Dave & Buster's Entertainment (PLAY) 6 Sep 232023 Q2 Earnings call transcript

Good day, and welcome to the Dave & Buster's Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I'd now like to turn the conference over to Cory Hatton, Vice President of Investor Relations and Treasurer. Please go ahead.

Thank you, operator, and welcome to everyone on the line. be our our Chief will and Executive call Quartieri, Mike Financial today's Chris Chief Morris, Officer; Leading Officer. After be our happy will to take prepared your questions. remarks, we Entertainment, behalf This Dave call recorded on is & being Buster's Inc. of and is copyrighted.

facts. discussed, we based responses quarter results, within those of website. statements the second forward-looking items to Any attention with the questions, I'd the are anticipated. available various our our risk Information on in Litigation results uncertainties which be your Securities XXXX fact call certain begin forward-looking risks of that are future should the on which to to remarks our items Before actual entirely be Reform on uncertainties, on relating been to filings and statements company's the Act meaning historical our of events and are published discussion not in like and subject could these the factors may such our from considered XXXX. have which differ All SEC, cause Private to to

include comparable our in earnings Investors to reconciliation today announcement these the this should will to Accounting not references Generally contained addition, In are review financial measures Principles. measures non-GAAP afternoon. of GAAP defined under measure remarks the that Accepted released our

With to my to turn pleasure that, is Chris. it the call over

Thank joining our for afternoon, call you All everyone. right. Good you, Thank Cory. today.

the second our XXXX. quarter. margin moments, quarter We EBITDA of resulting are generated a fiscal for an million the EBITDA of report you will XX.X% walk the of and performance. in for to of adjusted $XXX $XXX through Mike few of details pleased results record financial revenue We In million adjusted

and reflect we out presentation, against numerous as and implementing. growth we a that take recent already ever in we initiatives sizable Investor on have in remain where and execute our the we which to our we ability Day As laid step begun confident as are, back

a diligently we that continue stores expand continue attractive structure invested pleased a highly are on we quarter, dynamic against EBITDA exceptional our profitable returns a our margins, and our at have job period economy new and has through and our navigating top-line to highly the in business resilient During managed comparisons open model versus cost we and phenomenal team our strong that adjusted XXXX. to that done capital

adjusted are laser and progress adjusted growing and cash considerable and to optimizing We $X making goal. billion committed on business remain of our EBITDA We EBITDA focused are flow. our long-term revenue, of that towards target

to the moment on growth six initiatives. of organic a take you update to each like key I'd

First, marketing authorization.

we reminder, right As message a is a time. sure strongly at get right we the the grow believe that by making meaningful people right the there to opportunity traffic to

that and to key process now fruit early in we building tools engine These digital improved engagement. end, the fiscal and a our in we marketing that role XXXX. have more investment marketing the infrastructure in a technology the To part are will marketing in successfully developing will through the completed play expect personalized of targeting approach begin guest bearing of

X.X mobile bottom-line now spend approximately a be visit database from users benefit as X.X keeps our they more quarter, last XX% is our app key million XX% database loyalty when users, and for loyalty will our database customers Continuing more our better. addition, In top visit. our grow getting and loyalty approximately in up to experience million as frequently

teams. back our and week, particularly on the wings while effort will we our drive superior launched visitation, enjoy All-You-Can-Eat and to also broader fall calendar this part along successful which watch use As on menu. their of cheering with an offering We're our campaign $X Mondays football favorite sports the everyday Thursdays, our to Bites to highlight bringing guests

business our game strategic will games Second, pricing. the be what known of Playing we brand. as at always for are and a model core most and is

believe during cash game highlighted new flow, comprehensive maintaining implement opportunity our everyday while significant prices proposition drive still below a game peers. a and our pricing value revenue, to we there meaningful still is Investor with our EBITDA additional Day, well adjusted As strategy to

While we investments have expect in our certain pricing of fully are our holiday implement XXXX we all the require elements key positive ways during regional that of currently to impact quarter we new unlocking new period. fourth to to strategy, optimize a

