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Cracker Barrel Old Country Store, Inc. (CBRL) CEO Sandy Cochran on Q3 2020 Results - Earnings Call Transcript

Jun. 02, 2020 5:31 PM ETCracker Barrel Old Country Store, Inc. (CBRL)
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Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Q3 2020 Earnings Conference Call June 2, 2020 11:00 AM ET

Company Participants

Adam Hanan - Manager, IR

Sandy Cochran - President and CEO

Jill Golder - SVP and CFO

Conference Call Participants

Gregory Francfort - Bank of America

Brett Levy - MKM Partners

Jon Tower - Wells Fargo

Jeff Farmer - Gordon Haskett

Jake Bartlett - SunTrust

Alton Stump - Longbow Research

Todd Brooks - C.L. King

Operator

Good day, and welcome to the Cracker Barrel Fiscal 2020 Third 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 today's event is being recorded.

I would 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 third quarter fiscal 2020 conference call and webcast. This morning, we issued a press release announcing our third quarter results and providing an update regarding the impact of the COVID-19 pandemic on the company's business.

This press release and on this call, we will refer to non-GAAP financial measures for the third quarter and nine months ended May 1st, 2020, adjusted to exclude non-cash asset impairment charges related to store assets, expenses related to COVID-19, impairment charges related to our equity investment in Punch Bowl Social and the related tax impacts of these items.

The company believes excluding these items from its financial results provides investors with an enhanced understanding of the company's financial results. 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 the reconciliation from the non-GAAP

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