NDLS - Earnings call transcript Q1 2019

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Operator

Good afternoon and welcome to today's Noodles & Company First Quarter 2019 Earnings Conference Call. All participants are now in a listen-only mode. After the presenters' remarks, there will be a question-and-answer session.

As a reminder, this call is being recorded. I will now like to introduce Noodles & Company's Chief Financial Officer, Ken Kuick.

Ken Kuick

afternoon, good and you, everyone. Thank first Welcome earnings XXXX to our call. quarter

a Dave me to Chief over this with Boennighausen, start regulatory afternoon going like Here would is our matters. I Executive by few Officer.

important forward-looking filings the have our projections time-to-time XX-K to Form from the subsequent portions fiscal considered forth XXXX statement this performance contain in that opening Company to the I Act the including make those including meaning statements be call, on with made. contained Company's financial materially our our statements. and the in Annual release related or may are and Litigation year conference The a of should performance uncertainties guidance a each statement our questions, Form the cause in results the the year cautionary you These the Company's from could Company. Private part our to Company's the forward-looking results fiscal events the Report that forward-looking Harbor risks are remarks to and with about regarding due events response projections During filings statements of for your differ XXXX Report only refer the the in of set this identify forward-looking SEC Securities Annual Reform we Any Commission, on and of the to afternoon's subsequent actual relating from statements XXXX. documents of uncertainties. and we XXXX within risks files and of number Such news or specifically statements. its materially factors future future and in details Securities or actual and future and those considered to could differ Exchange such anticipated its items, and projections, XX-K results documents Safe for

be measures substitute as discuss accordance A useful Company's non-GAAP measures results believe be or in measures, financial performance. directly most in is our These first would that, it not we release supplemental of comparable which and can should information. a the reconciliation operating like GAAP for we Boennighausen, available the with GAAP. isolation And call, the will with over During prepared our in evaluating earnings in XXXX to considered our I these measures Dave quarter to Executive Chief turn our Officer. to

Dave Boennighausen

thoughts illness in resulting his the family. us After QX. in be Murphy company pleased an comparable family. a company Thank performance exiting Chairman, I our on that achieving and you, join Executive quarter to winter momentum, due his growth I Ken. first am unusual the X% strengthened able call to and to today’s temporary due would not will Paul restaurant sales Paul like our to disruption extend to for prayers Unfortunately, weather, first

While this our weeks positive returned in to far traffic quarter, QX. during thus continued traffic have performance few modestly was negative final QX we and for of full the the

increased which full will Ken have guidance, we outline result, shortly. a As our year

are resonating initiatives consumers they positive brand. the is with view strategic Noodles evidence to that redefining growth return in Our our traffic how

as preferences. discover ones well to and innovate continue brand guests and Choice strength allow as all noodle the have flavors great From dietary discussed to blaze they & know to of and growth. we a enduring culinary Noodles and regardless we always we As the access for brand benefits have love guests been their sustained our continue are new positioning been the and world’s how quarters, great can Company make holistic better the in perspective, recent defining options. with has of enjoy a initiatives progress, of healthier

The zucchini gluten-free during Scampi limited Our obstacles time the to QX. in providing low-carb our to brand Shrimp new our the continues a noodle major removed year offering noodle by guest. last Zucchini reach by the introduction of sales alternative zucchini heights noodle bolstered for

significant a up introduced items. success that menu see build exciting to new three continue to opportunity yesterday, the better-for-you to We end, initial we platform. of And our

are Zucchini & offerings a of time and Sauce Asparagus well dish, Garlic that XX-XX White with a Chicken, Zucchetti Sauce first spaghetti two in with the The features Balsamic include which Wine limited as Lemon Zucchini as noodles. blend

our available new the to Zucchini which any to ability a to providing launched to like continue pairing we Mac Additionally, offer Cheese. dish guests. new gluten-friendly offerings We & our reinforce substituted variety believe and gluten-friendly with to choice shell, top-selling be Wisconsin a these pipette the

this of choice the culinary, menu. presentation that week our aspects will Finally, nationwide we our inherent in highlight menu two launched regarding further

and we between. launched create website app First, effortlessly everything lifestyles. where meet From their to personalized vegetarian and our Paleo dishes on calculator users to and in can nutrition to Keto available gluten-friendly a dietary new

new decision-making process introduced menu flavors platform, our guests. easier have throughout highlight make boards and the we and quicker Second, which feature significant our the for system better-for-you

