Adam Hanan | Manager, IR |
Sandra Cochran | President and CEO |
Jill Golder | SVP and CFO |
Jeff Wilson | VP, Finance |
Todd Brooks | C.L. King |
Jeff Farmer | Gordon Haskett |
Brett Levy | MKM Partners |
Jon Tower | Wells Fargo |
Jake Bartlett | SunTrust |
Gregory Francfort | Bank of America |
Alton Stump | Longbow Research |
Robert Derrington | Telsey Advisory |
Good morning and welcome to the Cracker Barrel’s Fiscal 2020 Fourth Quarter Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation there will be an opportunity to ask questions. | |
I would now like to turn the conference over to Adam Hanan | Manager of Investor Relations. Please go ahead. |
Good morning and welcome to Cracker Barrel’s fourth quarter fiscal 2020 conference call and webcast. This morning we issued a press release announcing our fourth quarter and full year results in this press release and on this call, we will refer to non-GAAP financial measures for the fourth quarter in 12 months ended July 31, 2020. The fourth quarter non-GAAP financial measures are adjusted to exclude the fees related to sale leaseback transactions and noncash gain on sale of assets related to the sale leaseback transactions that occurred during the fourth quarter, noncash impairment charges related to store assets and their related tax impact. The full fiscal year non-GAAP financial measures are adjusted for the items listed above as well as expenses related to COVID-19 and impairment charge related to our equity investment in Punch Bowl Social and the related tax impact of these items. The company believes that excluding these items from its financial results provide investors with an enhanced understanding of the company's financial performance.