8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8‑K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):August 11, 2015

RED ROBIN GOURMET BURGERS, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-34851	84-1573084
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

6312 S. Fiddler’s Green Circle, Suite 200N Greenwood Village, Colorado	80111
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (303) 846-6000

Not Applicable

(Former name or former address, if changed since last report.)

 ___________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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ITEM 2.02 Results of Operations and Financial Condition

On August 11, 2015, Red Robin Gourmet Burgers, Inc. issued a press release describing selected financial results for the second fiscal quarter ended July 12, 2015. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. A copy of the supplemental financial information for the second fiscal quarter ended July 12, 2015, that will be referred to during today’s investor conference call and webcast is being furnished as Exhibit 99.2 to this Form 8-K.

The information in this Item 2.02, including the information set forth in Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01    Financial Statements and Exhibits

(d)    Exhibits

Exhibit No.	Description
99.1	Red Robin Gourmet Burgers, Inc. Press Release dated August 11, 2015.
99.2	Supplemental Financial Information dated August 11, 2015, provided by Red Robin Gourmet Burgers, Inc.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RED ROBIN GOURMET BURGERS, INC.

Date: August 11, 2015

By:     /s/ Stuart B. Brown                

Name:    Stuart B. Brown

Title:    Senior Vice President and Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Red Robin Gourmet Burgers, Inc. Press Release dated August 11, 2015.
99.2	Supplemental Financial Information dated August 11, 2015, provided by Red Robin Gourmet Burgers, Inc.

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EX-99.1

Exhibit 99.1

Red Robin Gourmet Burgers Reports Earning per Diluted Share Up 20% for the Fiscal Second Quarter

Ended July 12, 2015

Greenwood Village, CO – August 11, 2015 – Red Robin Gourmet Burgers, Inc., (NASDAQ: RRGB), a casual dining restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the 12 weeks ended July 12, 2015.

Second Quarter 2015 Financial Highlights Compared to Prior Year

• Total revenues were $293.0 million, an increase of 14.4%

• Comparable restaurant revenue increased 2.9%

• Restaurant-level operating profit, as a percent of restaurant revenue, increased to 22.5% from 22.2% (see Schedule II)

• EBITDA increased 19.6% to $35.0 million from $29.3 million (as adjusted, see Schedule III)

• Net income increased 13.6% to $11.2 million from $9.8 million (as adjusted, see Schedule I)

• Earnings per diluted share increased 14.7% to $0.78 compared to $0.68 (as adjusted, see Schedule I)

Year to date net income was $27.7 million, an increase of 29.5%. After adjusting for a change in accounting estimate for gift card breakage in the current year and executive transition costs in the prior year, year to date net income increased 23.1% to $26.8 million. Year to date earnings per diluted share was $1.94, compared to $1.47 a year ago, an increase of 32.0%. Year to date earnings per diluted share on an adjusted basis was $1.88 compared to $1.50 a year ago, an increase of 25.3%. See Schedule I for a reconciliation of adjusted net income and adjusted earnings per share (each, a non-GAAP financial measure) to net income and earnings per share, respectively.

“We continue to be pleased with the progress we are making toward a best in class brand experience.  Our guests are choosing to visit us more frequently and they are trading up to our newest burgers and beers,” said Steve Carley, Red Robin Gourmet Burgers, Inc. chief executive officer. “As a result, we have now outperformed the casual dining industry in reported comparable sales for the last four years and outpaced them on traffic by over 200 basis points during the second quarter.”

Operating Results

Total Company revenues, which include Company-owned restaurant revenue and franchise royalties, increased 14.4% to $293.0 million in the second quarter of 2015 from $256.1 million in the second quarter of 2014. New restaurant openings, including acquisitions and net of closures, contributed $29.7 million of additional revenue, while comparable restaurant revenue increased $7.2 million.

System-wide restaurant revenue (including franchised units) for the second quarter of 2015 totaled $363.2 million, compared to $341.5 million for the second quarter in 2014 at constant currency rates.

Comparable restaurant revenue increased 2.9% in the second quarter of 2015 compared to the same period a year ago, driven by a 0.5% increase in guest counts and a 2.4% increase in average guest check. Comparable restaurants are those Company-owned restaurants that have operated five full quarters during the period presented, and such restaurants are only included in the comparable metrics if they are comparable for the entirety of both periods presented.

Restaurant-level operating profit margin (a non-GAAP financial measure) was 22.5% in the second quarter of 2015 compared to 22.2% in the same period a year ago, an improvement of 30 basis points. The improved margin resulted from a 50 basis point decrease in cost of sales and a 40 basis point decrease in labor costs, partially offset by higher occupancy costs, including rent related to newly opened and acquired restaurants. Schedule II of this earnings release defines restaurant-level operating profit, discusses why it is a useful metric for investors, and reconciles this metric to income from operations and net income.

