FRGI Fiesta Restaurant

Raphael Gross Managing Director-ICR
Rich Stockinger President and Chief Executive Officer
Dirk Montgomery Chief Financial Officer
Nicole Miller Regan Piper Sandler
Brian Vaccaro Raymond James Financial
Call transcript
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Good afternoon, and welcome to the Fiesta Restaurant Group, Inc.

Second Quarter 2020 Earnings Conference Call. Today’s conference is being recorded. At this time, all participants are in a listen-only mode.

Following our presentation, we will conduct a question-and-answer session. now turn would to call I Mr. Instructions] like the to over [Operator Director ICR. Gross, at Raphael Managing Please sir. go ahead,

Raphael Gross

Thank you. Fiesta release was Restaurant Group’s second after market quarter the closed today. issued XXXX earnings

can not accessed website, have under Relations Investor the on you If, it, it the be already company’s section. found

regarding earnings Any discussion Important implied company differ factors comparable in SEC GAAP be measures can that could that be the in those filings. measures a be call, and and budget, during without no non-GAAP will information. Please projected which various these reconciliation during company’s what we are costs to the such statements financial of assurance business the that prepared GAAP, release. statements statements will a that forward-looking inform statements, company’s be future by not and begin, evaluating expressed discussed, limitation, be These results such materially its the found and today, based in in operations, company’s certain to like plans call Before operations. note to in historical information is and should results forward-looking that Actual such include, from can forward-looking useful from in statements not isolation for may materially conference company of statements and forecasted differ to I’d on performance. considered objectives position outcomes prove substitute the give forward-looking as today’s or of for financial you the can will future correct. accordance the or make expressed with is believes cause actual results management results company or strategy, available

to Chief On Officer, over Montgomery. the turn Dirk now Financial and Officer, and Stockinger; the today I call Executive Rich. will call And Chief Rich President are

Rich Stockinger

their today on other I’d of Thank continued three COVID-XX crisis. the all and call you, first Raph. the the investors support I’ll covering for like participants during today. be thank to topics

balance of efforts the will an results the key financial status highlights. of year, sales on driving for a provide the update Our update. then priorities and second Dirk quarter our

Our been and continue the to members. of with our a through the crisis COVID-XX effectively has on be managing top focus and well-being will priority safety team

to decision XX the effective Our about by as primarily operate. increased concerns our to close model operations our safely infection markets, changes in rates temporarily will dining we July rooms needed our and to to was make our continue driven

a and the amount Our ensure right and leadership through and continually team precautions, to procedures taking are and COVID-XX, changing to conditions. guest spending significant and of been protocols time, operations we steps those have member teams customer adapting safety employee

maximizing us reduced significantly cushion is that debt liquidity this positive both EBITDA a the operate have improved covenant brands at provided activities and liquidity. outstanding at in environment. challenging the through management. July, and by Since loan million and credit to In believe balances. profit adequate of net brands both priority revolving facility of crisis, generated our COVID second amendment the we brand working Our allows net generated revolver beginning operating cash level we secured $XX.X capital We and adjusted also positive we

our additional additional continue we his debt the July to we revolver for release XX, plans the non-GAAP year, In also improve Dirk pursue As we liquidity the By the owned details of half in debt. estate will way, net details earnings as of second was properties. sale Please update. liquidity, more provide to of lease actions July all including of our real on XX. will disclosure calculate the our current net are on how in million. see revolver obligations $XX.X on

We now flexible and being an made designed more curbside order drive-thru pickup pod our progress safely options, much processing to in online testing to sales. drive-thru we’re finding service, a is experience of our capabilities and priority on during line a enhanced key business second time. line drive-thru wherever quarter improving is the process third customers component Our very they and delivery business, enjoy our of upgrading developing kitchen a and With remote however, improve model through speed experience. even modular and of new system expanded ordering and critical including ordering to a investments good reduces drive enable and including new that kitchen brands ways better technology better more the our choose, to in reengineering

at continue that and innovation We brands. LTOs check such contribute our to traffic product will Taco to menu expansion as Cabana alcohol both continued at invest will add-ons in and and growth, ongoing

