Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Q1 2024 Earnings Call Transcript November 30, 2023 11:00 AM ET
Company Participants
Kaleb Johannes - VP, IR
Julie Masino - President & CEO
Craig Pommells - SVP & CFO
Conference Call Participants
Dennis Geiger - UBS
Katherine Griffin - Bank of America
Alton Stump - Loop Capital
Jake Bartlett - Truist Securities
Andrew Wolf - CL King
Todd Brooks - The Benchmark Company
Aisling Grueninger - Piper Sandler
Operator
Good day, and welcome to the Cracker Barrel Fiscal 2024 First Quarter Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Kaleb Johannes, Vice President, Investor Relations. Please go ahead.
Kaleb Johannes
Thank you. Good morning, and welcome to Cracker Barrel's first quarter fiscal 2024 conference call and webcast. This morning, we issued a press release announcing our first quarter results. In this press release and on the call, we will refer to non-GAAP financial measures for the first quarter ended October 27, 2023. The non-GAAP financial measures are adjusted to exclude the non-cash amortization of the asset recognized from the gains on the sale and leaseback transactions, expenses related to the company's CEO transition, expenses associated with the strategic transformation initiative, and a corporate restructuring charge and the related tax impacts. The company believes that excluding these items from the 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 pages of the press release include reconciliations from the non-GAAP information to the GAAP financials.
On the call this morning are Cracker Barrel's President and CEO, Julie Masino, and Senior Vice President and CFO, Craig Pommells. Julie and Craig will provide a review of the business, financials and outlook. We will then open up the call for questions.
On this call, statements may be made by management of their beliefs and expectations regarding the company's future operating results and 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 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 furnish to the SEC.