Third, and improved food beverage.

opportunity investing exists offerings, accelerate by and of overall of and optimizing a focused significant and As quality completed service to rate a speed to of improving attachment are hospitality next new beverage of & the the of recently was and revenue food the our profits service menu our our in by offerings, to technology Dave generated future reminder, business our improve successful. Buster's we new which pleased labor test model, model. in report phase our We simplifying

a sales, in test, point improved scores. improved costs stores the improvement to a OSAT During sales, single of cost of XXX digit due operational low efficiency, these food speed increase labor and basis in service saw

phase menu track end We and launch strategy system-wide new September. to this of of are our the F&B on by

remodels. Fourth,

business. overall in modernizing remodels, and of I'm implementing to launch entertainment technology special offerings. refreshing successful guest event walk-in report improving productivity, live support as of our engagement enhanced process of first went the stores, D&B pleased introducing entertainment the which mid-August, offerings introducing look layout increase the our of to in the our XX are to drive to new and traffic well traffic and for We test feel and and as

and online these how to strategy these by improvement D&B is sales the XXXX. more growth provide are initial of and rollout in three comparable remodels locations planned a financial store with of being observations in in remodel more beyond. program test only the comprehensive for double-digit remodels new and received our remaining it's results be trends. of expectations eight There are remaining will Although been sharpening will coming Once of we test in complete, balance three the of these XXXX weeks, guests tests our performing the XXXX ahead the format the well

capital generating attractive returns remain highly on However, you remodels. focused assured laser can invested for rest that the on we

Fifth, special events.

to We there to in that improve special execution opportunity business. event believe is significant a continue our

have the we & elements back leveraging to the of event adding stores, strongest the which is which playbook a to meaningfully Buster's, has main managers Dave pre-COVID of brand are results. initial levels recovered additional we at sales encouraging the on to combined shown pre-COVID below completed basis, While drive phase still levels. We've sales

the early for on QX the changes, than system. the the average while the rest group and example, at innings For of of where still we advance we've versus bookings rollout QX stores made seen this more double initiative, in of the the have

the improvements expect near our special event introduction business. we business, While term connection remodel of significant the new in our we offerings entertainment program to catalyst store also special expect with event be for in a

on to better At we are focused vastly model satisfaction. our and updating improved will improved store Six, data IT the service technology guest level, engagement and and analytics, enablement. store guest optimizing our which current lead infrastructure,

and server Our remodels. leaders entertainment enterprise on technology the operations of our were the solution, new a in our installing work future, POS quarter, and team closely kiosks with working tablet hard our selecting at implementing

the and additional As revenue EBITDA with to required these in strongly on the focused will remodels, we area. generating are investment lead laser we return adjusted believe an this initiatives on attractive

organic over shareholder our long-term, we operational initiatives making are are significant quarter and the towards growth the the achievements aggregate, confident will value indicative progress In our goal. create of our we're in

to and enabled business versus As us up sharpened XXXX. running XXXX, to XXX Mike continue the to grew greater quarter which now points margins, are the detail, in cost basis with XXX will in discuss second controls, our points expand our approach versus basis

cost & find We opened continues will generation particularly In cash quarter, to as the and to Dave as plan. execute our Main permanently base be long-term for flow reduce powerful the continue ways Event. one we build we two new Buster's that new strategic to against our momentum

Our continue of this of expect for intact new new a brands. strong to across remains XX track both XXXX total record we year opening stores as fiscal stores

returns. strong continue cash openings on store cash new well exceptionally and to perform generate Our

We shareholder business being strategic Despite progress all and market. strength resiliency and demonstrated we've D&B with of business and conviction plan our by strategic towards extremely remains that made the areas our model, made progress value. of our are have high the the plan significant deliver the very pleased throughout the will undervalued

Directors Board end, of share to our current our approved our to has an current repurchase To million. $XXX authorization that increase authorization, bringing

to While and opportunistically business view stores, value. below back at investments continue shares shares we trade aggressively continue in ROI will materially to prioritize buy when and also we our our the high fair new

