Noodles & Company (NASDAQ:NDLS) Q1 2023 Earnings Conference Call May 10, 2023 4:30 PM ET

Company Participants

Carl Lukach - CFO

Dave Boennighausen - CEO

Conference Call Participants

Joshua Long - Stevens Inc.

Andrew Barish - Jefferies

Todd Brooks - The Benchmark Company

Jake Bartlett - Truist Securities

Operator

Good afternoon and welcome to today’s Noodles & Company's First 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, Carl Lukach. Please go ahead.

Carl Lukach

Thank you and good afternoon, everyone. Welcome to our first quarter 2023 earnings call. Here with me this afternoon is Dave Boennighausen, our Chief Executive Officer. I'd like to start by going over a few regulatory matters.

During our opening remarks and in response to your questions, we may make forward-looking statements regarding future events or the future financial performance of the company. Any such items, including details relating to our future performance 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. The Safe Harbor statement in this afternoon’s news 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 are considered a part of this conference call, including the portions of each that set forth the risk and uncertainties related to the company’s forward-looking statements.

I'll refer you to the documents and the company's files from time to time with the Securities and Exchange Commission. Specifically, the company's annual report on Form 10-K for its 2022 fiscal year and subsequent filings we have made. Each documents contain and identify important factors that could cause actual result to differ materially from those contained in our projections or forward-looking statements.

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 our most directly comparable GAAP measures is available in our first quarter 2023 earnings release and our supplemental information. To the extent that the company provides guidance it did so only on a non-GAAP basis and does not provide reconciliation of such forward looking non-GAAP measures to GAAP. Specifically, forecasted adjusted EBITDA, adjusted EPS and contribution margin are forward-looking non-GAAP measures. Quantitative reconciling information for these measures is unavailable without unreasonable effort. The corresponding GAAP measures including net income, earnings per share and income or loss from operations are not accessible on a forward-looking basis and such information is likely to be significant to an investor.