later efforts culinary expect strategic around to supported have been and we disciplined a be testing innovation XXXX. alternatives Our noodle in introduced and process further based plant by

sales grew culinary by quick initiatives As during led sales last to made of the to QX, Noodles inclusive the has remove brand over in of of growth in for accounted great digital occasion. a grow evidence we use that grew choice increased point strides year particularly guest from for of of to friction to increased our pickup continue for more total first initiatives also delivery well-suited XXXX. is sales Off-premise providing continue XX% prior experience. digital and brand from our XX% provide This XX% choice a QX ordering XX% XX% increase over XXX around the in Exclusive and from Further have which accounted sales. our guest, bolstered for basis off-premise perspective. dining of convenience the how sales. quarter our year ordering by and been delivery, Off-premise

believe is also impressive, Noodles the tremendous we opportunity experience better. the remains make there While digital to of even performance

providing anticipate platform both ordering digital we to rewards as the of program. quarter significant our as relaunching process, well fourth our improvements the During XXXX,

also While in a reduce personalized XXXX. platforms, first will more sales engage a perspective to sales digital that initiative ordering guest, growth be and our see X% to we increasing we marketing in with and from our believe fourth significant to of our compared will which internal we during relationship-driven our for guest with for targeted capabilities from quarter manner. expect continue transformative this partners, further Separate the accounted our sales X.X% delivery just sales from during third-party the of of friction quarter

it also and opportunity great is with overall earnings, certainly to recognize offers cost. comes additional accretive that it delivery to While sales, build we

to result, strategies mitigate culinary how continue delivery delivery currently the pricing select As margin are there to we testing our of believe a to ascertain is we on-premise profile. runway Similar impact regarding on initiatives, strategy. inherent significant our we our piece in can

there continued in to accounts also sales delivery of total ample than believe is anticipated increase catering we and expand which currently sales. we digital – As opportunity for less X%

discussed sustained we our ability catering will toward we we quarter, growth. to deliver relaunching believe which program XXXX long-term add As anticipate last to our

execution. drive Finally, and operational continue to training our in practices investments best improved

and operating talented that and model we’ve key with increasingly very competitive we strength talented members are attract an retain to while of imperative improve we pleased made market, teams training identifying In brand. to labor also is the it provide to-date. Our in are the our progress opportunities total the team a efficiency

we the of encouraged new it engagement. During labor by had operational back employee quarter, first and the system our impact launched on we house a and our the early are has efficiency

in revisit our initiative focused to remain new flow executing efficiencies our and and package equivalent back continuous XXXX a improvement on beyond. we ensure in Additionally, house the of to

Our the opportunity sustain restaurant the close my industry. positive performance traffic in QX growth in and reinforces thus during QX that confidence top-tier of Noodles’ to far

bottom-line reliable right as grow our for We allow would like I results to to QX and strategy as have right that turn team well discuss guidance Ken in over XXXX. the inherent top strengths brand both in a consistent results, it now the to the to our the year fashion. us to continue place, full will and

Ken Kuick

Thanks, Dave.

Company-owned comparable XX increase modestly our last at the earnings franchise begin restaurant of due mix as total Dave price, versus Easter quarter offset I’d as impact just of that portion $XXX We during by higher improved by benefited flat in X% the like this approximately and orders. was fiscal expectations spend a basis QX allowing in first sales X% the our during revenue, quarter XX that first us headwind sales As under X% like associated for that negative XXXX offset to a restaurants to by million performance a shift well included during surpass be to restaurants increase Menu per comparable prior holiday sales, a roughly in would of the growth modestly with our approximately were shift noodle quarter. increase benefited both X.X% restaurant will delivery an points out of prior mentioned, second person X.X% at also sales the was from mix point traffic. as our which comprised current the the basis Comparable year closed which to laid company-owned QX we at note menu with of zucchini call. XXXX. locations. significantly and

quarter. weeks in during and earlier, March mentioned far continues thus turned positive to As growth the of few positive last second traffic be the

from a performance, we full range our range X% to to are With guidance the a strengthening sales of X%. in X% comp increasing of year our to X%