So review Mike? of turn the a to over Mike now let second results. quarter our call me for

$XXX.X diluted quarter. totaled We which can an $XX.X refinancing million $X.XX XX.X% press debt non-GAAP reported adjusted the or adjusted for million prior Reconciliations diluted income net be financial an million results of found $XXX.X We're in of these income, share, $X.XX Chris. loss year. includes second report Thanks, of on strong adjusted the per quarter the $XX.X of for $XX.X of We've increase new second generated the pleased in earnings million release. quarter share. adjustment today's second quarter. per measures revenue EBITDA in million, the versus of Net or to and

up normalized we X.X% versus Pro a X.X% period comparable look business. level year we continued basis, prior entertainment When from XXXX led continue a perspective. decreased versus XXXX business, robust at on forma we consolidated by our lap of of store strength as more are the to sales top-line a back

revenues year-over-year comparison the business in and to continues special Our events recover quarter, pro a forma second on basis to XX.X% XXXX in remains levels. flat close to up with

XXX adjusted quarter XX.X% versus second XXXX. Our points basis EBITDA improved to

unturned this leaving goods laser to expenses, across of mentioned, Chris store cost drive continue no stone a operating we labor, and in focus G&A. with on our environment cost sold, margin base, As

in result laid million the We buckets cost have Day four we rate cost levers savings $XX that these of pull $XX all million out will we run the in as are presentation. annualized of to confident in to Investor that our in

the operating cash with total facility, million a when ending of quarter on leverage generated $XXX We $XXX balance ratio net X.Xx. $XXX.X credit letters Contributing our with revolving million $XXX million an net the of available ended liquidity flow the cash combined quarter. $XX.X of for over credit. to second during We million of of of million outstanding

to ability in us the superior drive to Our cash strong profitable and to balance and sheet, provides shareholders. business leverage growth the to return invest capital profile flow with continue low

And the repurchased facility, B million spread and cost shares repriced As quarter, million on any credit quarter, our million. of in repurchase Also currently share of $XX.X total $XXX share at repurchase authorization. previously opportunistically future second a Loan disclosed, we X.XX%. by reducing revolver X.X Term have the after we increasing our we our in the authorization, borrowings

during year and additions one well. capital capital third Turning two open both Event. across second store XXXX during new new fiscal we Buster's and the relocate as total of & spending, $XX.X brands in a We've stores to Chris new a quarter one Dave to new & mentioned, Also, on one year opened store store Event the and track as Dave quarter, invested we Main during opening million Buster's new Main XX of are total one of stores 'XX. fiscal already

immediate, made quantifiable B, long-term the the To our our returning us a position for unlock Investor deliver highest to strengthening our the Loan value two great upon in of are and we opportunities remain capital the progress for and our Term unveiling these strategic long-term, managing share summarize, maximum near-term we shareholders establishing buyback plan to by to our are with returns and costs company's via financial the pleased possible our favorable execute with repricing quarter, on roadmap program, in at the to June. Day pursue we of shareholders. and in There focused brands numerous

the operator, line please open questions. Now, up for

Instructions] [Operator Truist. Jake question Bartlett from comes first at Today's

is targeting was of in depends sure I kind that first I the was 'XX, presented the three-year by environment. year you wasn't macro it When you think you're a $X the billion three. plan, My base little but it -- what on on that, that it the qualify was? EBITDA year

on you we bit of Has are with or as So that been three-year pushed should plan? my is, XXXX? little out year about a that track question three think kind