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Restaurant Revenue Performance

Casual Dining Restaurants (1)	Q2 2015		Q2 2014
Average weekly sales per unit:
Company-owned – Total	$	58,321	$	57,549
Company-owned – Comparable	$	59,234	$	57,556
Franchised units (2)	$	62,676	$	57,478
Total operating weeks:
Company-owned units	4,916		4,360
Franchised units	1,188		1,560

_________________________________________________________

(1) Excludes Red Robin Burger Works^® fast casual restaurants, which had 120 and 64 operating weeks in the second quarter of 2015 and 2014

(2) Calculated at current currency exchange rates

Other Results

Depreciation and amortization costs increased to $17.3 million in the second quarter of 2015 from $14.1 million in the second quarter of 2014. The increased depreciation was primarily related to new restaurants opened and acquired since the second quarter 2014 and restaurants remodeled under the Brand Transformation Initiative.

General and administrative costs were $23.0 million, or 7.9% of total revenues, in the second quarter of 2015, compared to $20.4 million, or 8.0% of revenues in the same period a year ago. The increase of $2.6 million resulted primarily from increased incentive compensation, incremental Canadian costs and higher manager hiring and training costs.

Selling expenses were $11.1 million, or 3.8% of total revenues, in the second quarter of 2015, compared to $9.9 million, or 3.9% of total revenues, a year ago due to increased spending associated with higher gift card sales and other marketing initiatives.

Pre-opening costs were $1.4 million in the second quarter of 2015, compared to $2.3 million in the same period a year ago. The decrease is due to fewer restaurant openings in 2015 in addition to $0.7 million in acquisition costs included in the second quarter of 2014.

The Company had an effective tax rate of 28.3% in the second quarter of 2015, compared to a 27.1% rate in the same period a year ago.

Restaurant Development

As of the end of the second quarter of 2015, there were 412 Company-owned Red Robin^® restaurants, 10 Red Robin Burger Works^® and 99 franchised Red Robin restaurants for a total of 521 restaurants. During the second quarter, the Company opened four Red Robin restaurants, including the reopening of one Red Robin restaurant that was temporarily closed in 2014 due to public construction.

Under the Brand Transformation Initiative, the Company completed 31 remodels during the second quarter towards its goal of 150 remodels this year. The Company anticipates having a total of 295 restaurants conforming to the new brand standards by year end, including new restaurant openings.

Balance Sheet and Liquidity

As of July 12, 2015, the Company had cash and cash equivalents of $22.6 million and total debt of $145.1 million, including $8.2 million of capital lease liabilities. The Company decreased debt by $2.8 million since the beginning of fiscal year 2015.

Outlook for 2015

Red Robin’s 2015 fiscal year consists of 52 weeks and will end on December 27, 2015.

In fiscal year 2015, the Company expects comparable revenue growth of approximately 3.0% and total revenue growth near 12.0%. The Company plans to open 20 new Red Robin restaurants and three to five Red Robin Burger Works resulting in operating week growth, inclusive of 2014 acquisitions, approaching 9.0%.

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Capital investments in fiscal year 2015 are expected to be approximately $170 million. In addition to the new restaurant openings, the Company plans to relocate three restaurants and remodel approximately 150 Red Robin restaurants as part of its Brand Transformation Initiative.

Restaurant-level operating profit margin in fiscal year 2015 is expected to approach 22.2%.

General and administrative costs are expected to be between $101 million and $103 million, while selling expenses are expected to be approximately 3.3% of sales. Pre-opening expense is expected to be approximately $7.0 million. Depreciation and amortization is projected to be between $78 million and $79 million.

Interest expense is expected to be approximately $4.0 million while the income tax rate in fiscal year 2015 is expected to be approximately 27.5%.

The sensitivity of the Company’s earnings per diluted share to a 1% change in guest counts for fiscal year 2015 is estimated to be $0.33 on an annualized basis. Additionally, a 10 basis point change in restaurant-level operating profit margin is expected to impact earnings per diluted share by approximately $0.08, and a change of approximately $145,000 in pre-tax income or expense is equivalent to approximately $0.01 per diluted share.

Investor Conference Call and Webcast

Red Robin will host an investor conference call to discuss its second quarter 2015 results today at 10:00 a.m. ET. The conference call number is (888) 609-5701, or for international callers (913) 905-3216. The financial information that the Company intends to discuss during the conference call is included in this press release and will be available on the “Investors” link of the Company’s website at www.redrobin.com. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.

