What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-26 compared with 2024-02-28 · 113 added, 137 removed, 201 unchanged (55% of the section changed)

Red Robin Gourmet Burgers, Inc., together with its subsidiaries, primarily operates, franchises, and develops casual dining restaurants in North America famous for serving more than two dozen craveable, high-quality burgers with Bottomless Steak Fries ® and sides in a fun environment welcoming to Guests of all ages.

Red Robin Gourmet Burgers, Inc., together with its subsidiaries, primarily operates, franchises, and develops casual dining restaurants in North America famous for serving more than 20 craveable, high-quality burgers with Bottomless Steak Fries ® and sides in a fun environment welcoming to Guests of all ages.

We opened the first Red Robin ® restaurant in Seattle, Washington in September 1969.

53 unchanged sentences

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 a choice from eight all-you-can-eat bottomless sides from steak fries, to broccoli, to garlic fries.

All of our burgers are served with a choice from eight bottomless sides including steak fries, broccoli, garlic fries and more.

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.

In addition to burgers, which accounted for 56% of food sales in 2023, Red Robin serves an array of other mainstream favorites that appeal to our Guests.

These items include a variety of foods like Donatos ® pizza, wings, salads, other entrees, and desserts.

We also offer a range of single-serve and shareable desserts as well as our milkshakes.

Our beverages include signature alcoholic and non-alcoholic specialty drinks, cocktails, wine, and a variety of national and craft beers.

In addition to burgers, which accounted for 56% of food sales in fiscal 2024, Red Robin serves an array of other mainstream favorites that appeal to our Guests.

These items include a variety of foods like Donatos ® pizza (available at select locations), wings, salads, other entrees, and desserts.

We also offer a range of single-serve and shareable desserts as well as our handspun milkshakes.

Our beverages include signature alcoholic and non-alcoholic specialty drinks, cocktails, wine, and a variety of domestic, imported and craft beers.

We strive to customize the pace of the experience for our Guests based on their occasion, from accommodating time-pressured meals to offering a place to relax and connect with family and friends.

3 unchanged sentences

We also strive to provide our Guests with exceptional dining value and the ability to customize their experience.

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

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

In fiscal 2024, we had an average check per Guest of $17.81.

Average check per Guest increased 4.6% compared to fiscal 2023.

We believe our price-to-value relationship, featuring our innovative array of quality burgers, "instaworthy" burgers and 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.

Corporate Responsibility

Red Robin is a company that cares;

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.

In fiscal 2024, we published our third 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.

We review our corporate responsibilities, at the stakeholder, Board, and management level and incorporate corporate responsibility initiatives into our strategic planning.

Human Capital Management

We strive to ensure our people, who we refer to as Team Members, live out and benefit from our core values:

We strive to ensure our people, who we refer to as Team Members, demonstrate and benefit from our core values:

Integrity, Fun, Unbridled Hospitality, and High Performance.

We believe that when we live out these values, we win together!

We believe that when we exemplify these values, we win together!

Winning together is our core objective.

We nurture this culture by ensuring that our people are front and center, that they have a clear understanding of what is expected, and that people love working for our brand.

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.

We nurture this by providing our Team Members with a clear understanding of what is expected, and our goal is that people love working for our brand.

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, belonging, and engagement.

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

Our Team Members

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.

As of December 29, 2024, we had 21,443 Team Members, consisting of 21,196 Team Members at Company-owned restaurants and 247 Restaurant Support Center Team Members.

Competitive Compensation and Benefits

1 unchanged sentence

Tip eligible Team Members are paid at least the tip credit rate or minimum wage rate as mandated by federal, state, or local government agencies, in addition to receiving customer tips.

We aim to ensure tipped positions make more than the federal, state, or local minimum wage when including tips.

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.

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

We design tipped positions to make more than the federal, state, or local minimum wage when including tips.

Our current benefit programs include medical, dental, and vision insurance offerings, an employee assistance program, shift meals, Red Robin meal discounts, paid time off, 401(k) with employer match, and an employee stock purchase plan.

Additionally, we offer incentive bonuses tied to restaurant and company level results, as well as equity-based awards for eligible Team Members.

Our compensation programs 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 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 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.

For our operations leaders, beginning in fiscal 2024, we utilize a performance-based compensation program.

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

Under this compensation program, Partners earn a base salary plus a performance bonus, which is linked to their respective restaurant or market operating profit.