Jake, Chris. this Hey, is

in in we'll there, put confident not But you The As deliver a we there's the enthusiastic that on that what fixed path that's year EBITDA ability timeline towards plan. said Investor during we to clearly billion and Day, we're is tell medium a out over very that timeline. three term. $X our

simply on medium-term. at fixed all business. that our merely opportunity saying, timeline But that deliver away haven't We look, we the it. that in we delivering outcome on a like feel on can thinking shifted want in really from there's the putting to this was plan. on just It stay We confident of incredible

or on that are make two In there. a month or mistake, six the months is a might or shift even things environment. depending or But terms that the in opportunity or external two, no year two, happening

you respect In June implemented terms we're our we've far. Investor very with this. to made, the I'll of few the that just a in results we've the we encouraged Day line are into tell seeing we're with progress that thus with that was plan. right that items XXth, months only so We're

confident focused over But our right we're on our and the medium ago, than seeing from more going we're we months were team's we're and drive what term. ability three value meaningful where what now, even and to

should really the seeing last been quarter business. consistently that's the I going of your the has -- have decelerating Obviously, out -- post-COVID or And any quarters. excess there as question promising What just that demand and within comps that its my of you 'XX date, on to within seem even any the next pretty of that the you're trajectory up And quarter yet? of essentially was for versus quarter, you seeing see that in the -- kind that the the that coming outside worked four is at occurred you to stabilize, reacceleration? question, trends that indication now confidence Is we're the is next some the way guess initiatives two? are look that that stabilization, a

Yes.

what very -- our on start, We're delivering some is this you're and plan, where from to to that's then doing. is. that add just me I'll and it turn focus to additional on going hear about color, Mike over commentary. much Let I'll that's What to long-term excited consistently the focused us, we're team

our plan clear ability there's on said, deliver long of I to a in line the As sight over that run.

caught And so month to in we trends. up month get don't really

you the -- in we the has most time, benefited as still We're at and time of to we're the with X% Day XXXX, and navigate are work and tell peers. confident as look, comparison. all of that along over of in this bottom-line. the the that to I'll And of the surge we're prior that year-over-year that And And pleased year to lapping this us up importantly, remain the our ever basis, What team on through we're drive is, challenging. comparisons as in particularly pleased that year proud it's environment meaningful done period exciting we we deliver challenging. front Investor compared comps opportunity our to Last on a initiatives from still like point outlined post-COVID during value. are

you we add XX.X% year look ago, to in When to And on back QX. that. comped a plus

huge number so And a that is to overlap.

the the going it's normalized when see a look 'XX, annual growth we to so on yes, which is still a versus and forward, in wanted see to see, growth type back that go is an tough X% 'XX that at would businesses business in basis that which more expect like environment back We ours. you And you comp. we

-- type What our this the that's of those the do we macroeconomic are in even and margin to EBITDA those control what seeing that to bringing of are And wall able today the today, The has business. environment we at every say levels. four EBITDA point, and on the can in control us permanent I we in around normalized will driving effect. it day and I'd expand even factors walls happens four What of traffic And that type it that traffic -- control can't margins. is into that to attitude that as this those more be you're nature we're benefit that's further margins. taking back actions us value in EBITDA economy where the returns call

Farmer Jeff Gordon today of next from comes question Haskett. Our

on up following with question. start to wanted Just Jake's

off you So that there finished to positively to the either or relates same-store QX guard how sales your anything of you as Anything share internal guys negatively? guys it is caught sort expectations? can relative

our the I'd demographic the rest any also No, the store demographics well results. within that's different as I group consumer, it's We of consistent we're consistent business, sales. of board. we're but underperforming at decline, types are across the a today, as look think of level say back but as area of And relatively and levels perspective. demographics this evaluate geographic our the particular point Unfortunately, those QX end from seeing comp pretty it's seeing a of those at a geography of you what the each one of not

