Noodles & Company (NASDAQ:NDLS) Q2 2023 Results Conference Call August 9, 2023 4:30 PM ET
Company Participants
Dave Boenninghausen - CEO
Mike Hynes - CFO
Conference Call Participants
Joshua Long - Stephens
Jake Bartlett - Truist Securities
Andrew Barish - Jefferies
Operator
Good afternoon and welcome to today’s Noodles & Company's Second Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded.
I would now like to introduce Noodles & Company's Chief Financial Officer, Mike Hynes. Please go ahead.
Mike Hynes
Thank you and good afternoon, everyone. Welcome to our second quarter 2023 earnings call. Here with me this afternoon is Dave Boenninghausen, our Chief Executive Officer. I'd like to start by going over a few regulatory matters.
During our remarks, we may make forward-looking statements regarding future events or the future financial performance of the company. Any such items, should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements are only projections, and actual events or results could differ materially from those projections, due to a number of risks and uncertainties, including those referred to in this afternoon's new release and the cautionary statement in the company's annual report on Form 10-K for its 2022 fiscal year and subsequent filings with the SEC.
During the call, we will discuss non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP.
A reconciliation of these measures to the most directly comparable GAAP measures is available in our second quarter 2023 earnings release. To the extent that the company provides guidance, and it does so only on a non-GAAP basis and does not provide reconciliations of forward-looking non-GAAP measures, specifically forecasted adjusted EBITDA, adjusted EPS and contribution margin. Quantitative reconciling information for these measures is unavailable without unreasonable efforts. The corresponding GAAP measures are not accessible on a forward-looking basis, and such information is likely to be significant to an investor.
Now, I would like to turn it over to Dave Boenninghausen, our Chief Executive Officer.
Dave Boenninghausen
Thanks, Mike, and good afternoon, everyone. In the second quarter, Noodles & Company's revenue decreased 4.5% versus prior year to $125.2 million and adjusted EBITDA decreased 17% to $9.3 million. As we discussed in our last earnings call, during the last portion of Q1, as well as the beginning of Q2, we began to see softness in our guest trends, particularly surrounding the lower income consumer.