Delaware
|
001-35373
|
90-0712224
|
||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
||
|
|
|||
14800 Landmark Boulevard, Suite 500
|
|
|||
Dallas
|
Texas
|
75254
|
||
(Address of principal executive offices)
|
(Zip Code)
|
Title of Each Class
|
|
Trading Symbol
|
|
Name of Each Exchange on Which Registered
|
Common Stock, par value $0.01 per share
|
|
FRGI
|
|
NASDAQ Global Select Market
|
•
|
Total revenues decreased 11.5% to $146.7 million in the first quarter of 2019 from $165.9 million in the first quarter of 2019;
|
•
|
Comparable restaurant sales at Pollo Tropical decreased 7.3%; comparable restaurant sales for Pollo Tropical increased 0.6% during the first ten weeks of the first quarter of 2020 prior to the impact of COVID-19 compared to the prior year period and decreased 32.0% during the last three weeks of the first quarter of 2020 compared to the prior year period;
|
•
|
Comparable restaurant sales at Taco Cabana decreased 13.5%; comparable restaurant sales for Taco Cabana decreased 8.6% during the first ten weeks of the first quarter of 2020 prior to the impact of COVID-19 compared to the prior year period and decreased 28.3% during the last three weeks of the first quarter of 2020 compared to the prior year period;
|
•
|
Net loss of $7.3 million, or $0.29 per diluted share, in the first quarter of 2020 compared to a net income of $2.3 million, or $0.08 per diluted share, in the first quarter of 2019;
|
•
|
Adjusted net loss (a non-GAAP financial measure) of $2.9 million, or $0.11 per diluted share, in the first quarter of 2020, compared to adjusted net income of $4.1 million, or $0.15 per diluted share, in the first quarter of 2019 (see non-GAAP reconciliation table below);
|
•
|
Adjusted EBITDA for Pollo Tropical of $8.8 million in the first quarter of 2020 compared to $14.3 million in the first quarter of 2019;
|
•
|
Restaurant-level Adjusted EBITDA (a non-GAAP financial measure) for Pollo Tropical of $15.4 million, or 18.0% of restaurant sales, in the first quarter of 2020 compared to $21.2 million, or 23.3% of restaurant sales, in the first quarter of 2019 (see non-GAAP reconciliation table below);
|
•
|
Adjusted EBITDA for Taco Cabana of $(0.9) million in the first quarter of 2020 compared to $2.9 million in the first quarter of 2019;
|
•
|
Restaurant-level Adjusted EBITDA (a non-GAAP financial measure) for Taco Cabana of $5.3 million, or 8.8% of restaurant sales, in the first quarter of 2020 compared to $9.5 million, or 12.8% of restaurant sales, in the first quarter of 2019 (see non-GAAP reconciliation table below); and
|
•
|
Consolidated Adjusted EBITDA (a non-GAAP financial measure) of $7.9 million in the first quarter of 2020 compared to Consolidated Adjusted EBITDA of $17.2 million in the first quarter of 2019 (see non-GAAP reconciliation table below).
|
•
|
Comparable restaurant sales during fiscal April decreased 49.2% for Pollo Tropical and 26.2% for Taco Cabana compared to the prior year period. Comparable restaurant sales improved throughout April and early May for both brands. Comparable restaurant sales for the two weeks ended May 3 were negative 37.8% for Pollo Tropical and negative 18.6% for Taco Cabana compared to the same weeks last year. At those sales trends we estimate that the Company generates break-even profitability, which we believe should be sustainable and provide us a base from which to rebuild the bottom line as the economy re-accelerates.
|
•
|
With the States of Texas and Florida announcing that COVID-19 restrictions are being eased including allowing 25% occupancy in identified geographies, we have re-opened dining rooms in select restaurants in compliance with applicable state and local guidelines. For the week of May 4, 143 of 146 Taco Cabana restaurant dining rooms were opened in anticipation of strong traffic for the Cinco de Mayo holiday. 16 of the 141 Pollo Tropical restaurant dining rooms were opened the week of May 4, all in Central and Northern Florida as those are the only geographies in Florida with eased COVID-19 restrictions. We will be evaluating dine-in sales trends week-to-week to determine the number of units that should be open for dine-in business.