And of should like so understand than we XXX food And commodity basis favorability of points, roughly us question that? saw was basis just that cost Can saw thinking we next we QX? beverage that, then two points guys XXX menu So helpful. can of move what moving doubled so is in -- and level initiatives, be how things is a be the should cost impact as over you what pricing, The forward, you which looks that more drivers you how cost about thinking That the and either about year-over-year. quarters? then it understanding lot it of drove favorability inflation. help

sold when and a so from done QX. improvement food look line beverage, you One, for QX the Yes, of aspects. in a perspective anything at haven't there's we cost pricing goods and the of between couple

then perspective, a volumes of from procurement contracts after the in round there to were we continued work through needed contracts from were as from that and So kind the then synergy and that run benefit second go where nature, fixed of comes base perspective. their is a pricing consistent. cost consolidate gone The term to able we've

prepared yield to new that to sold remarks, items cost we're spoke menu a a cost Chris during of goods his us from testing As perspective. benefit

as look that ability the then seeing relative and more a lastly, of always for from commodity time effect, And consistency we from quarter-to-quarter. things we are commodities prep improvement perspective,

about basis. basis So on at we're on a QX improvement a benefiting year-over-year straightforward say relatively, from I'd commodity X%

our next And from question James. Vaccaro comes Brian today with Raymond

down just again -- to cadence XXs ask Obviously and what quarter. perspective on of is want the of just to your sequential about consumer. the the softness the that wanted the and through comps now, get I'm sort just Just driving itself sort comps and think you in healthier

think anything part or is in Just any weekend not think amusements? versus that day weekday you F&B context there you're concentrated is incremental it's area, those what driving softening? seeing any I but you mentioned or versus on sequential

Yes, then let to Brian, take I will it that wrap and up.

just say is I'll Jake I tough first year post-COVID just the with to I'll to our year, repeat, as our comparison just prior part earlier with last is, we're peer from what year the The that dealing did. thing said performance surge what of group is, benefited last and a

And with tough no as the the XXXX; when growth really so of a quarter. from ourselves the secondly, there throughout said, consistent. comparison. pleased was in compare there trend It business XXXX, a is first, to And I we're material bit we fairly was

the I'll decline. We you there out that that was we slicing nothing [XXXX], that. always came dice and was think do, way. we've to tell just What a As is, there our single every relative of out was of overall analyzed it business, just heck it meaningful

behavior terms suggest anything in to one really how those that point Buster's it's shift lines. in we of or consumer not trading that that along at they're Dave could there's to related So would a & thing

for environment. consistent that of we on are seeing we spending I think have in thing that, at historically they customers are that to in, add is coming what seen post-COVID levels what one the are

between when one-third, two-thirds we're amusement kind and look revenues on at beverage, of that being of at side. and holding between -- the two-thirds with amusement So our still mix you food the

And elaborate impact fourth just were pricing just the fourth raising thinking initiatives to that there? much Have pricing have minimum beginning benefit making of that a your games, $XX starting the I about buy-in the some maybe front? optimize And that then serves. any on quarter, the on changes an $XX in could from yield level, how to buy-in, that you the on quarter? to the ballpark the you're will also decision of specifics of on you expect and in made And think you if testing, maybe a you memory the

Yes.

was takeaways. at at QX. the look the you So of $XX from two so then the We kiosk. from $XX pricing in those rate the buy-in card, there you receives the with $XX customer then value $XX. quarter, cards the the to went entry $XX it really was point it before, to chip that to When no $XX. I'll And to end and One, $XX towards The low actually $XX give We is start which goes to adjusted end main our rate $XX, did is benefit $XX. consistent. to adjust the dollar per to

up really the it a it So at just call wasn't level, then in it a price much change minimum went of was it there. as the buy-in change and through a, amount

aspect as other is, one talked areas. to unlocks ability pricing pricing strategic what we're geographic of between in of accomplish before, alter the is The to the we've looking

across when or in usually smaller is more will in all towns. from to all able We're system. So games the you price is than consistent at that place, now point into major be our regional and in of metropolitan limitation pricing entire test next able start food areas a unlock markets put Right cost beverage, and to going look pricing than regional more no that which weeks. couple for costs the now different in

relation in our want One doing things do key is we we to in maintain though sure such our product make to value the that the of peers. of offering

haven't we there. there would we but nor what in something growth we, would from be think to we estimated that be respect, expect would that So, communicated QX,