Additionally, Market Partners are eligible to receive equity-based awards.

We believe providing each Partner with a direct and uncapped financial incentive attracts and retains 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, lead our Team Members, 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.

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")

We operate with the health, safety, and well-being of Red Robin Team Members, Guests, and communities in mind.

We have strict health and safety standards in place that meet or exceed local, state, and federal requirements, and timely review and act on data and trends from regulatory, internal, third party, or vendor inspections.

We continue to innovate our products and processes to reduce our environmental impact, improve safety, and create a healthy work environment.

Inclusion and Belonging

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

2 unchanged sentences

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 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.

In 2022, we established an Inclusion and Belonging Committee to develop a mission and vision for inclusion and belonging from a Team Member’s point of view.

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

The Inclusion and Belonging Committee meets routinely to spotlight and celebrate the diverse experiences of our Team Members, to share these across the Company and 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.

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 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 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 management team consists of a Managing Partner, an Assistant General Manager, and a Kitchen Manager.

Depending on restaurant sales volume and other factors, we may also utilize Service Managers, Associate Managers, and/or Shift Supervisors.

The restaurant management team is responsible for the day-to-day operations, operating results, and other matters including hiring, training, and staffing.

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

We believe that a full complement of restaurant managers rationalized for restaurant sales volume and other factors is important to successful restaurant operations.

We expect our restaurant management teams to provide leadership at the restaurant as if the management team was the “owner” of the restaurant including localized decision-making with support of multi-unit field operations leaders when appropriate.

For example, we expect restaurant management teams to engage in meaningful activities at the local level.

The compensation plan for restaurant management teams is currently linked to restaurant-level operating profit in the form of a monthly bonus.

Our expectation is this variable compensation approach will help to drive meaningful results in traffic, sales, and profitability consistent with the Company's financial plans.

Learning and Development

We strive to maintain quality and consistency in each of our restaurants through the training and development of Team Members and the establishment of, and adherence to, high standards relating to Team Member performance, Guest satisfaction, food and beverage preparation, and the maintenance of our restaurants.

Each restaurant maintains a group of certified learning coaches, including a head learning coach, who collectively are tasked with preparing new Team Members for success by providing on-the-job training leading up to a final skills certification for their position.

Team Members seeking advancement have the opportunity to join our management development program as a Shift Supervisor.

Our training programs are anchored in a blended learning design, combining digital content with on-the-job training supported by a restaurant team of Certified Learning Coaches under the leadership of a Head Learning Coach and the restaurant's Managing Partner.

This approach, culminating in a final skills certification, sets our new Team Members up for immediate success as they start their Red Robin career.

Team Members seeking advancement have the opportunity to further their career as a Shift Supervisor through our Management training program.

We continue to focus on hiring, training, and retaining our Team Members as we believe this is key to maintaining quality and consistency in each of our restaurants.

5 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 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.

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

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

In fiscal 2023, we launched a new Team Member engagement survey to all field Team Members.

In fiscal 2024 we gathered additional field Team Member feedback and extended the engagement survey tool to our Restaurant Support Center Team Members.

We utilize the surveys to gather insights from our Team Member population and create action plans from this data to continue to enhance our workplace.

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

We believe this tool provides us with key insights into what Team Members need from the Company, assisting with retention and contributing to our positive workplace culture.

Food Safety and Purchasing

2 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 (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.

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 held to different auditing standards), as well as growers.

The 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.

1 unchanged sentence

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.

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

Additionally, we engage an independent auditing company to perform unannounced comprehensive food safety and sanitation assessments at least three times a year in all Company-owned and franchised restaurants.

If an assessment identifies any gaps, a documented plan is required for any deficiency noted.

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

If an assessment identifies any gaps, a documented plan is created to address it.

A similar follow-up requirement is in place for government regulatory inspections.

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%.

Of our total cost of goods in fiscal 2024, ground beef represented approximately 15%, potatoes represented approximately 13%, and poultry represented approximately 10%.

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.

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

To manage this risk in part, we enter into fixed-price purchase commitments for certain commodities;

however, it may not be possible for us to enter into fixed-price purchase commitments for certain commodities, or we may choose not to enter into fixed-price contracts for certain commodities.