|
•
|
Heightened our sanitation procedures regarding restaurant cleanliness, with additional emphasis on high traffic areas in restaurants;
|
•
|
Stocked our restaurants with effective disinfectants and sanitation products, including hand sanitizer in our dining room and back of the house;
|
•
|
Increased handwashing protocols for all restaurant team members;
|
•
|
Required all customer facing employees and vendors in the restaurants to wear gloves and masks;
|
•
|
Implemented a COVID-19 Employee Illness Protocol, consistent with Center for Disease Control (CDC) and National Restaurant Association (NRA) guidelines;
|
•
|
Closed sauce and salsa self-serve stations and now providing sauces and salsas in pre-packaged containers;
|
•
|
Closed self-service soda stations in all restaurants;
|
•
|
Added markings in restaurants for social distancing;
|
•
|
All orders served are now enclosed in sealed carryout packaging; and
|
•
|
Reduced restaurant operating hours in accordance with any federal, state and local mandates.
|
•
|
Adding dedicated dining area sanitation team member in all restaurants to frequently sanitize during open hours;
|
•
|
Measuring the temperature of all restaurant employees and any service providers daily at the time they enter restaurants;
|
•
|
Installing plexiglass shields at restaurant counter and drive-thru sections of restaurants;
|
•
|
Creating separate entrance and exit access points to ensure guest distancing; and
|
•
|
Modifying seating arrangements to ensure required guest distancing.
|
•
|
Supporting our communities and showing our appreciation for service providers on the front lines of the crisis has been and will continue to be a priority through the following actions:
|
•
|
We have adjusted our operating model to better meet our customers' needs during the crisis. To improve speed of service and improve efficiency, we eliminated certain low sales menu options and reduced restaurant hours during periods of low sales and/or in response to government mandated restrictions. We have also adjusted staffing models to match shifting traffic and channel patterns of our guests and to improve efficiency.
|
•
|
We continue to improve our off-premise capabilities:
|
•
|
We have implemented the following actions to better support our restaurant team members:
|
•
|
To improve efficiency and liquidity, we implemented the following measures:
|
|
Three Months Ended (a)
|
||||||
|
March 29, 2020
|
|
March 31, 2019
|
||||
Revenues:
|
|
|
|
||||
Restaurant sales
|
$
|
146,086
|
|
|
$
|
165,181
|
|
Franchise royalty revenues and fees
|
613
|
|
|
671
|
|
||
Total revenues
|
146,699
|
|
|
165,852
|
|
||
Costs and expenses:
|
|
|
|
||||
Cost of sales
|
46,276
|
|
|
50,510
|
|
||
Restaurant wages and related expenses (b)
|
40,495
|
|
|
45,036
|
|
||
Restaurant rent expense
|
11,339
|
|
|
11,745
|
|
||
Other restaurant operating expenses
|
21,511
|
|
|
21,763
|
|
||
Advertising expense
|
5,783
|
|
|
5,521
|
|
||
General and administrative expenses (b)(c)
|
14,384
|
|
|
15,071
|
|
||
Depreciation and amortization
|
9,430
|
|
|
9,548
|
|
||
Pre-opening costs
|
69
|
|
|
401
|
|
||
Impairment and other lease charges (d)
|
4,233
|
|
|
(338
|
)
|
||
Closed restaurant rent, net of sublease income (e)
|
1,632
|
|
|
1,424
|
|
||
Other expense (income), net (f)
|
908
|
|
|
702
|
|
||
Total operating expenses
|
156,060
|
|
|
161,383
|
|
||
Income (loss) from operations
|
(9,361
|
)
|
|
4,469
|
|
||
Interest expense
|
961
|
|
|
1,234
|
|
||
Income (loss) before income taxes
|
(10,322
|
)
|
|
3,235
|
|
||
Provision for income taxes (g)
|
(3,005
|
)
|
|
946
|
|
||
Net income (loss)
|
$
|
(7,317
|
)
|
|
$
|
2,289
|
|
Earnings (loss) per common share:
|
|
|
|
||||
Basic
|
$
|
(0.29
|
)
|
|
$
|
0.08
|
|
Diluted
|
(0.29
|
)
|
|
0.08
|
|
||
Weighted average common shares outstanding:
|
|
|
|
||||
Basic
|
25,519,247
|
|
|
26,842,704
|
|
||
Diluted
|
25,519,247
|
|
|
26,845,077
|
|
(a)
|
The Company uses a 52- or 53-week fiscal year that ends on the Sunday closest to December 31. The three-month periods ended March 29, 2020 and March 31, 2019 each included 13 weeks.
