Jack in the Box Inc. (NASDAQ:JACK) Q1 2019 Earnings Conference Call Transcript

Feb 21, 2019 • 11:30 am ET


Jack in the Box Inc. (NASDAQ:JACK) Q1 2019 Earnings Conference Call Transcript


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Good day everyone and welcome to the Jack in the Box Incorporated First Quarter 2019 Fiscal Earnings Conference Call. Today's call is being broadcast live over the Internet. A replay of the call will be available on the Jack in the Box corporate website starting today.

(Operator Instructions) At this time, for opening remarks and introduction, I would like to turn the call over to Carol DiRaimo, Chief Investor Relations and Corporate Communications Officer for Jack in the Box. Please go ahead.

Carol DiRaimo

Thank you, Amber and good morning everyone. Joining me on the call today are Chairman and CEO, Lenny Comma; and Executive Vice President and CFO, Lance Tucker.

In our comments this morning, per share amounts refer to diluted earnings per share and operating earnings per share is defined as diluted earnings per share from continuing operations on a GAAP basis excluding gains or losses on the sale of Company-operated restaurants, restructuring charges and the impact of tax reform on the Company's deferred tax assets, as well as the excess tax benefits from share-based compensation arrangements, which are now reported as a component of income tax expense versus equity previously.

Adjusted EBITDA represents net earnings on a GAAP basis, excluding discontinued operations, income taxes, interest expense, gains or losses from the sale of Company-operated restaurants, impairment and other charges, depreciation and amortization, and the amortization of franchise tenant improvement allowances. Our comments may also include other non-GAAP measures such as restaurant-level EBITDA and franchise EBITDA. Please refer to the non-GAAP reconciliations included in the earnings release as well as the prior year results recast for the adoption of the revenue recognition accounting standard. Following today's presentation, we'll take questions from the financial community.

Please be advised that during the course of our presentation and our question-and-answer session today, we may make forward-looking statements that reflect management's expectations for the future, which are based on current information. Actual results may differ materially from these expectations based on risks to the business. The Safe Harbor statement in yesterday's news release and the cautionary statement in the Company's most recent Form 10-K are considered a part of this conference call. Material risk factors, as well as information related to Company operations, are detailed in our most recent 10-K, 10-Q and other public documents filed with the SEC. These documents are available on the Investors section of our website at www.jackinthebox.com.

A few calendar items to note this morning, our second quarter of fiscal 2019 ends on April 14th, and we tentatively plan to announce results on Wednesday, May 15th, after market close. Our conference call is tentatively scheduled to be held at 8:30 AM Pacific Time on Thursday, May 16th.

And with that, I'll turn the call over to Lenny.

Leonard Comma

Thanks, Carol, and good morning. Before reviewing our first quarter performance and providing some perspective on the future, I want to briefly address our December announcement that our Board of Directors and management team with the support of legal and financial advisors are