The Cheesecake Factory Incorporated

Ladies and gentlemen, thank you for standing by and welcome to the Cheesecake Factory's second quarter fiscal 2020 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Stacey Fite, Vice President, Investor Relations. Thank you. Please go ahead.

Thanks, Rob. Good afternoon, and welcome to our second quarter of fiscal 2020 earnings call. On the call today are David Overton, our Chairman and Gordon, our President, and Matt, Financial Officer. Before we begin, let me quickly remind you that during this call, items will be discussed that are not based on historical facts and are considered forward-looking. Securities Litigation Reform Act of 1995. Actual results could be materially different from those stated or implied in forward-looking details in today's press release, which is available on our website at investors.thechiefcakefactory.com and in our filings with the Securities and Exchange Commission. All forward-looking statements made on this call speak only as of today's date. and the company undertakes no duty to update any forward-looking statements. In addition, throughout this conference call, we will be presenting results on an adjusted, if converted basis, which reflects the potential impact of the conversion of the company's convertible preferred stock into common stock. An explanation of our use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures appear in our press release on our website as previously described. Finally, please also note that our press release includes an additional table calculating basic and diluted net loss per common share, which shows the line item impact of the company's convertible preferred stock. Folders of our preferred stock participate in dividends on an as-converted basis when declared on common stock. As a result, our preferred stock meets the definition of a participating security, which requires us to apply the two-class method The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that would otherwise have been available to common stockholders. In addition, as our preferred stock is a participating security, we are required to calculate diluted net income per share under the if-converted method in addition to the two-class method and utilize the most diluted results. In periods where there is a net loss, No allocation of undistributed net loss to preferred shareholders is performed as the holders of our preferred stock are not contractually obligated to participate in our losses. Now for the agenda, David Overton will begin today's call with some opening remarks and David Gordon will provide an operational update. Matt will then briefly review our second quarter results and provide a current financial update. With that, I'll turn the call over to David Overton.

Thank you for joining us. During adequate PPE for our staff members and implementing additional safety protocols, we also made a number of operational changes and technology upgrades, including contactless menu and payment technology and text paging in order to ensure the best and safest possible experiences for our guests and staff. Our strategic decision to maintain our restaurant management teams Thank you for joining us. including food efficiency, labor productivity, and controllable profit. With some states reversing course on their reopenings, our operators have done an extraordinary job navigating evolving regulations. As COVID cases continue to rise in many parts of the country, we know the situation will remain fluid. We believe our operational excellence and strong financial position will enable us to navigate this dynamic environment as effectively as possible. Tomorrow, we're celebrating National Cheesecake Day. To commemorate the occasion this year, we're launching two new cheesecakes, Chocolate Caramelicious Cheesecake made with Snickers and our Lowlicious Cheesecake, which is low-carb, no sugar added, and gluten-free. Now more than ever, there is so much need in our communities, so we have decided to use our platform this year to support Feeding America's hunger relief efforts Thank you, David.