To access the supplemental financial information and webcast, please visit www.redrobin.com and select the “Investors” link from the menu. A replay of the live conference call will be available from two hours after the call until midnight on Tuesday, August 18, 2015. The replay can be accessed by dialing (877) 870-5176, or (858) 384-5517 for international callers. The conference ID is 6807530.

About Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)

Red Robin Gourmet Burgers, Inc. (www.redrobin.com), a casual dining restaurant chain founded in 1969 that operates through its wholly-owned subsidiary, Red Robin International, Inc., is the Gourmet Burger Authority™, famous for serving more than two dozen craveable, high-quality burgers with Bottomless Steak Fries^® in a fun environment welcoming to guests of all ages. In addition to its many burger offerings, Red Robin serves a wide variety of salads, soups, appetizers, entrees, desserts and signature Mad Mixology^® Beverages. Red Robin offers a variety of options behind the bar, including its extensive selection of local and regional beers, and innovative adult beer shakes and cocktails, earning the restaurant the 2014 VIBE Vista Award for Best Beer Program in a Multi-Unit Chain Restaurant. There are more than 500 Red Robin restaurants across the United States and Canada, including those operating under franchise agreements. Red Robin… YUMMM^®! Connect with Red Robin onFacebook and Twitter.

Forward-Looking Statements

Forward-looking statements in this press release regarding our strategic initiatives, revenues and profit margins, new restaurant openings (including Red Robin Burger Works) and operating weeks, capital investments including our Brand Transformation Initiative and restaurant remodeling, restaurant relocations, future economic performance, market share, anticipated costs, expenses, tax rate, sensitivity of earnings per share and other projected financial measures, statements under the heading “Outlook for 2015” and all other statements that are not historical facts, are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions believed by the Company to be reasonable and speak only as of the date on which such statements are made. Without limiting the generality of the foregoing, words such as “expect,” “anticipate,” “intend,” “plan,” “project,” “will” or “estimate,” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. We undertake no obligation to update such statements to reflect events or circumstances arising after such date, and we caution investors not to place undue reliance on any such forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements based on a number of factors, including but not limited to the following: the effectiveness of the Company’s marketing strategies and initiatives to achieve restaurant sales growth; the ability to fulfill planned expansion and restaurant remodeling; the cost and availability of key food products, labor, and energy; the ability to achieve anticipated revenue and cost savings from our anticipated new technology systems and other initiatives; availability of capital or credit facility borrowings; the adequacy of cash flows or available debt resources to fund operations and growth opportunities; federal, state, and local regulation of our business; and other risk factors described from time to

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time in the Company’s Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) filed with the U.S. Securities and Exchange Commission.

For media relations questions contact:

Jennifer DeNick, Coyne PR

(973) 588-2000

For investor relations questions contact:

Stuart Brown, Chief Financial Officer

(303) 846-6000

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RED ROBIN GOURMET BURGERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	Twelve Weeks Ended				Twenty-eight Weeks Ended
	July 12, 2015		July 13, 2014		July 12, 2015		July 13, 2014
Revenues:
Restaurant revenue	$	288,704	$	251,818	$	677,213	$	586,813
Franchise royalties, fees, and other revenue	4,275		4,315		10,667		9,804
Total revenues	292,979		256,133		687,880		596,617
Costs and expenses:
Restaurant operating costs (exclusive of depreciation and amortization shown separately below):
Cost of sales	71,665		63,689		169,615		147,909
Labor	93,513		82,572		217,869		193,493
Other operating	35,356		31,022		81,940		71,619
Occupancy	23,210		18,618		53,357		42,900
Depreciation and amortization	17,260		14,120		40,263		33,006
General and administrative	23,044		20,442		58,039		52,540
Selling	11,082		9,878		24,148		20,203
Pre-opening costs and acquisition costs	1,369		2,326		2,324		4,439
Total costs and expenses	276,499		242,667		647,555		566,109
Income from operations	16,480		13,466		40,325		30,508
Other expense:
Interest expense, net and other	904		475		1,964		1,149
Income before income taxes	15,576		12,991		38,361		29,359
Provision for income taxes	4,410		3,521		10,630		7,945
Net income	$	11,166	$	9,470	$	27,731	$	21,414
Earnings per share:
Basic	$	0.79	$	0.66	$	1.96	$	1.49
Diluted	$	0.78	$	0.65	$	1.94	$	1.47
Weighted average shares outstanding:
Basic	14,142		14,312		14,134		14,335
Diluted	14,311		14,528		14,322		14,565