expect that of as This mix in features traffic delivery benefit zucchini meal full roughly upside price the roughly Our flavors, QX as growth menu balance modestly year’s year. and saw earlier. menu by just the do a half a the drink the positive of anticipate year we and for guests for and our the launch pricing we purchasing signature of pricing modestly well board perspective, the to one comparable from making with lap anticipate as to growth in for X.X% sales perspective, Dave We from mix the guidance mix however as continued the From menu layout of priced year. a a X% we implies price. referenced no opportunity as QX of higher well last during of back of for menu menu we offering. launch From new X% north a potential side the decelerate combined layout

the the due prior basis relative of first as the XX was impacts, the COGS forth initiatives. Labor pricing supply fees. and first prior an to anticipate a balance year. quarter the of improvement relative dollar XX.X% of to was to goods call, during margin chain quarter. certain XX.X%, year. prior flat insurance increase reflecting due sold over last in to XX year surpassed was during unusual restaurant-level delivery point claims quarter line earnings increase the XX.X%, high a our decrease expectations well but the third-party primarily This incurred as First the to We basis in point the represented compared labor modest year in set quarter during Cost primarily

expect the introduced increase from during fees balance points X% during basis point XX growth, of were These expect sales. by benefits to we the first XX XX.X% of to benefiting X.X% growth, year-over-year significantly quarter. the marketing leverage basis Other wage offset year sales a declined of of of of increased operating the well the to as XXXX, of the achieve decreased expense sales. leverage to delivery expenses new however reduced strength labor which X% well as restaurant comparable in While from as to we on points benefits continue which AUV XX prior on basis as X% third-party to the model in inflation for year labor sales

to mitigate Dave accretive in whole $XXX,XXX included first are points quarter margins. General while is As different decreased basis delivery roughly incremental to non-cash we the administrative and impact delivery a currently XX as has expenses earnings, of expense. pricing and mentioned, to of to approaches X.X% that testing feel stock and delivery that sales on the we comp

at continues $X.XX a year to digital guest to range of million million, platforms, our $X.X range per flat prior while from XXXX as the adjusted our We to unit certain investments in the $X.XX capital $XX.X improved timing $XX $XX first EBITDA as quarter, down million, remained in well relative million our a at $XX diluted new to to of million on end of During $X.X modest remodel while at loss engagement CapEx back guidance loss. and initiatives from the the opportunities expenditure incorporate at increase well as to a timing beginning our allow for reduced expenditure the growth, guidance of share to prior quarter to as adjusted our further the of due compensation. decrease in shifted Cash million, the debt payments flow, Long-term the of in house resulting cash our year efficiency the incentive first have for expiration full year. stood of of million. the $XX.X XXXX the cash our a in relative expectations first of capital for was to seasonality end restaurant quarter hand a

Our debt remains anticipate over be XXXX. and we down able sheet pay strong of that to meaningfully balance we the remainder will

Our for rate full and is anticipated the tax year X% between effective X%.

As up we of to $X.XX. $X.XX and currently noted our release, our we adjusted per our guidance diluted our guidance across $X.XX, are performance, earnings expect between year $X.XX our strengthening full share given many of We earnings key prior of in metrics. from updating

to total expect from million updated revenue $XXX year the million. is prior and on between up guidance million million we assumptions: guidance $XXX Our full $XXX of $XXX based following

restaurant prior X% growth point includes from a We X.X%. restaurants. XXX $XX X%, new And $XX expect growth X% over X.X% over including up And $XX increase finally, rate EBITDA new between to of $XX XXXX. our expect XX% XX.X%, of continue to from full expectation XXXX and XX.X% six restaurant of level nine adjusted basis XX% of we for X% We prior between expectation. to anticipate to million, in the the million a adjusted year. system-wide This comparable EBITDA restaurant prior up now expect to to margin two of XX to implies to openings five four company million to guidance sales and year year We of million.

of We equally offset end. between third at be the split expect restaurants restaurant openings these to be closures lease and quarters approximately fourth roughly to and five by

with growth continue forward to and our back for recent the and We brand. our model XXXX top to bottom-line for operating And and thoughtfully long-term remain Company look I’d to Noodles long-term and to the Noodles diligently And initiatives opportunity potential closing, like that, and about work to growth performance sustainable, over the excited it of growth & remarks. X% help return drive the unit final we tremendous by upside in sharing turn brand. how to of Dave consistent reinforces the new

Dave Boennighausen

& to strategy Ken. an Noodles brand will enduring that a sustained result Thanks, Company continues in execute long-term growth. with

weather elevated. comparable positive that sales our recent in with of disruption, momentum despite quarter consecutive QX significant evidence coupled fourth Our has are execution

