Bloomin' Brands, Inc. (NASDAQ:BLMN) Q2 2020 Earnings Conference Call - Final Transcript

Jul 24, 2020 • 08:30 am ET

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Bloomin' Brands, Inc. (NASDAQ:BLMN) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the Bloomin' Brands Fiscal Second-Quarter 2020 Earnings Conference Call. [Operator instructions]

It is now my pleasure to introduce your host, Mark Graff, Group Vice President of Investor Relations. Thank you. Mr. Graff, you may begin.

Executive
Mark Graff

Thank you, and good morning everyone. With me on today's call are David Deno, our Chief Executive Officer; and Chris Meyer, Executive Vice President and Chief Financial Officer.

By now, you should have access to our fiscal second-quarter 2020 earnings release. It can also be found on our website at bloominbrands.com in the Investors section. Throughout this conference call, we will be presenting results on an adjusted basis. An explanation of our use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures appear in our earnings release on our website as previously described.

Before we begin formal remarks, I'd like to remind everyone that part of our discussion today will include forward-looking statements including a discussion of recent performance. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. Some of these risks are mentioned in our earnings release. Others are discussed in our SEC filings which are available at sec.gov. During today's call, we'll provide a brief recap of our financial performance for the fiscal second-quarter 2020 and a discussion regarding current trends. Once we've completed these remarks, we'll open up the call for questions.

With that, I'd now like to turn the call over to David Deno.

Executive
David Deno

Well, thank you, Mark, and welcome to everyone listening today. Our priorities remain unchanged as we continue to navigate these challenging times. We are focused on taking care of our people and serving food in a safe environment that protects both our team members and customers. The investments made over the past several years to enhance the customer experience and rapidly pursue the emerging delivery opportunity have been critical to our success in navigating this pandemic.

At the onset in March, we were able to quickly pivot to an off-premises-only business model, as dining rooms were forced to close. The rapid growth we experienced in off-premises sales allowed us to keep substantially all of our locations open during this time. Starting in May, states began the process of partially reopening their economies. Our decision not to furlough or layoff any employees during this pandemic has allowed us to quickly prepare our restaurants to reopen dining rooms in a safe and efficient manner.

As of July 19, 2020, almost all of our U.S. company-operated restaurants have reopened with limited in-restaurant dining capacity. During this time, we continue to maintain elevated safety measures including additional sanitation and disinfecting practices, using gloves and facial protection for our employees as well as contactless with payment options for our customers. In addition, dining room seating configuration has been modified to adhere to social distancing and reduced capacity standards. Customers have responded in taking notice of these additional safety measures. This has translated to