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RED ROBIN GOURMET BURGERS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

	(Unaudited) July 12, 2015			December 28, 2014
Assets:
Current Assets:
Cash and cash equivalents	$	22,615		$	22,408
Accounts receivable, net	15,835			23,740
Inventories	26,655			25,947
Prepaid expenses and other current assets	23,752			23,160
Deferred tax asset and other	4,461			4,677
Total current assets	93,318			99,932
Property and equipment, net	530,018			496,262
Goodwill	83,033			84,115
Intangible assets, net	41,173			42,479
Other assets, net	19,295			13,101
Total assets	$	766,837		$	735,889
Liabilities and Stockholders’ Equity:
Current Liabilities:
Trade accounts payable	$	24,581		$	28,522
Construction related payables	24,661			15,652
Accrued payroll and payroll related liabilities	43,158			47,362
Unearned revenue	31,764			45,049
Accrued liabilities and other	33,121			27,084
Total current liabilities	157,285			163,669
Deferred rent	61,122			57,341
Long-term debt	136,875			139,375
Long-term portion of capital lease obligations	7,672			7,938
Other non-current liabilities	10,082			7,795
Total liabilities	373,036			376,118
Stockholders’ Equity:
Common stock, $0.001 par value: 45,000 shares authorized; 17,851 and 17,851 shares issued; 14,176 and 14,043 shares outstanding	18			18
Preferred stock, $0.001 par value: 3,000 shares authorized; no shares issued and outstanding	—			—
Treasury stock 3,675 and 3,808 shares, at cost	(127,627		)	(132,252		)
Paid-in capital	204,082			200,617
Accumulated other comprehensive loss, net of tax	(3,715		)	(1,924		)
Retained earnings	321,043			293,312
Total stockholders’ equity	393,801			359,771
Total liabilities and stockholders’ equity	$	766,837		$	735,889

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Schedule I

Reconciliation of Non-GAAP Results to GAAP Results

(In thousands, except per share data)

In addition to the results provided in accordance with Generally Accepted Accounting Principles (“GAAP”) throughout this press release, the Company has provided non-GAAP measurements which present the 12 and 28 weeks ended July 12, 2015 and the 12 and 28 weeks ended July 13, 2014, net income and basic and diluted earnings per share, excluding the effects of a change in accounting estimate for gift card breakage. The Company believes that the presentation of net income and earnings per share exclusive of the identified item gives the reader additional insight into the ongoing operational results of the Company. This supplemental information will assist with comparisons of past and future financial results against the present financial results presented herein. Income tax expense related to the change in accounting estimate was calculated based on the change in the total tax provision calculation after adjusting for the identified item. The non-GAAP measurements are intended to supplement the presentation of the Company’s financial results in accordance with GAAP.

	Twelve Weeks Ended					Twenty-eight Weeks Ended
	July 12, 2015		July 13, 2014			July 12, 2015			July 13, 2014
Net income as reported	$	11,166	$	9,470		$	27,731		$	21,414
Change in estimate for gift card breakage	—		—			(1,369		)	—
Executive transition costs	—		544			—			544
Income tax benefit (expense)	—		(183		)	439			(183		)
Adjusted net income	$	11,166	$	9,831		$	26,801		$	21,775
Basic net income per share:
Net income as reported	$	0.79	$	0.66		$	1.96		$	1.49
Change in estimate for gift card breakage	—		—			(0.10		)	—
Executive transition costs	—		0.04			—			0.04
Income tax benefit (expense)	—		(0.01		)	0.03			(0.01		)
Adjusted earnings per share - basic	$	0.79	$	0.69		$	1.89		$	1.52
Diluted net income per share:
Net income as reported	$	0.78	$	0.65		$	1.94		$	1.47
Change in estimate for gift card breakage	—		—			(0.09		)	—
Executive transition costs	—		0.04			—			0.04
Income tax benefit (expense)	—		(0.01		)	0.03			(0.01		)
Adjusted earnings per share - diluted	$	0.78	$	0.68		$	1.88		$	1.50
Weighted average shares outstanding
Basic	14,142		14,312			14,134			14,335
Diluted	14,311		14,528			14,322			14,565

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Schedule II

Reconciliation of Non-GAAP Restaurant-Level Operating Profit to Income

from Operations and Net Income

(In thousands)

