Jack in the Box Inc. (NASDAQ:JACK) Q4 2019 Earnings Conference Call - Final Transcript

Nov 21, 2019 • 11:30 am ET


Jack in the Box Inc. (NASDAQ:JACK) Q4 2019 Earnings Conference Call - Final Transcript


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Good day everyone and welcome to the Jack in the Box Inc. Fourth Quarter Fiscal 2019 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. During the question-and-answer period, please use your handset when asking a question. Please do not ask over a speaker phone.

At this time, for opening remarks and introductions, I would like to now turn the call over to Rachel Webb, VP of Investor Relations and Strategic Analysis for Jack in the Box. Please go ahead.

Rachel Webb

Thanks, Jennifer, 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. 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, loss on early termination of interest rate swaps and debt extinguishment, the non-cash impact of the Tax Act, and the excess tax benefits from share-based compensation arrangements.

Adjusted EBITDA represents net earnings on a GAAP basis, excluding discontinued opertions, income taxes, interest expense, gains or losses on the sale of Company-owned 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 margin and franchise-level margin. Please refer to the non-GAAP reconciliations included in yesterday's earnings release.

Following today's presentation, we will take questions from the financial community. Please be advised that during the course of our presentation and the Q&A session, 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 relating 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, Jack in the Box management will be attending Barclays Eat, Sleep, Play Conference in New York on Tuesday, December 3, and our first quarter ends on Sunday, January 19. We tentatively plan to announce results on Wednesday, February 19, after market close.

Our conference call is tentatively scheduled to be held at 8:30 AM Pacific Time on Thursday, February 20.

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

Leonard Comma

Thank you, Rachel, and good morning.

Before Lance recaps some of our fourth quarter highlights and reviews guidance for the coming year, I'd like to acknowledge all we accomplished in 2019 and how we