|
(b)
|
Restaurant wages and related expenses include stock-based compensation of $36 and $27 for the three months ended March 29, 2020 and March 31, 2019, respectively. General and administrative expenses include stock-based compensation expense of $776 and $765 for the three months ended March 29, 2020 and March 31, 2019, respectively.
|
(c)
|
See notes (f) and (g) to the reconciliation of net income (loss) to adjusted net income (loss) in the tables titled "Supplemental Non-GAAP Information."
|
(d)
|
See note (c) to the reconciliation of net income (loss) to adjusted net income (loss) in the tables titled "Supplemental Non-GAAP Information."
|
(e)
|
See note (d) to the reconciliation of net income (loss) to adjusted net income (loss) in the tables titled "Supplemental Non-GAAP Information."
|
(f)
|
See note (e) to the reconciliation of net income (loss) to adjusted net income (loss) in the tables titled "Supplemental Non-GAAP Information."
|
(g)
|
See notes (a) and (b) to the reconciliation of net income (loss) to adjusted net income (loss) in the tables titled "Supplemental Non-GAAP Information."
|
|
March 29, 2020
|
|
December 29, 2019
|
||||
|
|
|
|
||||
Assets
|
|
|
|
||||
Cash
|
$
|
4,009
|
|
|
$
|
13,413
|
|
Other current assets
|
30,846
|
|
|
25,870
|
|
||
Property and equipment, net
|
203,042
|
|
|
211,944
|
|
||
Operating lease right-of-use assets
|
255,810
|
|
|
251,272
|
|
||
Goodwill
|
56,307
|
|
|
56,307
|
|
||
Other assets
|
9,016
|
|
|
9,835
|
|
||
Total assets
|
$
|
559,030
|
|
|
$
|
568,641
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
||||
Current liabilities
|
$
|
58,772
|
|
|
$
|
63,620
|
|
Long-term debt, net of current portion
|
72,783
|
|
|
76,823
|
|
||
Operating lease liabilities
|
262,117
|
|
|
256,798
|
|
||
Deferred tax liabilities
|
8,971
|
|
|
4,759
|
|
||
Other non-current liabilities
|
8,384
|
|
|
8,405
|
|
||
Total liabilities
|
411,027
|
|
|
410,405
|
|
||
Stockholders' equity
|
148,003
|
|
|
158,236
|
|
||
Total liabilities and stockholders' equity
|
$
|
559,030
|
|
|
$
|
568,641
|
|
|
(Unaudited)
|
||||||
|
Three Months Ended
|
||||||
|
March 29, 2020
|
|
March 31, 2019
|
||||
Segment revenues:
|
|
|
|
||||
Pollo Tropical
|
$
|
86,125
|
|
|
$
|
91,481
|
|
Taco Cabana
|
60,574
|
|
|
74,371
|
|
||
Total revenues
|
$
|
146,699
|
|
|
$
|
165,852
|
|
|
|
|
|
||||
Change in comparable restaurant sales (a):
|
|
|
|
||||
Pollo Tropical
|
(7.3
|
)%
|
|
(2.6
|
)%
|
||
Taco Cabana
|
(13.5
|
)%
|
|
(0.5
|
)%
|
||
|
|
|
|
||||
Average sales per Company-owned restaurant:
|
|
|
|
||||
Pollo Tropical
|
|
|
|
||||
Comparable restaurants (b)
|
$
|
614
|
|
|
$
|
670
|
|
New restaurants (c)
|
469
|
|
|
439
|
|
||
Total Company-owned (d)
|
607
|
|
|
655
|
|
||
Taco Cabana
|
|
|
|
||||
Comparable restaurants (b)
|
$
|
410
|
|
|
$
|
459
|
|
New restaurants (c)
|
333
|
|
|
435
|
|
||
Total Company-owned (d)
|
406
|
|
|
457
|
|
||
|
|
|
|
||||
Income (loss) before income taxes:
|
|
|
|
||||
Pollo Tropical
|
$
|
(1,827
|
)
|
|
$
|
5,956
|
|
Taco Cabana
|
(8,495
|
)
|
|
(2,721
|
)
|
||
|
|
|
|
||||
Adjusted EBITDA:
|
|
|
|
||||
Pollo Tropical
|
$
|
8,780
|
|
|
$
|
14,317
|
|
Taco Cabana
|
(907
|
)
|
|
2,895
|
|
||
|
|
|
|
||||
Restaurant-level Adjusted EBITDA (e):
|
|
|
|
||||
Pollo Tropical
|
$
|
15,434
|
|
|
$
|
21,169
|
|
Taco Cabana
|
5,284
|
|
|
9,464
|
|
(a)
|
Restaurants are included in comparable restaurant sales after they have been open for 18 months or longer.