but I laid the Analyst for And know update remodel? then that on specific can you the days, in you I how you've other performing elaborate I specifics me, initiatives or on could, that one early to the increase made appreciate Friendswood out last you you. but are provided Day, if seen social it's certain just meaningfully? the Thank are response changes you base most the the driving customer Any that the on

happy all do in frank. perfectly guest the aspects response the community -- we're of very I mean, so. remodel the pleased be to Yes, it's with on to

our only three As it's store. weeks, prepared in remarks, it's one only said we

And so we're trying particular our last But, be to enthusiasm. in that has weeks, unit our guarded three the outperformed expectations. over

we So good we'll expanding what about at we're the doing very feeling D&B very remodels. looking And center with heart what of to feel guest about do in able is it a good we be our think a entertainment offering and that for. and way is

So, so far so good.

question Andrew Strelzik with our BMO. And today next comes from

macro one, appreciating the certainly flexibility and a end that implementation question of multi-year you're plan on the environment. guess My affect thinking opportunities. like, you about that it's versus strategic on I how the first near balancing can't

more And kind football. so marketing addresses the about, other the you I around some guess, changes do that sounds mean, like think you there's F&B more that of I value some on talked what… that of side,

Andrew, you. we lost

we're Andrew, having a problem. connection

Yes, after beginning? we -- right you said do mind starting just you the from you lost

hear to I can now? want sure just Yes. me. Can hear you you me make

Yes. No, you. got we

implement the can Do macro? thinking about macro you a other adaptable what kind right. what like, is opportunities that about think really are to you be that how is current to the any of differently? Okay, pricing the you plan you're of cannot -- As the guess question the Are flexibility you the of that you navigate, in great. near-term? programs -- there All is control? the I

a Yes. this of we're big all manage answer the doing Well, cost very mindful proud of our minute period and of that the long-term goals. business I managing navigate how I'm structure. that the A is, P&L. part the we're And middle very is still of said of how work short to during as we team is deliver our ago, time on the the

confidence to type through areas and mindful gives tremendous sides and and in still the invest all said, of the flexibility With environment and all eyes provides the of business. we're continue And investment being just too to that bottom-line, of us we balancing open moving of when, forward amount deliver can navigate getting spending that the right though, on very with on ahead this far of of we're that not ourselves business. wide a ensuring

We're I time, food -- we we're June committed changes priorities. our momentum still just we were areas in with seeing that XXth that on anything the not don't point that see at as to making. that this business in we're on we need and beverage the suggest you. see we as rethink strategic outlined the some would Where is

be to push on. store and And able food in is to experience. enhanced space we something we're continue an tested that drive rolling forward to the guest and to great And focused offering; a something on Special we that's about events we're That's the we that phenomenal so food that approach and going recipes, just continue on, promote that to we're not level to service a results the area. that It's that drive model be attach, that's and out and beverage going it's be at to driving. how September, great feel the thoughtful beverage. very to deliver we menu that

point make the ourselves. to in the outlined time, way all careful So at moving in areas we a just the we're very and we commitment, same doing obviously, sure forward that ahead of don't we're still but with same amount get enthusiasm this of it

of sounded would share, that have just those stores the guys performance kind return excited to new opened you other some this cetera, you other the of can profile kind the question, classes, prior stores I and any quickly, et and how the about you wanted in are environment. of glasses? new of pretty about tracking that curious, a I'm ask second color just versus be as

-- just consistently of most pleased got is mean, is, economics new great margins I very business say, getting we great a This our with No, great store and on And business with what cash that I'll model openings. we're phenomenal we've the recent said returns. returns. cash we're delivers a strong

to continue make new And so in allocation. a capital going we're our unit priority to -- but openings

Our next from comes [Operator Instructions] Geiger, UBS. Dennis question

you which sounds bit to And particularly system could many just if future, rolling month, customer which that menu the the you. Thank wondering Anything a guess correctly? on menu that's quick catch did a of enhancements else out sounds approximately this test? in the about as feedback reminder end the I good. sort by share talk sort little Could so the stores how you interesting. of more then or I'm of share, across scores that of I were