The Company believes that restaurant-level operating profit is an important measure for management and investors because it is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance. The Company defines restaurant-level operating profit to be restaurant revenue minus restaurant-level operating costs, excluding restaurant closures and impairment costs. The measure includes restaurant- level occupancy costs, which include fixed rents, percentage rents, common area maintenance charges, real estate and personal property taxes, general liability insurance, and other property costs, but excludes depreciation related to restaurant buildings and leasehold improvements. The measure excludes depreciation and amortization expense, substantially all of which is related to restaurant-level assets, because such expenses represent historical sunk costs which do not reflect current cash outlay for the restaurants. The measure also excludes selling, general, and administrative costs, and therefore excludes occupancy costs associated with selling, general, and administrative functions, and pre-opening costs. The Company excludes restaurant closure costs as they do not represent a component of the efficiency of continuing operations. Restaurant impairment costs are excluded, because, similar to depreciation and amortization, they represent a non-cash charge for the Company’s investment in its restaurants and not a component of the efficiency of restaurant operations. Restaurant-level operating profit is not a measurement determined in accordance with generally accepted accounting principles (“GAAP”) and should not be considered in isolation, or as an alternative, to income from operations or net income as indicators of financial performance. Restaurant-level operating profit as presented may not be comparable to other similarly titled measures of other companies. The table below sets forth certain unaudited information for the 12 and 28 weeks ended July 12, 2015 and the 12 and 28 weeks ended July 13, 2014, expressed as a percentage of total revenues, except for the components of restaurant-level operating profit, which are expressed as a percentage of restaurant revenue.

	Twelve Weeks Ended								Twenty-eight Weeks Ended
	July 12, 2015				July 13, 2014				July 12, 2015				July 13, 2014
Restaurant revenue	$	288,704	98.5	%	$	251,818	98.3	%	$	677,213	98.4	%	$	586,813	98.4	%
Restaurant operating costs (exclusive of depreciation and amortization shown separately below):
Cost of sales	71,665		24.8	%	63,689		25.3	%	169,615		25.0	%	147,909		25.2	%
Labor	93,513		32.4	%	82,572		32.8	%	217,869		32.2	%	193,493		33.0	%
Other operating	35,356		12.3	%	31,022		12.3	%	81,940		12.1	%	71,619		12.2	%
Occupancy	23,210		8.0	%	18,618		7.4	%	53,357		7.9	%	42,900		7.3	%
Restaurant-level operating profit	64,960		22.5	%	55,917		22.2	%	154,432		22.8	%	130,892		22.3	%
Add – Franchise royalties, fees, and other revenues	4,275		1.5	%	4,315		1.7	%	10,667		1.6	%	9,804		1.6	%
Deduct – other operating:
Depreciation and amortization	17,260		5.9	%	14,120		5.5	%	40,263		5.9	%	33,006		5.5	%
General and administrative	23,044		7.9	%	20,442		8.0	%	58,039		8.4	%	52,540		8.8	%
Selling	11,082		3.8	%	9,878		3.9	%	24,148		3.5	%	20,203		3.4	%
Pre-opening and acquisition costs	1,369		0.5	%	2,326		0.9	%	2,324		0.3	%	4,439		0.7	%
Total other operating	52,755		18.0	%	46,766		18.3	%	124,774		18.1	%	110,188		18.4	%
Income from operations	16,480		5.6	%	13,466		5.3	%	40,325		5.9	%	30,508		5.1	%
Interest expense, net and other	904		0.3	%	475		0.2	%	1,964		0.3	%	1,149		0.2	%
Income tax expense	4,410		1.5	%	3,521		1.4	%	10,630		1.6	%	7,945		1.3	%
Total other	5,314		1.8	%	3,996		1.6	%	12,594		1.9	%	9,094		1.5	%
Net income	$	11,166	3.8	%	$	9,470	3.7	%	27,731		4.0	%	21,414		3.6	%

Certain percentage amounts in the table above do not total due to rounding as well as the fact that components of restaurant-level operating profit are expressed as a percentage of restaurant revenue and not total revenues.

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Schedule III

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

(In thousands, unaudited)

The Company defines EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization, and non-cash stock based compensation. EBITDA and adjusted EBITDA are presented because the Company believes that investors' understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for evaluating our ongoing results of operations without the effect of non-cash charges such as depreciation and amortization expenses and asset disposals, stock-based compensation, closure costs and restaurant impairments. EBITDA and adjusted EBITDA are supplemental measures of operating performance that do not represent and should not be considered as alternatives to net income or cash flow from operations, as determined by GAAP, and our calculation thereof may not be comparable to that reported by other companies. Adjusted EBITDA further adjusts EBITDA to reflect the additions and eliminations shown in the table below. The use of adjusted EBITDA as a performance measure permits a comparative assessment of our operating performance relative to our performance based on our GAAP results, while isolating the effects of some items that vary from period to period without any correlation to core operating performance. Adjusted EBITDA as presented may not be comparable to other similarly-titled measures of other companies, and our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by excluded or unusual items.