|
(b)
|
Comparable restaurants are restaurants that have been open for 18 months or longer. Average sales for comparable Company-owned restaurants are derived by dividing comparable restaurant sales for such period for the applicable segment by the average number of comparable restaurants for the applicable segment for such period.
|
(c)
|
New restaurants are restaurants that have been open for less than 18 months. Average sales for new Company-owned restaurants are derived by dividing new restaurant sales for such period for the applicable segment by the average number of new restaurants for the applicable segment for such period.
|
(d)
|
Average sales for total Company-owned restaurants are derived by dividing restaurant sales for such period for the applicable segment by the average number of open restaurants for the applicable segment for such period.
|
(e)
|
Restaurant-level Adjusted EBITDA is a non-GAAP financial measure. Please see the reconciliation from net income (loss) to Restaurant-level Adjusted EBITDA in the table titled "Supplemental Non-GAAP Information."
|
|
Three Months Ended
|
||||
|
March 29, 2020
|
|
March 31, 2019
|
||
|
|
|
|
||
Company-owned restaurant openings:
|
|
|
|
||
Pollo Tropical
|
—
|
|
|
—
|
|
Taco Cabana
|
1
|
|
|
2
|
|
Total new restaurant openings
|
1
|
|
|
2
|
|
|
|
|
|
||
Company-owned restaurant closings:
|
|
|
|
||
Pollo Tropical
|
(1
|
)
|
|
—
|
|
Taco Cabana
|
(19
|
)
|
|
—
|
|
Net change in restaurants
|
(19
|
)
|
|
2
|
|
|
|
|
|
||
Number of Company-owned restaurants:
|
|
|
|
||
Pollo Tropical
|
141
|
|
|
139
|
|
Taco Cabana
|
146
|
|
|
164
|
|
Total Company-owned restaurants
|
287
|
|
|
303
|
|
|
|
|
|
||
Number of franchised restaurants:
|
|
|
|
||
Pollo Tropical
|
33
|
|
|
31
|
|
Taco Cabana
|
8
|
|
|
8
|
|
Total franchised restaurants
|
41
|
|
|
39
|
|
|
|
|
|
||
Total number of restaurants:
|
|
|
|
||
Pollo Tropical
|
174
|
|
|
170
|
|
Taco Cabana
|
154
|
|
|
172
|
|
Total restaurants
|
328
|
|
|
342
|
|
|
Three Months Ended
|
||||||||||
|
March 29, 2020
|
|
March 31, 2019
|
||||||||
Pollo Tropical:
|
|
(a)
|
|
|
(a)
|
||||||
Restaurant sales
|
$
|
85,721
|
|
|
|
$
|
91,026
|
|
|
||
Cost of sales
|
27,731
|
|
32.4
|
%
|
|
28,298
|
|
31.1
|
%
|
||
Restaurant wages and related expenses
|
21,037
|
|
24.5
|
%
|
|
21,153
|
|
23.2
|
%
|
||
Restaurant rent expense
|
5,640
|
|
6.6
|
%
|
|
5,421
|
|
6.0
|
%
|
||
Other restaurant operating expenses
|
12,386
|
|
14.4
|
%
|
|
11,958
|
|
13.1
|
%
|
||
Advertising expense
|
3,504
|
|
4.1
|
%
|
|
3,032
|
|
3.3
|
%
|
||
Depreciation and amortization
|
5,278
|
|
6.2
|
%
|
|
5,213
|
|
5.7
|
%
|
||
Pre-opening costs
|
—
|
|
—
|
%
|
|
86
|
|
0.1
|
%
|
||
Impairment and other lease charges
|
3,696
|
|
4.3
|
%
|
|
(379
|
)
|
(0.4
|
)%
|
||
Closed restaurant rent expense, net of sublease income
|
602
|
|
0.7
|
%
|
|
1,144
|
|
1.3
|
%
|
||
|
|
|
|
|
|
||||||
Taco Cabana:
|
|
|
|
|
|
||||||
Restaurant sales
|
$
|
60,365
|
|
|
|
$
|
74,155
|
|
|
||
Cost of sales
|
18,545
|
|
30.7
|
%
|
|
22,212
|
|
30.0
|
%
|
||
Restaurant wages and related expenses
|
19,458
|
|
32.2
|
%
|
|
23,883
|
|
32.2
|
%
|
||
