparation and sale of food, including regulations regarding product safety, nutritional content, and menu labeling.

Our collection or use of personal information about Guests or our Team Members is regulated at the federal and state levels, including the California Consumer Privacy Act.

Our restaurants are subject to various licensing requirements and other regulations by state, and local health, safety, fire, and other authorities, including licensing requirements, regulations for the sale of alcoholic beverages and food, and public health related indoor capacity restrictions.

To date, we have been able to obtain and maintain all necessary licenses, permits, and approvals.

We obtain and maintain necessary licenses, permits, and approvals to run our business.

The development and construction of new restaurants is also subject to compliance with applicable zoning, land use, and environmental regulations.

We are also subject to certain guidelines under the Americans with Disabilities Act of 1990

and various state codes and regulations, which require restaurants and our brand to provide full and equal access to persons with physical disabilities.

We are also subject to federal regulation and state laws that regulate the offer and sale of franchises and substantive aspects of the franchisor-franchisee relationship.

We are also subject to certain guidelines under the Americans with Disabilities Act of 1990 and various state codes and regulations, which require restaurants and our brand to provide full and equal access to persons with physical disabilities.

We are subject to federal regulation and state laws that regulate the offer and sale of franchises and substantive aspects of the franchisor-franchisee relationship.

Various federal and state labor laws govern our relationship with our Team Members and can significantly impact our operating costs.

1 unchanged sentence

Available Information

We maintain a link to investor relations information on our website, ir.redrobin.com , where we make available, free of charge, our Securities and Exchange Commission ("SEC") filings, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

We use our investor relations website, ir.redrobin.com, as a channel of distribution of Company information.

The information we post through this channel may be deemed material.

Accordingly, investors should monitor this channel, in addition to following our press releases, SEC filings, conference calls, webcasts, and other investor events.

Investors and others can receive notifications of new information posted on our investor relations website by signing up for email alerts.

We make available through this investor relations website, free of charge, our Securities and Exchange Commission ("SEC") filings, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

All SEC filings are also available at the SEC's website at www.sec.gov.

5 unchanged sentences

Forward-looking statements may relate to, among other things:

(i) our business objectives and strategic plans, including projected or anticipated growth, including in Guest traffic and revenue, planned improvements in operational efficiencies, gross margins, and expense management and enhancements to our restaurant environments and Guest engagement, including the anticipated impacts of innovations, improvements and enhanced marketing support for certain aspects of our business;

(i) our business objectives and strategic plans, including projected or anticipated growth, including in Guest traffic and revenue, growth strategies, planned improvements in operational efficiencies, gross margins, and

expense management and enhancements to our restaurant environments and Guest engagement, including the anticipated impacts of innovations, improvements, marketing and branding strategies, and changes to our loyalty program;

(ii) our expectations about pricing strategy and average check size;

(iii) our expectations of the competitiveness of the labor market and our ability to hire, train, and retain Team Members, including the success of our Managing Partner and Market Partner program and Team Member engagement efforts;

(iii) our expectations of the competitiveness of the labor market and our ability to hire, train, and retain Team Members, as well as the success of our Managing Partner and Market Partner compensation program;

(iv) anticipated capital investments and the results of such investments including in our restaurant refresh and remodel program and our digital ecosystem, information technology systems, our restaurant development program, and the anticipated related benefits;

4 unchanged sentences

(ix) our expectations regarding competition;

and (x) our expectations regarding demand and business recovery, consumer preferences, and consumer discretionary spending;

and (x) our expectations regarding demand, consumer preferences, and consumer discretionary spending;

(xi) our expectations regarding the implementation and anticipated benefits of our ESG, diversity, equity and inclusion and other initiatives;

(xii) our ability to successfully implement our food safety programs, (xii) our ability to successfully implement our health and safety initiatives;

(xiii) anticipated impacts of COVID-19;

(xiv) the seasonality of our business;

(xv) our ability to successfully implement, and our expectations regarding, our North Star five-point plan to enhance the Company’s competitive positioning;

(xvi) our expectations and other statements regarding interest rates, commodity prices and other factors;

(xvii) the expected impacts of government regulations on our operations and financial condition, and changes in such regulation;

(xviii) the implementation of our restaurant management transition program, including anticipated benefits to our Guest traffic, community focus and results of operations;

and (xviv) the other risks discussed under Risk Factors below.

(xiii) the seasonality of our business;

(xiv) our ability to successfully implement, and our expectations regarding, our North Star five-point plan to enhance the Company’s competitive positioning;

(xv) our expectations and other statements regarding interest rates, commodity prices and other factors;

(xvi) the expected impacts of government regulations on our operations and financial condition, and changes in such regulation;

(xvii) the implementation of our restaurant management transition program, including anticipated benefits to our sales, Team Member performance and engagement, Guest traffic, community focus and results of operations;

and (xiii) the other risks discussed under Risk Factors below.

Although we believe the expectations reflected in our forward-looking statements are based on reasonable assumptions, such expectations may prove to be materially incorrect due to known and unknown risks and uncertainties.

In some cases, information regarding certain important factors that could cause actual results to differ materially from a forward-looking statement appears together with such statement.

In addition, the factors described under Risk Factors, as well as other possible factors not listed, could cause actual results to differ materially from those expressed in forward-looking statements, including, without limitation, the following:

• the effectiveness of the Company's strategic initiatives, including our North Star plan, labor models, service, and operational improvement initiatives;

• general economic conditions, including changes in consumer disposable income, weather conditions, and related events in regions where our restaurants are operated;

• the impact of COVID-19 on our results of operations, supply chain, and liquidity;

• the effectiveness of the Company’s programs and policies, including with respect to food safety and Team Member health and safety;

• our ability to staff, train, and retain our workforce for service execution;

• the effectiveness of the Company's marketing strategies and promotions;

• menu changes, including the anticipated sales growth, costs, and timing of the Donatos® expansion;

• the implementation, rollout, and timing of initiatives, improvements and technology solutions in our restaurants and at our Restaurant Support Center, in addition to digital platforms that are accessed by our Guests;

• the implementation of and realization of benefits from our restaurant management transition program;

• our ability to achieve revenue and cost savings from off-premises sales and other initiatives;

• competition in the casual dining market and discounting by competitors;

• changes in consumer spending trends and habits;

• changes in the cost and availability of key food products, distribution, labor, and energy;

• the adequacy of cash flows and the cost and availability of capital or Credit Facility borrowings and our potential sale-leaseback transactions;

• the impact of federal, state, and local regulation of the Company's business;

• changes in federal, state, or local laws and regulations affecting the operation of our restaurants, including minimum wages, consumer health and safety, health insurance coverage, nutritional disclosures, and employment eligibility-related documentation requirements;

• costs and other effects of legal claims by Team Members, franchisees, customers, vendors, stockholders, and others, including negative publicity regarding food safety or cyber security.

Factors that could cause or contribute to such differences include those described under “Part I - Item 1A.

Risk Factors” of this Annual Report on Form 10-K.

These factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements included in this and other reports we file with the SEC.

All forward-looking statements speak only as of the date made.

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business