	Twelve Weeks Ended				Twenty-eight Weeks Ended
	July 12, 2015		July 13, 2014		July 12, 2015			July 13, 2014
Net income as reported	$	11,166	$	9,470	$	27,731		$	21,414
Interest expense, net	805		619		1,893			1,308
Provision for income taxes	4,410		3,521		10,630			7,945
Depreciation and amortization	17,260		14,120		40,263			33,006
Non-cash stock based compensation	1,403		1,021		2,849			2,030
EBITDA	35,044		28,751		83,366			65,703
Change in estimate for gift card breakage	—		—		(1,369		)	—
Executive transition	—		544		—			544
Adjusted EBITDA	$	35,044	$	29,295	$	81,997		$	66,247

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EX-99.2

CLASSIFIED – INTERNAL USE Second Quarter 2015 Results August 11, 2015

2CLASSIFIED – INTERNAL USE Forward-Looking Statements • Forward-looking statements in this presentation regarding our revenues, restaurant-level operating profit margins, new restaurant growth (including Red Robin Burger Works) and remodels, future economic performance, costs, expenses, tax rate, capital investments, promotions, statements under the heading “2015 Outlook,” and all other statements that are not historical facts, are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions believed by the Company to be reasonable and speak only as of the date on which such statements are made. Without limiting the generality of the foregoing, words such as “expect,” “anticipate,” “intend,” “plan,” “project,” or “estimate,” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. We undertake no obligation to update such statements to reflect events or circumstances arising after such date, and we caution investors not to place undue reliance on any such forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements based on a number of factors, including but not limited to the following: the effectiveness of the Company’s marketing and menu strategies to achieve restaurant sales growth; the number, cost, timing, and ability to fulfill planned expansion and restaurant remodeling; the cost and availability of key food products, labor, and energy; the ability to achieve revenue and cost savings from our anticipated new technology systems and other initiatives; the macro economic and competitive environment; availability of capital or credit facility borrowings; the adequacy of cash flows or available debt resources to fund operations and growth opportunities; federal, state, and local regulation of our business; and other risk factors described from time to time in the Company’s Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) filed with the U.S. Securities and Exchange Commission. This presentation may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of our financial performance, identifying trends in our results and providing meaningful period- to-period comparisons. For a reconciliation of non-GAAP measures presented in this document, see the Appendix of this presentation or the Schedules to the Q2 press release posted on redrobin.com.

3CLASSIFIED – INTERNAL USE Strategic Priorities Engagement Efficiency Expansion

4CLASSIFIED – INTERNAL USE Red Robin Delivered Strong Q2 Results • Comparable restaurant revenue up 2.9% • Restaurant revenue increased 14.6% • Restaurant-level operating profit was 22.5% compared to 22.2% in prior year • Adjusted diluted EPS was $0.78, an increase of 14.7% • Adjusted EBITDA was $35.0 million, an increase of 19.6% • 4 Red Robin® restaurants opened in Q2

5CLASSIFIED – INTERNAL USE Brand Transformation Initiative Progress • 31 completed during Q2 2015 toward goal of 150 remodels this year • 295 restaurants conforming to new brand standard by year end, including new restaurant openings Patriot Place restaurant in Foxboro, MA

6CLASSIFIED – INTERNAL USE Unique Guest Engagement Tactics • Ziosk deploying nationally • Burgers and a Movie™ - Terminator: Genisys • Genisys Burger • Blue Haze cocktail • Kids Menu – Plating and presentation New kids plates

7CLASSIFIED – INTERNAL USE Red Robin Royalty - Earn money for your school! • Burgers for Better Schools • Visit www.redrobin.com/betterschools to sign up

8CLASSIFIED – INTERNAL USE Upcoming Traffic Driving Initiatives

CLASSIFIED – INTERNAL USE 9 Financial Update

10CLASSIFIED – INTERNAL USE $32.5 $29.7 $21.0 $25.8 $37.0 $29.3 $25.6 $31.1 $47.0 $35.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 Q1 Q2 Q3 Q4 2013 2014 2015 Trailing 4 Quarters Q2 2015 $138.7M Q2 2014 $113.1M Adjusted EBITDA ($ in millions) 10 See slide 24 for reconciliation of non-GAAP Adjusted EBITDA to Net Income