Restaurant rent expense
|
5,699
|
|
9.4
|
%
|
|
6,324
|
|
8.5
|
%
|
||
Other restaurant operating expenses
|
9,125
|
|
15.1
|
%
|
|
9,805
|
|
13.2
|
%
|
||
Advertising expense
|
2,279
|
|
3.8
|
%
|
|
2,489
|
|
3.4
|
%
|
||
Depreciation and amortization
|
4,152
|
|
6.9
|
%
|
|
4,335
|
|
5.8
|
%
|
||
Pre-opening costs
|
69
|
|
0.1
|
%
|
|
315
|
|
0.4
|
%
|
||
Impairment and other lease charges
|
537
|
|
0.9
|
%
|
|
41
|
|
0.1
|
%
|
||
Closed restaurant rent expense, net of sublease income
|
1,030
|
|
1.7
|
%
|
|
280
|
|
0.4
|
%
|
Three Months Ended
|
|
Pollo Tropical
|
|
Taco Cabana
|
|
Consolidated
|
||||||
March 29, 2020:
|
|
|
|
|
|
|
||||||
Net loss
|
|
|
|
|
|
$
|
(7,317
|
)
|
||||
Benefit from income taxes
|
|
|
|
|
|
(3,005
|
)
|
|||||
Loss before taxes
|
|
$
|
(1,827
|
)
|
|
$
|
(8,495
|
)
|
|
$
|
(10,322
|
)
|
Add:
|
|
|
|
|
|
|
||||||
Non-general and administrative expense adjustments:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
5,278
|
|
|
4,152
|
|
|
9,430
|
|
|||
Impairment and other lease charges
|
|
3,696
|
|
|
537
|
|
|
4,233
|
|
|||
Interest expense
|
|
483
|
|
|
478
|
|
|
961
|
|
|||
Closed restaurant rent expense, net of sublease income
|
|
602
|
|
|
1,030
|
|
|
1,632
|
|
|||
Other expense (income), net
|
|
107
|
|
|
801
|
|
|
908
|
|
|||
Stock-based compensation expense in restaurant wages
|
|
11
|
|
|
25
|
|
|
36
|
|
|||
Total non-general and administrative expense adjustments
|
|
10,177
|
|
|
7,023
|
|
|
17,200
|
|
|||
General and administrative expense adjustments:
|
|
|
|
|
|
|
||||||
Stock-based compensation expense
|
|
310
|
|
|
466
|
|
|
776
|
|
|||
Digital and brand repositioning costs
|
|
120
|
|
|
99
|
|
|
219
|
|
|||
Total general and administrative expense adjustments
|
|
430
|
|
|
565
|
|
|
995
|
|
|||
Adjusted EBITDA
|
|
$
|
8,780
|
|
|
$
|
(907
|
)
|
|
$
|
7,873
|
|
Restaurant-level adjustments:
|
|
|
|
|
|
|
||||||
Add: Pre-opening costs
|
|
—
|
|
|
69
|
|
|
69
|
|
|||
Add: Other general and administrative expense(1)
|
|
7,058
|
|
|
6,331
|
|
|
13,389
|
|
|||
Less: Franchise royalty revenue and fees
|
|
404
|
|
|
209
|
|
|
613
|
|
|||
Restaurant-level Adjusted EBITDA
|
|
$
|
15,434
|
|
|
$
|
5,284
|
|
|
$
|
20,718
|
|
|
|
|
|
|
|
|
||||||
March 31, 2019:
|
|
|
|
|
|
|
||||||
Net income
|
|
|
|
|
|
$
|
2,289
|
|
||||
Provision for income taxes
|
|
|
|
|
|
946
|
|
|||||
Income (loss) before taxes
|
|
$
|
5,956
|
|
|
$
|
(2,721
|
)
|
|
$
|
3,235
|
|
Add:
|
|
|
|
|
|
|
||||||
Non-general and administrative expense adjustments:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
5,213
|
|
|
4,335
|
|
|
9,548
|
|
|||
Impairment and other lease charges
|
|
(379
|
)
|
|
41
|
|
|
(338
|
)
|
|||
Interest expense
|
|
656
|
|
|
578
|
|
|
1,234
|
|
|||
Closed restaurant rent expense, net of sublease income
|
|
1,144
|
|
|
280
|
|
|
1,424
|
|
|||
Other expense (income), net
|
|
596
|
|
|
106
|
|
|
702
|
|
|||
Stock-based compensation expense in restaurant wages
|
|
5
|
|
|
22
|
|
|
27
|
|
|||
Total non-general and administrative expense adjustments
|
|
7,235
|
|
|
5,362
|
|
|
12,597
|
|
|||
General and administrative expense adjustments:
|
|
|
|
|
|
|