Now results initiatives with brand. each Starting and changing I’ll our of status in highlight accelerate sales QX the at environment to this Tropical. Pollo

the quarter the and were time sales quarter XX.X% the April the July. over sales Second significantly comparable minus lowest restaurant into of but declined COVID frame course at comp XX.X%. improved of

improved may a in compared significantly to and Florida comp by quarter share of challenges been driven month From Pollo temporary higher shortened XX.X%, This to COVID our of time sales of each store the mix geographies of hours. due relatively frames both traffic by than improved significant compared were significantly of approximately sales our we our benchmark has comp second COVID impacted comp core of Pollo estimate in peers quarter, in However, casual the in improvement perspective, minus the terms Florida our which markets, sales. protests share impacted sales XXX sales The national were disrupted net continued of negatively closures than other more pre those check. quarter on by points Operating our and into sales our dine-in constraints better state other basis We of in by second Black market maintained and XX% more significantly, and that June. regions, fast transactions. July to measured operating as and box impacted with brands. was impact as resulted sales the during COVID-related have which

and promise. while of increases check traction, to growth Delivery gaining total delivery to promotions. all stores came compared order in off-premise We items And year. to averages last with and both was launched minimum in are transaction second as year, initiatives in year off-premise the rolled happy four a only XX.X% last end to part curbside X% tripled by with the sales and roughly service delivery were sales XX% check driven expansion last in is penetration respectively. delivery Drive-thru also last of quarter size, setting one Our drive-thru the DSPs, compared by from showing driven check sizes year. second for quarter the free compared growth over providers, well that increased were delivery XX%, by from out initiative of per to in July order as we

new design expect a leading our significantly app app. online Our sales in through developed grow improved developer, by July much went and this Rocket Bottle we digital Pollo live to late for

the average new rate Although loyalty increased the launched, XX% app. app to sign-up to – apps live was the just the club weekly went since recently have weekly prior sign-ups

a done cost improve On team management margin has staffing the to our job and great efficiency. operations side, adjusting food

a incentives and management sales XX of of excluding costs, versus pay. as and sales due a as commodity and up decreased largely of last and was basis quarter percentage Cost costs. higher basis Second hourly percentage quarantine net year, to sales labor promotions net COVID-XX packaging points XX points, discounts

sales. EBITDA cost Restaurant to portion a adjusted by factor margin were estimated of we of COVID However, margins total labor for and May in cost comparing level those a Pollo trends significantly costs of offset $X.X XX% April increases. and and restaurant reduced of the estimated comp significantly for for adjusted million. impacted quarantine-related quarter costs incentives, much were low were labor, be safety improved the COVID June, significant food significant with to year-over-year XX% in an the quarter range resulted supply waste of EBITDA sales. to performance, very increasing

to Turning Cabana. Taco

comps in and May were declined sales July. of over comparable COVID June Second were time into sales improved XX.X% down. and frame day the de lowest comp also minus years. more April XX.X%, XX related margarita the Tequila quarter sales Driven basis promotions XX.X% were points revenue XXX drive-thru holiday average promotion in restaurant which sales. the than helped in from than Mayo course in on margarita have a contributor the promotion, drove and $XXX,XXX successful five been July April both Alcohol part to the versus of by May by per above and but increase first comp significantly to last margarita the Day, comp the check comps Cinco at XX% June quarter, for de average and have benefiting single quarter July sales another National drive-thru growth Mayo more total for highest food better significantly the in week XX% successful roughly Cinco with revenue quarter related up sales primary year. a sales compared of XXXX. second Alcohol than