11CLASSIFIED – INTERNAL USE Q2-15 Sales Highlights Q2-15 (12 Weeks) Q2-14 (12 Weeks) Change Restaurant revenue $288.7 million $251.8 million +14.6% Total company revenues $293.0 million $256.1 million +14.4% Company-owned comp revenue 2.9% 1.2% +170 bps Price/Mix 2.4% 3.7% -130 bps Guest counts 0.5% -2.5% +300 bps Franchised comp revenue 6.6% 2.9% +370 bps Company avg. weekly revenue/unit(1) - total $58,321 $57,549 +1.3% Company avg. weekly revenue/unit(1) - comp $59,234 $57,556 +2.9% Avg. weekly restaurant level operating profit/unit(1) - comp $14,094 $12,994 +8.5% Red Robin operating weeks(1) 4,916 4,360 +12.8% Burger Works operating weeks 120 64 +87.5% Net sales/sq. ft (TTM) $467 $460 +1.5% (1) Excludes Red Robin Burger Works® fast casual restaurants

12CLASSIFIED – INTERNAL USE Comparable Restaurant Revenue Growth 5.4% 1.2% 0.9% 3.6% 3.1% 2.9% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Q114 Q214 Q314 Q414 Q115 Q215

13CLASSIFIED – INTERNAL USE Taking Market Share – Year Over Year 2.4% 5.2% 7.7% 5.2% 7.0% 2.6% -0.6% 2.3% 1.1% 1.7% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% Q1 Q2 Q3 Q4 Sales Outperformance 2013 2014 2015 Source: Based on current Black Box Intelligence Casual Dining (All Cuisine) peers as of July 12, 2015

14CLASSIFIED – INTERNAL USE Taking Market Share – Year Over Year 1.7% 2.1% 4.6% 2.2% 4.2% 0.5% -1.1% 1.8% 2.1% 2.3% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% Q1 Q2 Q3 Q4 Traffic Outperformance 2013 2014 2015 Source: Based on current Black Box Intelligence Casual Dining (All Cuisine) peers as of July 12, 2015

15CLASSIFIED – INTERNAL USE 21.5% 23.3% 20.4% 21.7% 22.4% 22.2% 19.5% 21.3% 23.0% 22.5% 16.0% 17.0% 18.0% 19.0% 20.0% 21.0% 22.0% 23.0% 24.0% 25.0% Q1 Q2 Q3 Q4 2013 2014 2015 (2) (2) (2) (2) RLOP (1) Margins 15 (1) See reconciliation of non-GAAP restaurant-level operating profit to income from operations and net income on Schedule II of the Q2 press release posted on redrobin.com (2) Excluding 2014 acquired restaurants, restaurant-level operating profit margin was 23.1% in the second quarter of 2015, 23.7% in the first quarter of 2015, 22.2% in the fourth quarter of 2014, and 20.1% in the third quarter of 2014

16CLASSIFIED – INTERNAL USE Q2-15 Restaurant Results 16 % of Restaurant Revenue Q2-15 % of Restaurant Revenue Q2-14 Favorable (Unfavorable) Cost of sales 24.8% 25.3% 50 bps Labor 32.4% 32.8% 40 bps Other operating 12.3% 12.3% 0 bps Occupancy 8.0% 7.4% (60 bps) Restaurant Level Operating Profit (Non-GAAP) 22.5% 22.2% 30 bps

17CLASSIFIED – INTERNAL USE Adjusted Net Income $9.5 $11.1 $4.7 $9.1 $11.9 $9.8 $7.2 $9.4 $15.6 $11.2 $3.0 $5.0 $7.0 $9.0 $11.0 $13.0 $15.0 $17.0 Q1 Q2 Q3 Q4 2013 2014 2015 ($ in millions) 17 See slide 26 for reconciliation of non-GAAP Adjusted Net Income to Net Income

18CLASSIFIED – INTERNAL USE Adjusted Earnings Per Diluted Share $0.66 $0.77 $0.32 $0.62 $0.82 $0.68 $0.50 $0.66 $1.10 $0.78 $0.15 $0.35 $0.55 $0.75 $0.95 $1.15 Q1 Q2 Q3 Q4 2013 2014 2015 18 See slide 26 for reconciliation of non-GAAP Adjusted Earnings Per Diluted Share to Earnings Per Diluted share 25.3% Growth Q2 2015 YTD vs Q2 2014 YTD

19CLASSIFIED – INTERNAL USE 2015 Outlook • Total revenues expected to grow approximately 12.0% • Comparable restaurant revenue growth approximately 3.0% • RLOP margins expected to approach 22.2% • Open 20 new and relocate 3 company-owned Red Robin restaurants, open 3 to 5 Red Robin Burger Works, and complete approximately 150 remodels • Capital investments expected to be approximately $170 million • G&A costs expected to be between $101 million and $103 million; selling expenses expected to be approximately 3.3% of sales • Pre-opening expense approximately $7.0 million • Depreciation and amortization costs projected to be between $78 million and $79 million • Interest expense expected to be approximately $4 million and the tax rate is expected to be approximately 27.5%

