Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Q3 2020 Earnings Conference Call - Final Transcript

Jun 02, 2020 • 11:00 am ET


Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Q3 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to the Cracker Barrel Fiscal 2020 Third Quarter Conference Call. [Operator Instructions] I would now like to turn the conference over to Adam Hanan, Manager of Investor Relations. Please go ahead.

Adam Hanan

Good morning and welcome to Cracker Barrel's third quarter fiscal 2020 conference call and webcast. This morning we issued a press release announcing our third quarter results and providing an update regarding the impact of the COVID-19 pandemic on the Company's business. This press release, and on this call, we will refer to non-GAAP financial measures for the third quarter and nine months ended May 1, 2020 adjusted to exclude non-cash asset impairment charges related to store assets, expenses related to COVID-19, impairment charge related to our equity investment in Punch Bowl Social and the related tax impacts of these items. The Company believes excluding these items from its financial results provides investors with an enhanced understanding of the Company's financial results. This information is not intended to be considered in isolation or as a substitute for net income or earnings per share information prepared in accordance with GAAP. The last page of the press release includes a reconciliation from the non-GAAP information to the GAAP financials.

On the call with me this morning are Cracker Barrel's President and CEO, Sandy Cochran; Senior Vice President and CFO, Jill Golder; and Vice President of FP&A and CFO of Emerging Brands, Jeff Wilson. Sandy will begin with a review of the business and Jill will review the financials and outlook. We will then open up the call for questions for Sandy, Jill and Jeff.

On this call, statements may be made by management of their beliefs and expectations regarding the Company's future operating results or expected future events. These are known as forward-looking statements, which involve risks and uncertainties that in many cases are beyond management's control and may cause actual results to differ materially from expectations. We caution our listeners and readers in considering forward-looking statements and information. Many of the factors that could affect results are summarized in the cautionary description of risks and uncertainties found at the end of the press release and are described in detail in our reports that we file with or furnished to the SEC. Finally, the information shared on this call is valid as of today's date and the Company undertakes no obligation to update it except as may be required under applicable law. I'll now turn the call over to Cracker Barrel's President and CEO, Sandy Cochran. Sandy?

Sandra B. Cochran

Thanks, Adam. Good morning everyone and thank you for joining us. I hope you and your families are staying safe and healthy during these trying times. I want to begin by extending a heartfelt thank you to our employees, both in the field and at the home office who throughout this difficult period have done an incredible job responding and adapting to the rapid and significant changes to our industry and our business. In particular, I want to say thank you