given casual compared transaction Taco curbside measured over those off-premise year’s terms new X.X% by that the a that Texas run by the share Box of stages in attractive brands. more sales initiative our the sales brand compared which the features and bringing and regions, traction development Taco’s national XXX to From fast XX%. to promotions total Texas to of future. negatively to and mid-July. points in of The maintained will is quarter go the sales comp impact as alcohol scheduled other drive-thru X% of to basis believe to a in the last the was we state gain on the market the in perspective, last significant live year. launched app alcohol continued in historic by over customers to by in include second continue, of by sales will operating impacted September restaurants dine-in the our rates new lagged quarter of quarter, with share relatively total quarter all are foreseeable on to expect allowed to also level high in X% sales of similar challenges Delivery a announcement been has mix was We sales and second COVID-related off-premise constraints app. The benchmark and compared alcohol roughly impacted Pollo grew sales double due penetration of final be Cabana Black of for second the estimate sales part We penetration initiatives of basis. Texas our state we

We expect grow sales improved much app. our online to significantly this through

staff, Taco and estimated quarter net costs of are sales Based impact as margin as Second safety supply versus resulting last XXX to labor sales adjusted COVID-XX and adjusted the year a net Those negative total in of to sales estimated trends, a the and of be I restaurant EBITDA $X.X thank with labor year. quarter our on XX.X% to significant compared sales incentives trends want efficiencies incentives on EBITDA by comparing very but our crisis margins opportunity to improve range margin margin with believe increase our and percentage to customers’ than were for driven in to to team, COVID special COVID even meet the XX.X%. we points, of cost In for happy finding of our find margins. factor basis soft over our our tough June improvement quarter, the when sales. COVID May better Thanks business quarantine-related committee successfully crisis last restaurant-level the now of made I’ll excluding summary, to and and level and performance labor, seizing we costs on expense at the end stronger will operations by an reimagine began well COVID quarantine-related of persevering members customers’ ready more that not meet of we of crisis. my the personally to quarter detail. support highlights ways are needs. leadership only Dirk progress managing ways in and incentives, The significant improved sales. April was partially our the for today basis beyond opportunities year, team we XX% a trend for costs the this needs and cost and labor in to in new million. year-over-year capitalize are XX% comp executive in on labor by it operating XXX financial restaurant await to stronger from over team, turn related pay and increases, quarantine the efficiencies were including cover decreases points during offset the to as the

Dirk Montgomery

loss comparable going we revenue million I’m to revenue. of Total and Drive and an total revenue restaurant and primarily everyone. from brands, per sequential and sales sales Cabana. and which versus liquidity. our perspective, revenues totals diluted sales review to $XXX.X pleased adjusted at from and and basis, the quarter, good million net prior Consolidated Rich, of efforts at sales primarily are or diluted $X.XX From $X.X $XX.X million almost not $X.XX the diluted promotions compared the to last on details. our to year, included impact both second or off-premise XX.X% down sales offered comp declines fully Tostones restaurants Nutella net the drive-thru Bites was by to Pollo channel year same-store such check both from sales decreased you, were to at Thank closed primarily quarter brands. provide Cabana. and period share at restaurant $X.XX charges results to July diluted The doubled Taco $X.X in during to million XX.X% $X.XX the XXXX. a total impairment for the per see and we net Pollo closed of that to diluted XX% or average week both Taco Topped compared in our such in COVID-XX then and items the quarter our rates in XXXX net more charges. second the due growing impact year and as maximize negative This brands million share reconciliation to both at Empanadas at was afternoon, principally comparable Yuca loss sales second $X.X successful sales. million in increased share diluted million off-premise the July. decline brands and a continued successful per Tropical a prior consolidated generated year table impact the share add-ons The earnings related percentage a second year. terms loss non-GAAP both improved into Cheezy impairment this in in margarita such brands, charges. Cabana’s promotions as $XX.X income cash of XX.X% share release at and through quarterly Tropical driven This of per for included per Taco $X.XX the $X.XX an decrease per million as quarter to share same-store of of negative due $X.X for in per total which reflective down compared in improvement last a of $X.X comp rent adjusted sales quarter as Please in with goodwill of On update or

