Jack in the Box Inc. (NASDAQ:JACK) Q4 2024 Earnings Conference Call November 20, 2024 5:00 PM ET

Company Participants

Chris Brandon - VP, IR
Darin Harris - CEO
Brian Scott - CFO

Conference Call Participants

Lauren Silverman - Deutsche Bank
Brian Mullan - Piper Sandler
Katherine Griffin - Bank of America
Brian Bittner - Oppenheimer
Gregory Francfort - Guggenheim
Alton Stump - Loop Capital
Dennis Geiger - UBS
Jon Tower - Citi
Logan Reich - RBC Capital Markets
Alex Slagle - Jefferies
Andrew Charles - TD Cowen
Christine Cho - Goldman Sachs
Brian Harbour - Morgan Stanley
Drew North - Baird

Operator

Good day, everyone, and welcome to the Jack's Fourth Quarter and Full Year 2024 Earnings Webcast.

At this time, I would like to hand the call over to Mr. Chris Brandon. Please go ahead, sir.

Chris Brandon

Thanks, operator, and good afternoon, everyone. We appreciate you joining today's conference call, highlighting results from our fourth quarter and fiscal year 2024. With me today are Chief Executive Officer, Darin Harris; our Chief Financial Officer, Brian Scott; and our Interim CFO, Dawn Hooper. Following the prepared remarks, we will be happy to take questions from our covering sell-side analysts. Note that during both our discussion and Q&A, we may refer to non-GAAP items. Please refer to the non-GAAP reconciliations provided in the earnings release, which is available on our Investor Relations website at jackinthebox.com.

We will also be making forward-looking statements based on current information and judgments that reflect management's outlook for the future. However, actual results may differ materially from those expectations because of business risks. We therefore consider the safe harbor statement in the earnings release and the cautionary statements in our most recent 10-K to be part of our discussion. Material risk factors as well as information relating to company operations are detailed in our most recent 10-K, 10-Q and other public documents filed with the SEC and are also available on our Investor Relations website.

And with that, I'd like to turn the call over to our Chief Executive Officer, Darin Harris.

Darin Harris

Thank you, Chris. In fiscal 2024, we achieved really significant milestones for our company with the largest number of new restaurants opening in over a decade for Jack in the Box with sustained sales outperformance in new markets. Positive net unit growth at both brands with a growing new restaurant pipeline, progress on brand building initiatives including first and third-party digital, new POS rollout and restaurant reimages, refranchising of Del Taco, now an asset-light business at about 80% franchise owned. And lastly, managing through significant inflation plus the cost pressures from increased minimum wages in California.