||||||
Stock-based compensation expense
|
|
577
|
|
|
188
|
|
|
765
|
|
|||
Restructuring costs and retention bonuses
|
|
549
|
|
|
66
|
|
|
615
|
|
|||
Total general and administrative expense adjustments
|
|
1,126
|
|
|
254
|
|
|
1,380
|
|
|||
Adjusted EBITDA
|
|
$
|
14,317
|
|
|
$
|
2,895
|
|
|
$
|
17,212
|
|
Restaurant-level adjustments:
|
|
|
|
|
|
|
||||||
Add: Pre-opening costs
|
|
86
|
|
|
315
|
|
|
401
|
|
|||
Add: Other general and administrative expense(1)
|
|
7,221
|
|
|
6,470
|
|
|
13,691
|
|
|||
Less: Franchise royalty revenue and fees
|
|
455
|
|
|
216
|
|
|
671
|
|
|||
Restaurant-level Adjusted EBITDA
|
|
$
|
21,169
|
|
|
$
|
9,464
|
|
|
$
|
30,633
|
|
(a)
|
The provision for (benefit from) income taxes related to the adjustments was calculated using the Company's combined federal statutory and estimated state rate of 23.9% and 24.5% for the periods ending March 29, 2020, and March 31, 2019, respectively. For fiscal years beginning January 1, 2018, our federal statutory tax rate is 21% as a result of the enactment of the Tax Cuts and Jobs Act (the "Act") in December 2017. We recorded a $1.8 million tax benefit related to prior year net operating losses as a result of a provision in the CARES Act that allows net operating losses from 2018–2020 to be carried back for five years.
|
(b)
|
We recorded an additional $0.7 million valuation allowance for the three months ended March 29, 2020, against deferred income tax assets where it was determined to be more likely than not that the deferred income tax assets will not be realized through the reversal of existing deferred tax liabilities.
|
(c)
|
Impairment and other lease charges for the three months ended March 29, 2020, consist of impairment charges of $4.2 million. The impairment charges primarily relate to two underperforming Taco Cabana restaurants and three underperforming Pollo Tropical restaurants that we continue to operate.
|
(d)
|
Closed restaurant rent expense, net of sublease income for the three months ended March 29, 2020, primarily consists of closed restaurant lease costs of $2.9 million partially offset by sublease income of $(1.2) million. Closed restaurant rent expense, net of sublease income for the three months ended March 31, 2019, primarily consists of closed restaurant lease costs of $2.2 million partially offset by sublease income of $(0.7) million.
|
(e)
|
Other expense (income), net for the three months ended March 29, 2020, primarily consists of costs for the removal, transfer, and storage of equipment from closed restaurants and other closure related costs of $0.9 million. Other expense (income), net for the three months ended March 31, 2019, primarily consists of costs for the removal, transfer, and storage of equipment from closed restaurants of $0.5 million
|
(f)
|
Restructuring costs and retention bonuses for the three months ended March 31, 2019, include severance costs related to eliminated positions.
|
(g)
|
Digital and brand repositioning costs for the three months ended March 29, 2020, include consulting costs related to repositioning the digital experience for our customers.
|