Yes.

correctly. that caught You

back. So let step me

food said in been highly up phase, and guest for our it approach impactful a to a success and areas to unnecessary XX grown this experience. we is through growth -- our for initiatives what to let's improving us first right the intended multi-phased set to That's locations, to phase attach. want and But we multi-phase Because tested, Investor on enhanced was, of to or we beverage our operators we a in quality it's What product, -- lead was and invest and remove we operating done in going want tested to delivering the is do we want Day, complexity. six by So design, second outcomes, specifically approach. approach. high of deliver F&B quality labor this those multi-phased and one we consistently that's

intentionally removed So we operating complexity.

were was there menu execution. either some on research guests the our where lot no through F&B understanding view guests in under-delivering the based our of that doing Everything are. and areas our we deep or the research, necessary, offering is that anchored loyalty gaps time weren't spent we that were that items like how so and we're on to research, those -- our there on we a And felt

And piece was the that in so did. second a we effort an close that gap. redesigned to menu we That

areas certain food that were up there is, execution felt that to Third like in value were our satisfaction. adding without we driving really costs

so to our aim do reduce And of was it when to cost, cost wasn't that part what food necessary. to we remove, added

that really steps And a doing added so make some unnecessary that we're there were didn't that difference. costs ingredient

changed And so those. we

out hit we're on be you So all We in pleased. those it as phase the marks to And can XX takes see phase will results of -- the in and so time. in were roll all next unit of tests, X. this that across system, kind launched very the our

about phase phase at that the will to then end X will a we'll X be year. in be February innovation. way. enhanced time, our in push rolling they tools really start envelope to so that very operators, include out marketing. on be X new and service products, September, out roll at thoughtful being model, additional about big will point we're given next an the same And need it. really We'll time, intentional phase And We the And of the in deliver in-store

it's So and thoughtful strategic and it's -- fairly multi-step.

So we're pleased.

the Wanted compelling. Just promotions season, quarters. historical? reasons, highlighted cetera, Maybe high-level, and, about, as et which a standpoint. campaigns one for too what least what competitive and more and ask at are, little say maybe the in thinking you relative more. costs food in do, about campaigns talk But allows next about a sound just to and you And want on you about relates that to to, a perhaps from at over look going coming little where to to like football you the forward promotional maybe don't XX just marketing thinking a it more can but much for promotions may some months

anything share if curious to on Just the there forward? additional go

in calendar finalizing of process still at share next to for marketing We're in point the our time. this year. Nothing

focused And marketing so, very building our exciting is out team on an calendar.

more excited in on we're more nothing The it time. this but we point to calendar the to so, this football great sports research, just that is value-driven And marketplace. the two come that gravitating we from -- the launched know consumer Number us is that pretty about to the One, that, have in offer to we highlight messages. gives week, our that. watch opportunity just at share campaign

so on $X like we resonate feel that's very concept well. Bite going And is message a testing, to based our message the

it, nice we've be mover the retooled even that be what a it go appeared did we out done this past. at back then and talked more wings, let’s to And what our And traffic encouraged rolling and to time the we're we effective. is looked on we're -- All-You-Can-Eat went doing we around and wings, pretty the time, All-You-Can-Eat in about at look last to we've what operators

them for So again, we're with to just working up success. setting our make sure closely operators

optimistic. the of So, we're we like we pretty this the for and the year message, like marketing remainder for, plan

And remarks. I'd any over management back the ladies final this our to concludes team and conference question-and-answer session. the like gentlemen, for turn to

look & Okay. All continue right. and results Thank portfolio you progress Have our next our apprised commend to great forward you day. keeping Buster's our like very much and for produce across of strategic they joining. growing operator. Event speaking In you stores. you closing, all we'd Main to for our of exceptional on team to Dave again the a We quarter with continued Thank initiatives.

concludes attending This all thank you. today's for today's conference call. you presentation. Thank We

wonderful select You lines and your may a have day. not