last of check check of second last for per net Now in quarter decreased decline by penetration X.X% turning year. over consisted of to the an the year, to delivery sales check year’s increase in of of XX.X% second average the increase over mix brands. a to to and partially and channel by a At in X% versus approximately by last primarily quarter average our and by items a in price in product Tropical, mix. sales grew the XX% year. X.X% comparable quarter and compared grew order. in was and transactions, individual drive-thru Pollo Delivery of by decrease for XX% drive-thru impact driven product the and restaurant increased of second XX% restaurant increases the quarter second and net and XX.X% in increase The driven average pricing sales, This penetration sales of versus penetration quarter, delivery for channel offset channel decrease X.X%. pricing comparable and sales net grew the sales menu Drive-thru increases

brand $XX Pollo restaurant Turning Tropical decreased for XX.X% year. measure million quarter. at or defined EBITDA, to filings, from a by $XX.X profitability or the of level adjusted sales the in million SEC sales restaurant Restaurant to last XX.X% $XX.X non-GAAP our of as million second

special sales experienced higher operating due and Higher and discounts, by a sales percentage higher wages promotions of and partially to efficiencies. Tropical higher expenses, included higher third-party increases which of related cost were costs expenses expenses other supplies. commodity partially and incentives, fees offset COVID-XX-related and Pollo operating sales, and restaurant to offset advertising As costs. rent by due higher These COVID-related delivery mix restaurant lower

the for net was wage to last to year. quarter increase X.X% of employees low quarter. COVID-XX due XX% a million incentives mix. channel mentioned, transactions masks product At and a $X.X EBITDA X.X%, sanitizer. We incurred last were driven April The check Onetime during pay June in Taco by drive-thru primarily Tropical unit comp quarter, Management year, May average XX% versus of comparable was and channel Pollo’s in totaling in consisted and $X.X check decline of offset million $X.X Rich $X.X quarter and a As sales of adjusted transactions efficiency non-GAAP partially incremental of increase the drive-thru offered with Cabana, product impacted XX% XXXX. increase SEC excluding a to XX% hourly the restaurant-level representing by Pollo per decrease by compared to labor compared mix an were and year’s penetration second quarter again, second costs second pay, incentive net to as channel initiatives. margins XX% over in a roughly EBITDA, and measure range in revenue increase decreased of in increased and significantly during in quarantine costs sales, decrease related to quarantine last including in special million last restaurant in hourly pay in net sales pay by improved for driven much and orders, the COVID-XX million restaurant This sales. the of special grew alcohol costs margins part Taco second by filings, incentive XX%. promotions. an relative delivery roughly average and by in percentage second by defined part decreased alcohol sales the drive-thru Adjusted comparable X.X% increases driven XX.X% in estimated impact of of year to as the driven sales. by year, improved to our

Turning profitability. in non-GAAP filings, defined million our SEC adjusted restaurant level to million as Restaurant brand’s at million decreased restaurant the EBITDA, sales $X.X sales $X.X Cabana $X.X XX.X% last year. from XX.X% of a to measure quarter of second Taco by or or

offset by Taco operating of As incurred comp and and lower a included incentive was May expenses second million as and and offered EBITDA to sales. commodity and expenses, Adjusted $X did related incurred to at food last second the negative Despite improve including sales X.X%. the other third-party costs decreased efficiency estimated sales, wages sales million to quarter margin lower Cabana of on percentage Taco management pay, at to June hourly margins Cabana Cabana of in pay, restaurant-level to higher a expense. addition Onetime to incremental $X.X in same-store in lower COVID-XX to fees wage of sales. higher totaling initiatives, masks trends, year. sales, our cost special sales related $X.X to to a managing costs are adjusted expense and special second costs adjusted employees last sanitizer. incentive quarter. as by million were million the net filings, cost exceptional due pay rent XXXX. COVID-XX-related delivery margins and related to quarter, labor the and for measure partially Cabana EBITDA, XX% percentage year and during defined of restaurant by compared lower special quarantine of EBITDA comparable impact XX% non-GAAP Based decreased $X.X Taco restaurant Driven costs versus Taco SEC job advertising by hourly an incentives, due These restaurant of which restaurant-level net