As tactics to manage the risk of volatile cost increases and available product supply, we enter into fixed-price purchase commitments for certain commodities;

however, it may not be possible for us to do so from time to time or at all with respect to certain commodities, or we may choose not to enter into fixed-price contracts for certain commodities.

We believe that substantially all of our food and supplies meeting our specifications are available from alternate sources, which we have identified to diversify our supply chain.

As of December 31, 2023, approximately 50% of our estimated annual food and beverage purchases were covered by fixed price contracts, most of which are scheduled to expire at various times through the end of 2024.

As of December 29, 2024, approximately 42% of our estimated annual food and beverage purchases were covered by fixed price contracts, most of which are scheduled to expire at various times through the end of fiscal 2025.

Restaurant Development, Remodels, and Donatos ®

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.

We are conducting a thorough review and evaluation of all completed refreshes and remodels to gather learnings and measure consumer response.

When complete, we expect this evaluation will inform our go forward design criteria, investment level, and pace of refreshes and remodels.

We have prioritized investments to maintain our restaurants and technology infrastructure.

We plan to evaluate a restaurant refresh and remodel program to inform our design criteria, investment level and pace of refreshes and remodels going forward.

We are not currently pursuing new restaurant development but may in the future as our efforts under the North Star Plan progress.

In 2020, we announced our partnership with Donatos ® , a high-quality pizza brand "nested" inside of Red Robin restaurants.

2 unchanged sentences

As of December 29, 2024, we have introduced Donatos ® pizzas to 269 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.

Restaurant Franchise and Licensing Arrangements

8 unchanged sentences

Information Systems and Digital Technology

We rely on information systems and digital technology in all aspects of our operations, striving to create seamless Guest experiences and enable Operations to deliver on our Brand commitments.

We leverage information systems and digital technology to deliver seamless Guest experience and empower our operations team to fulfill our brand commitments.

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 technologies.

These technologies include (but are not limited to) food waste and 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, tabletop kiosks, Server handhelds, and Guest feedback systems, which provide actionable insights on the overall Guest experience.

We also engage with our Guests through various digital platforms, such as our website, mobile apps, loyalty program, online ordering, and Guest feedback surveys.

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

In addition, we use an Operations scorecard that integrates data from our centralized systems and distributes information to assist in managing the performance of our restaurants.

In addition, we use an Operations dashboard that integrates data from our centralized systems and distributes information to assist in managing the performance of our restaurants.

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

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.

We also receive and maintain certain personal information about our Guests and Team Members.

We have systems and processes in place that focus on the protection of our Guests' credit card information and other private information we are required to protect, such as our Team Members' personal information.

We have taken several steps to prevent the occurrence of security breaches in this respect.

Our systems are carefully designed and configured to protect against data loss or compromise.

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.

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.

In fiscal 2024, we began infrastructure modernization efforts to improve performance, stability, and security of current technology solutions.

We also launched a new loyalty program, transitioning to a points-based system that allows Guests to earn a reward faster and enjoy new perks and member exclusives.

Red Robin accepts electronic payment cards from Guests and collects personal information from both Guests and Team Members.

We maintain a robust system of data protection and cybersecurity resources, technology and processes to keep Company, Guest and Team Member data secure.

We monitor risks of sensitive information compromise at our business partners where relevant and reevaluate these risks on a periodic basis.

We also perform annual and ongoing cybersecurity awareness training for our restaurant management and support center Team Members.

In addition, our systems undergo annual

assessment to ensure certain levels of system security and procedures are in place to protect our Guests' credit card and other personal information in accordance with Payment Card Industry (PCI) guidelines.

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

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

Our marketing strategy is designed to foster awareness, elevate brand equity, encourage consideration, and ultimately drive increases in Guest 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.

3 unchanged sentences

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.

In fiscal 2024, we completed 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.

Additionally, we utilize Guest satisfaction tools in our restaurants and gather feedback to identify areas for improvement, enhance restaurant performance and track 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.

Leveraging our expansive Red Robin Royalty TM database, comprising approximately 14.9 million members, and our new Customer Data Platform (CDP), we gain valuable insights into Guest behavior, frequency, and purchase patterns and are able to deliver targeted offers to drive engagement.

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.

Central to our vision for future growth is a layered strategic approach that prioritizes increased engagement and visitation of our current Guests via the personalization and benefits of our loyalty program, as well as new Guest acquisition demonstrating the breadth and quality of our gourmet burgers and everyday value we provide across owned, earned, paid and local restaurant marketing efforts.