We are as initiatives about and those launched the well we that particularly yesterday later be as implemented beyond. will excited XXXX in

future removing Over the past two and capabilities years, the company has made tremendous progress then in obstacles for stabilizing performance, growth. building

of and years the strategy drive and and execution disciplined, the on and Kevin Q&A. We have now excited our a entered I strategic phase those am innings know capabilities for are lines effective early XXXX open initiatives. capitalizing bottom-line the for go of growth to we in for to of come. through ahead I significant top please

Operator

Our from Instructions] with [Operator question first SunTrust. Jake comes Bartlett

Jake Bartlett

question. taking Thanks Great. the for Dave.

Dave Boennighausen

Hey, Jake.

Jake Bartlett

you? how are Hi,

Dave Boennighausen

Good.

Jake Bartlett

Good.

idea were better trend by you the sense a you break second of are Maybe maybe the out quarter-to-date sales business, first could in the in us what quarter? give underlying of quarter? kind us the greater to give a as same-store what to of running sales month Just same-store

Dave Boennighausen

– positive and at, on at positive solid the is, and weeks into second it then, price, period can QX. mix where actually the and that of we were with five a saw move a modestly went of Easter through end QX and where the But challenge see as back normalized of and was we us we some Yes, the you that we of from Jake the four of basis was then the shift the that into which because number saw holidays. and disclose some the as pretty that’s QX, carried you to traffic menu last

Jake Bartlett

for what And I you around is happens a lap tested you What I you think the about Zoodles you couple there that in you the know new as last the stay items, you Okay. year lapping Zoodles test? the long launch confident how are menu then, are some of positive changes when did that months menu now. question the the even that launch? made boards, time of you in to can find

Dave Boennighausen

of has where are as what and zucchini, extremely I zucchini are confident eight extremely this past business lap we headed. momentum the we we the lapped Happy trajectory so it’s about think, with seeing in we ago, is the actually early. Wednesday, days

We in are happy the short timeframe. results with seen we have that

respect QX. But But mix with QX. the that are do comparisons we noted, pretty traffic we and expect in very we of early get the price the of that do lap stages we pleased trajectory does we seeing and in positive in more As it are zucchini. challenging initial remain growth

Jake Bartlett

just would the or supply And chain maybe COGS, the on have some that you you have in some Okay. changes have thought, then, benefits that I put the of of would place.

a decent amount You also had of price.

was And I be may, the are inflation you to Your you Could a you expecting share inflation guess your for COGS. on commodity what was? surprised leverage commodity didn’t so, I what year? get little the inflation

Dave Boennighausen

the I be that expect slightly still year inflation think, full pretty to of roughly flat positive. modest, to we XXXX, for just

We price implement that line of the one bit QX. XXXX improve year is as what will during we during versus we the the did expect more a balance over COGS

when did you bit a for close itself, is certainly disruption more the of had we As QX restaurants, little from closures waste. significantly there

that plaque later rebound pretty didn’t we the of the we amount expect favor confident our would but the in line COGS that QX, at are a year. leverage in on we So in on

Jake Bartlett

rather something that or we expect on lastly, close out plan of go? basis of closure run of you let than is ongoing just store stores have in them is, second, And out, an get this year, company to of those did one five but the you kind should the the more on are And ago do years that later is Great. the then, you’ve of then, how much to leases remnant and that we stores? couple expect still

Dave Boennighausen

we normal months. round two one runrate to that the to Jake, with rents business to looking and for had be that three think a go balance the were had going keep typical every Those of open. years restaurants to pretty the decision for two six that more certain closures ago, normal restaurants is there lease are that years we five and our the any a were was When more size Yes, we we is of making that year was through the in probably concept expiring to restaurants we those we get at closing at we couple this right felt are the much was the until we runrate. restaurants and

in really We XXXX. restaurants thus haven’t closed far

it’s that and are locations. So more of company and QX QX they are in those

Jake Bartlett

it. Got

Okay. Thank appreciate I you. it.

Operator

Our next question Jefferies. Andy comes Barish from with

Dave Boennighausen

Good morning, Andy.