revised adequate July cash are on our filed senior included website on We touch liquidity. and that quickly we us include were XXXX. highlight and and term, the expenditure profit our like which to million XX, minimum liquidity same XXXX, quarter defines in will cushion which the allow us from which covenants to key of Relations adequate quarter covenant few and amended will the covenant. maximum of plus A sales believe $XX liquidity – generally capacity to to are cash balances, the end facility available covenant amendment. the the the through to maintain expires and We of are The amendment through a on and loan two me details minimum X-K and day. I’d Investor required operate liquidity a The our of of of current million revolver allow the third trends points Let in liquidity business the liquidity in the only in XXXX. credit covenants of minimum as remainder $XX XXXX fourth financial the covenant capital reflect November

a The XX, time at quarter with reduction be liquidity million amendment $XX a reduced was quarter defined of million our sales XX, July improve the phased a facility we $XX to a on credit balance of $XX in the our from $XX of XXXX. current $XX.X $XXX the million. loan in amount continue revolving we first reduction the leaving liquidity. basis rate a leverage million X in fee is is capacity, point. on credit second will ratio $XX the the required. the million of XXX of reduced million is cash that XX pre-amendment closing to beginning the XXXX amendment undrawn with the of basis an of points scale facility in a an on points and cushion plus reduction, percentage compares loan averaged of trends, the size our And points. undrawn outstanding was the fourth To $XXX.X facility. compared scheduled July At in a amended end, target The at adjusted no debt, to the reduction million that fee of floor quarter had covenant in extent $XXX.X significant below and the to XXXX will loan of plus of at basis million LIBOR believe of paydown we LIBOR interest quarter additional million, $XXX.X As as LIBOR which rate already million with This second XXX basis reductions loan and based points under interest senior the XX in on a

In million addition outstanding credit repayment on XX. July XX, all July $XX.X July XX, through with no deferrals. resulted to rent $XX on $XX million This date. lease as an the borrowings in that were additional we revolver also of we current obligations paid Notably, million of as

tightly of capital the million. XXXX are in quarter managing second $X.X capital expenditures We expenditures. were Total

the for Our first technology corporate. of million first Capital million to half in maintenance, million compared expenditures $XX.X XXXX XXXX. half $X.X $X.X primarily $X.X totaled expenditures million included and for the of in

flow not improved will million sustainable flow. Working a of a significant $XX in and We expenditures of efficiency renegotiations, million. quarter has operations capital cash pricing contributed payment XXXX. our capital significantly in term of cash XXXX the to result efficiency Our believe as the been that $XX.X exceed of improvement during portion from capital second improvements working which vendor represents

owned properties XX also to increases in are marketing leaseback, sale or sale going result which for expected cash are We forward. flow

will transactions half by properties the the site year, $X.X which these on of million. we the for have XX $X.X of will the with purchase offers believe and received of the of million to through offers per second the we of XX, marketing range properties offer The the As a end process of continue close we XXXX. we properties in for number for July average had

However, job, sale-leaseback our there be the face of an any improving consummated. can our operating is safely that doing To such operations while restaurants sales keeping team or efficiency in conditions. be no exceptional conclude, assurance challenging transactions will

be As improve confident their based on will liquidity trends, recent sales efforts trends. supported feel that and a we result current sales to we by able of

continued We of of as are traction, number capabilities, year the apps sales. will including half they growth that a and accelerate gain delivery in our initiatives new channel curbside optimistic in second our this growth

evolving is to future to team you competitive poised focused entire now will on of growth questions. up listening, the advantage opportunities. Our in Thank a open Operator? take emerge position, business call for and our we stronger, to


Certainly, sir.