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

5 unchanged sentences

Sarah Mussetter 46 Chief Legal Officer and Secretary

Jyoti Lynch 52 Chief Technology Officer

Meghan Spuler 44 Chief People Officer

Kevin Mayer 54 Chief Marketing Officer

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

Hart served as a director of the Company since August 2019.

Hart most recently served as Chief Executive Officer of Torchy’s Tacos from 2018 until 2021.

He was previously the Executive Chairman and Chief Executive Officer of California Pizza Kitchen from 2011 to 2018.

He has served as a director of the Company since August 2019.

Hart previously served as Chief Executive Officer of Torchy’s Tacos from 2018 until 2021.

Prior to that, he served as the Executive Chairman and Chief Executive Officer of California Pizza Kitchen from 2011 to 2018.

From 2000 to 2011, Mr.

12 unchanged sentences

Most recently, Ms.

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.

Mussetter was SVP Deputy General Counsel for Skillsoft Corp from September 2021 to December 2022.

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.

Prior to joining the Company, she served as 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.

3 unchanged sentences

We compete on the basis of taste, quality, price of food and related Guest value, Guest service, ambiance, location, and overall dining experience.

We believe our Guest demographics, strong brand recognition, Gourmet Burger concept, family friendly atmosphere, attractive price-value relationship, and the quality of our food and service enable us to differentiate ourselves from our casual dining competitors.

We believe we compete favorably with respect to each of these factors.

Our competitors include well-established national chains which have more substantial marketing resources.

We believe our Guest demographics, strong brand recognition, Gourmet Burger concept, family friendly atmosphere, attractive price-value relationship, and the quality of our food and service differentiate us from our casual dining competitors.

Our competitors include well-established national chains that have more substantial marketing resources.

We also compete with many other restaurant and retail establishments for Team Members.

Our business is subject to seasonal fluctuations.

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.

Sales in most of our restaurants have historically been higher during the spring and summer months and winter holiday season.

The timing of holidays and school vacations, as well as severe storms, extended periods of inclement weather, or climate extremes may affect the seasonal operating results in the areas impacted.

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.

Intellectual Property

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

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.

We are subject to laws and regulations affecting the operation of our business and industry, including preparation and sale of food and beverages, product safety, nutritional content, and menu labeling.

Each of our restaurants is subject to various laws and regulations, including by state, and local health, safety, fire, and other authorities.

For example, our restaurants are subject to licensing requirements, building and zoning regulations, regulations for the sale of alcoholic beverages and food, and public health related indoor capacity restrictions.

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 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.

These laws govern minimum wage requirements, overtime pay, tip credits, paid leave, meal and rest breaks, unemployment tax rates, health care and other benefits, workers' compensation rates, citizenship or residency requirements, child labor regulations, and discriminatory conduct.

We are subject to various labor and employment laws and regulations that govern our relationship with our Team Members and can significantly impact our operating costs.

These laws govern minimum wage requirements, overtime pay, tip credits, paid leave, meal and rest breaks, unemployment tax rates, health care and other benefits, workers' compensation rates, work authorization, discriminatory conduct, and union organizing rights and activities.

We are also subject to laws and regulations relating to privacy and data protection, including the collection or use of personal information about Guests or our Team Members, such as the California Consumer Privacy Act.

We are subject to the Americans with Disabilities Act and similar laws that require the Company to provide civil rights protections to individuals with disabilities in the context of employment, public accommodations, and other areas.

We are subject to federal and state laws and regulations, including those of the Federal Trade Commission that govern the offer and sale of franchises and substantive aspects of the franchisor-franchisee relationship.

Available Information

11 unchanged sentences

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

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;

(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 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, 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;

(iv) anticipated capital investments and the results of such investments, including the evaluation of our restaurant refresh and remodel program, and our digital ecosystem, information technology systems, our restaurant development program, and the anticipated related benefits, as well as anticipated changes to our restaurant portfolio;

(v) our expectations about restaurant operating costs, including commodity and food prices and labor and energy costs;

4 unchanged sentences

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) 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.

(xi) our expectations regarding the implementation and anticipated benefits of our corporate responsibility initiatives;

(xii) our ability to successfully implement our food safety

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

(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;

and (xvii) the 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.

7 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