Cracker Barrel Old Country Store, Inc. (CBRL) Q1 2023 Earnings Call Transcript

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Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Q1 2023 Earnings Conference Call December 2, 2022 11:00 AM ET

Company Participants

Sandy Cochran - President & CEO

Craig Pommells - SVP & CFO

Jennifer Tate - SVP & Chief Marketing Officer

Conference Call Participants

Todd Brooks - The Benchmark Company

Jake Bartlett - Truist Securities

Jon Tower - Citi Research

Brian Mullan - Deutsche Bank Research

Katherine Griffin - Bank of America Securities


Good day, and welcome to the Cracker Barrel’s Fiscal 2023 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 question. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to [indiscernible] Vice President of Investor Relations. Please go ahead.

Unidentified Company Representative

Thank you. Good morning, and welcome to Cracker Barrel's first quarter fiscal 2023 conference call and webcast. This morning, we issued a press release announcing our first quarter results. In this press release and on this call, we will refer to non-GAAP financial measures for the first quarter ended October 28, 2022.

The non-GAAP financial measures are adjusted to exclude the non-cash amortization of the asset recognized for the gains on our sale and leaseback transactions, and the related tax impact and expenses related to the proxy contest and settlement in connection with the company's 2022 Annual Meeting of Shareholders.

The company believes that excluding these items from its financial results provide 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

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