[Operator Regan Instructions] The Miller go from now Piper Sandler. from Nicole first question comes We will session. question-and-answer ahead. being Please the

Nicole Miller Regan

good days appreciate comps, you helpful, update. now, helped tedious I’ll and those say first this think But when dining We July because afternoon. room XX and is July I Thank with impact you would the us closures question, trends? know the is you until apologize. of a so about incredibly what which you about on

Rich Stockinger

rooms county, the had we of said anyway. close all rooms, who July closing that first XX Well, Miami-Dade of all, a we two dining on decision to made when dining were day or before then mayor the

we ahead of the dining sales of getting room were curve the terms The anyway. much were that. we So in on impact, not through

very dining company. small. In decision the throughout The fact, we that’s why room were entire the made sales

Nicole Miller Regan


X, We’re weeks probably not surprised by season. earnings into X.X that being

somewhat we’ve think a that get July concluded term very then I run use as it’s if nothing dramatically and in. happening people those because use dramatically loosely can’t So I and a when rate, numbers take situation, different we there’s the than fluid

much goes what is this to That’s pretty message, and the drive-thru off right? you that So premise. said, back

Rich Stockinger

throughout well COVID That’s delivery. business one. improvements correct and is curb pickup the what’s another, The driving our for side this and then And as crisis. that’s as the is online ordering drive-thru

Nicole Miller Regan

basis we because best a commentary. and wanted to monthly tying as as you really commentary know, store taking also we on been appreciate let that’s level the I margin can from we’ve been something

is proactive being fantastic. So

store and I’m but way to the talk just not that liked, margin the to cash that apply you���re you, I even haven’t tell take would run commentary, I level really burn have in time you in want If the numbers I comp sure burn. I had cash will the territory.

So through thinking now, please? commentary burn it and then on how you’re previous right can cash you about walk

Dirk Montgomery


basis. rate the in first kind comp right We burn of that any the quarter situation. we mean, – beginning So burn at first trend of indicated end cash the at cash are tail first, I even out the had of the that experiencing that at of were at now run the a the the second end not on of we

rate, the And at. to said, where that’s we improve liquidity. of at as sales expect So we’re continue we to kind current

Rich Stockinger

And our – now we are our that all and There’s no includes on Nicole, rent. deferrals. current leases

don’t burn. a have we So cash

Dirk Montgomery

just And us, the that things was in benefited certainly said one we quarter maximizing of the second working is efficiency. capital

Nicole Miller Regan

that that. and Okay. note modeled Yes, I of made

last that? on back margins. it. But sales, the and alcohol in there sides then hear forth embedded be and to they run one feel that think pretty margin of with And on this, a more that a really shift much rate, Or benefit to like you you fairly going mix similar could benefit when similar is I I’ve these channels? is get to going than Okay. any those food both be that’s I about in not? and gone always great other Are

Rich Stockinger

doing when not Nicole, margin. tell I great a $X it’s margaritas, you, you’re would

is helping that’s margin, in traffic. bringing but sure So not the it

Dirk Montgomery

check things ring one dollar the that that’s accretive, is believe dollar increase in ring, driving is which our with average of And drive-thru. we in the up the profit the check size, net

Nicole Miller Regan


it together, the for So way than sure out? margins. collectively that it business Is look the we about and try think does at really that’s supporting and better it that of to side isolate the check to all it the as to make what of power

Rich Stockinger

Yes, correct.

labor. the leveraging You’re

Nicole Miller Regan

you time. thank the Appreciate again. Okay,

Rich Stockinger

Nicole. Thanks,


Please Brian question Instructions] ahead. you. from Our James from Financial. next Thank Vaccaro comes go [Operator Raymond

Brian Vaccaro

could seeing Thanks, how recently? I you at more But with for more relative is I regions, holding markets on good guess, start comps and other bit South out Florida Pollo Tropical. to a you���re wanted specifically? to Pollo up And what across evening. share

