Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Q4 2020 Earnings Conference Call - Final Transcript

Sep 15, 2020 • 11:00 am ET


Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Q4 2020 Earnings Conference Call - Final Transcript


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Good morning and welcome to the Cracker Barrel's Fiscal 2020 Fourth Quarter Earnings 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 fourth quarter fiscal 2020 conference call and webcast. This morning, we issued a press release announcing our fourth quarter and full year results. In this press release and on this call, we will refer to non-GAAP financial measures for the fourth quarter and 12 months ended July 31, 2020. The 4th quarter non-GAAP financial measures are adjusted to exclude the fees related to two sale-leaseback transactions, the non-cash gain on sale of assets related to the sale leaseback transactions that occurred during the fourth quarter. Non-cash impairment charges related to store assets and the related tax impact. The full fiscal year non-GAAP financial measures are adjusted for the items listed above, as well as expenses related to COVID-19, an impairment charge related to our equity investment in Punch Bowl Social, and the related tax impact of these items.

The company believes, that excluding these items from its financial results provides investors with an enhanced understanding of the company's financial performance. 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 Finance, 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 on our reports that we file with or furnish 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. Thank you for joining us, and I hope everyone is continuing to stay safe and healthy. Since we last spoke in early June, our business and the casual dining industry have unsurprisingly remained pressured, due to