20CLASSIFIED – INTERNAL USE In Closing 20

21CLASSIFIED – INTERNAL USE Thank you to all of our Team Members! 17

CLASSIFIED – INTERNAL USE 22 Appendix

23CLASSIFIED – INTERNAL USE $40.4 $30.6 $11.2 $31.3 $36.0 $20.1 $26.8 $40.7 $36.0 $31.3 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 Q1 Q2 Q3 Q4 2013 2014 2015 Cash Flow from Operations ($ in millions) 23 36.7% Growth Trailing 4 Quarters Q2 2015 $134.8M Q2 2014 $98.6M

24CLASSIFIED – INTERNAL USE Q2-15 Commodity Update 24 % of Total COGS in Q2-15 Market vs. Contract Ground beef 15.7% Market Poultry 11.3% Chicken tenders: 60% contract through 12/15, All other items 100% contract through 12/15 Steak fries 9.9% Contract through 10/16 Meat 7.1% Bacon through 9/15; Prime rib through 3/16 Produce 7.2% Contract through 10/15 Bread 6.2% Contract through 12/15 Seafood 3.0% Cod through 12/15; Shrimp through 12/15 Fry oil 1.7% Contract through 6/16

25CLASSIFIED – INTERNAL USE EBITDA and Adjusted EBITDA Reconciliation to Net Income 25 2013 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net income as reported $ 9,480 $11,139 $4,661 $6,959 $11,944 $9,470 $ 7,208 $3,939 $16,565 $11,166 Adjustments to net income: Income tax expense 2,977 3,576 1,517 940 4,424 3,521 1,032 321 6,220 4,410 Interest expense, net 1,052 623 558 399 689 619 927 720 1,088 805 Depreciation and amortization 17,834 13,319 13,436 13,611 18,886 14,120 15,209 16,364 23,003 17,260 Non-cash stock-based compensation 1,192 1,050 857 724 1,009 1,021 1,178 959 1,446 1,403 EBITDA $32,535 $29,707 $21,029 $22,633 $36,952 $28,751 $25,554 $22,303 $48,322 $35,044 Change in estimate for gift card breakage - - - - - - - - (1,369) - Executive transition & severance - - - - - 544 - - - - Impairment and closure charges - - - 1,517 - - - 8,833 - - Non-recurring special bonus - - - 1,626 - - - - - - Adjusted EBITDA $32,535 $29,707 $21,029 $25,776 $36,952 $29,295 $25,554 $31,136 $46,953 $35,044 ($ in thousands)

26CLASSIFIED – INTERNAL USE Reconciliation of Adjusted Net Income to Net Income and Adjusted Earnings Per Diluted Share to Earnings Per Diluted Share 26 2013 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net income as reported $ 9,480 $ 11,139 $ 4,661 $ 6,959 $ 11,944 $ 9,470 $ 7,208 $ 3,939 $ 16,565 $ 11,166 Adjustments to net income: Change in estimate for gift card breakage - - - - - - - - (1,369) - Executive transition & severance - - - - - 544 - - - - Impairment and closure charges - - - 1,517 - - - 8,833 - - Non-recurring special bonus - - - 1,626 - - - - - - Income tax expense of adjustments - - - (974) - (183) - (3,379) 439 - Adjusted net income $ 9,480 $ 11,139 $ 4,661 $ 9,128 $ 11,944 $ 9,831 $ 7,208 $ 9,393 $ 15,635 $ 11,166 Diluted net income per share: Net income as reported $ 0.66 $ 0.77 $ 0.32 $ 0.48 $ 0.82 $ 0.65 $ 0.50 $ 0.28 $ 1.16 $ 0.78 Adjustments to net income: Change in estimate for gift card breakage - - - - - - - - (0.09) - Executive transition & severance - - - - - 0.04 - - - - Impairment and closure charges - - - 0.10 - - - 0.62 - - Non-recurring special bonus - - - 0.11 - - - - - - Income tax expense of adjustments - - - (0.07) - (0.01) - (0.24) 0.03 - Adjusted EPS – diluted $ 0.66 $ 0.77 $ 0.32 $ 0.62 $ 0.82 $ 0.68 $ 0.50 $ 0.66 $ 1.10 $ 0.78 ($ in thousands, except per share data)