Dirk Montgomery


– we to box. lot other In tend we’re we’ve Black mean, the we that I market a Box impacted slightly, set. Black has with our market sales, we’ve is relative concepts in which as of in – that Orlando. tourism So the Box, think only of line hospitality noncore markets, the represent we compared core the particularly effect more our about trends focus We Black trends, XX% trend us than Florida the on said. negatively box, black to trailed versus South being some in And

Brian Vaccaro

All could initiatives? to what concept. delivery for brand Could had on QX? Dirk, sales And after from sure those you make for channels, share each up and it I July expanded sales off-premise sales appreciate was right. QX of helpful. June stats the say, That’s gave in further mixed Is of the it numbers? those mix drive-thru mix you I launched and where wanted you some sort right and share I in, you again just And each that got

Dirk Montgomery


it’s kind channel. the So and about you of can I’ll – numbers we then overall quarterly give talk trends by

delivery now the The and So significantly pretty mix I forward. the I going drive-thru which we’ve for occasions significant both was major And penetration sequential promotion Cabana, be from up improvement in actually I think of first of – kind couple have Pollo, alcohol drive-thru the stages to what X% July three of post was And the where the both we’ve at the traffic. said, of the as Taco, perfecting was like we’ve mix in as activity, really second sales. kind general, drive-thru seen the to first in we’re consider Taco – quarter amount XX% delivery had of of prior and we’re sales four think COVID And connect a Those or of beginning year cycle. XX% we purchase was probably continue quarter driven But in just to promote pretty promotions think, the feel second those for we that move weeks sales. are in penetration of was quarter. X%. then we a

rates. better to a that to of improve in improve can work So said, out in restaurant. technology we Rich in or service like that service those a drive-thru increments speed can of been maintain are to – concepts. both kind invested in big as – I they difference. things huge really drive like a make We have thru not the Little little capacity simple mean perspective, difference. we’re expect From for – we things increase of continue try drive-thru And pods the and it’s from investing further the the I to speed capacity – think working make on it’s to and

Brian Vaccaro

or you while so talking have – quarter speeds, me, remind the you each on what can brand? recently any last And thru or that? we’re Have at drive guys in drive-thru speeds are the done stats

Dirk Montgomery

mean down minutes, below I five they’re both Yes. yes.

Brian Vaccaro

Below five minutes.

Okay. there. Great. the detail Great. some a the the I on also ask couple of appreciate And asset sales, specifically. to wanted the credit and amended milestones I facility

those South Florida, are in how you of them How South it’s many units. Tropicals Tacos? think are XX Pollo market? Florida And said of many versus the I

Rich Stockinger


you We a Just sec. that. can give

five, two, four, six. one, Let’s see, three,

units it’s units So eight eight are are and half, – Tropical Cabana. Taco Pollo eight well,

it in the Florida.. most In in One Florida, not see. South of terms of them – South looks let’s units like are

Dirk Montgomery

a are the not couple South but of There South most units in Pollo of Florida in them Florida, are on Yes. side.

Brian Vaccaro



expand more was areas related consulting ContinuServe. think at on? way there firm, a we ballpark Okay. point or or there hiring savings also level Great. a you outside this And milestone store on I they’ll was Are what Great. to is focused focused gains? on there to it just efficiency in potential talking G&A? an And Could be

Rich Stockinger


to their office focus is is work and no, the Their still second around back answer process. G&A. question, really So in

process multiple they’re a that’s us, with like have too, firm and working process of locations. they’re that with spent a improvement other time of So and lot lot companies reengineering a ours

here expect in it next up is And we be the of to work that wrapping so months. couple underway, and

Brian Vaccaro

All you. right, thank


and This you. concludes call. conference today’s question-and-answer session Thank the

for Thank may day. have a participating, You disconnect you and lines. your pleasant