Andy Barish

Yes, sorry guys.

the guess, What I mix on that’s demand want. the providing on in and categorize what telling today if you you maybe, menu, of better-for-you, is kind quantifiable? customer Just think of there, the of gap sort you and do to much kind can how sort consumer what out focus they the of of of research between today are you the that’s is if kind your better-for-you

Dave Boennighausen

started zucchini great that’s if of the in a question, something and Yes, I us. timeframe, over asking the Andy us for has years it’s which such that as mean, great Clearly, that were made biggest what guests ago for I XXXX that so thing back couple And was height the no, there [Indiscernible] and a again go elegant a the was solution low-carb? you of

is line-up, & we well the at what have what a current which of are our the zucchini the mix, along like guests had yet necessarily think they us talked but disclosed as the want One While But in, is it’s in we not about zucchini Zucchetti, items they telling does level of the overall of half want have with the are – success guests. incorporating do Where we are reason we XX% allows spaghetti, we to testing a what have about, of all which do have of intake Mac we still our not salad cauliflower. like as that plant-based their – doesn’t had terms lines we’ve is half we go that we potential. that see kind it we there carb. reduce to certainly mix blend of launched alternatives, person Cheese in a opportunity

the say of us the side addressed I in So, would major on What menu. zucchini what the is plant-based see of that room low-carb. really you’ll guess, elephant in I to the that terms continue innovator

Andy Barish

Gotcha. mean, end to of the focusing the sort just update then, you customer and on are we towards kind on of look what program. year areas the experience? App rewards of And I the improve the with the as

Dave Boennighausen

about excited incredibly are We this initiative.

We – this is a of That solid So, rewards capabilities the pretty meet that with more we with fairly perspective. have have that’s believe brand a said, generation, the online to App, younger par a the skew like we capabilities company terms should Starbucks. program, generation Andy, is There are our wrong we guest and experience. a where the overall, platform type guest nothing we unique a program, off-premise we technology believe a it. engagement our on in given a with best-in-class occasion savvy from unique

QX potential want have give but today, guest as same data we much it’s to solid, we a than given to time, it program online be because to this hopefully have do to to the warranted you think phases But the are with targeted brand. why our an doesn’t able us looking will certainly, at know and now flexibility be of more right the of launch and really that the early the are is the we at be the we we experience significantly degree better. get that’s and experience XXX what should particularly from So, view, to that, user again,

Andy Barish

do mostly XQ, points on, then, a Okay. off-premise me the is pick do go two and much seasonality to is just And channels quick of the sequentially there of the think tough factor customer growth can just that from room both experience that’s from how just kind the of improvement working? terms there? the up in also, improving in get you you more of that so out And you all came for finally delivery, and those – weather

Dave Boennighausen

tells look the math, pick we what a is the I math, of XX% up catering, which you ordering or not and still process our XX% four that quick in the guest going in quick ideal. bit Yes, five it’s waiting you over the at that’s X% are the coming minutes. then mean, XX% just is there call, roughly through restaurants line to just as of in off-premise, into that and disclosed delivery then another waiting some again That’s

And for in have easier to the making online. do App so, progress. new movement we in it order think seen We people significant

will continue that just to grow. We make

So, third line up for is see is in the is for see, tremendous that’s waiting we that overall went while opportunity experience off-premise. delivery a I amount certainly feel one, guest which we that to the there our of same currently optimize the one the guest. just

Andy Barish

you. Thank

Operator

with Andrew Capital from [Operator Markets. Instructions] comes Our next question Strelzik BMO

Andrew Strelzik

thanks come some Hey, for work being the on have taking out kind first changes if start was the to the and to update we equipment? kitchen one, question. come fruition? so you of My that, of curious that’s learned of just some third-party when of was And the the done the far? house, back the What an by should of there the to see

Dave Boennighausen

Andrew. question, great that’s Yes, so,

back more may a us you enough we’ve far, helping got those house followed, of a have I efficient. make as that’s party not reminder the in, thorough really mean, look it can for how and So, is at thus who the

bit we of of has well equipment the couple when We always piece or smaller and of have making of other done areas the there opportunity, being oven. those tailing work look biggest thus opportunities little far as at the the you how efficient, a also opportunities. terms perceived as that’s a in are identified more been use grill The that identified of indeed

it pressure version, are the mock getting of We putting sourcing really that tests. into through now a right in equipment, processing

Our intent existing get changes QX. of point some into some is restaurants to those at in

efficiencies. early except rolling much and impacts for expectation too we what efficiency to those small peg are from thus is. certainly XXXX So, out labor speed again, think is way that we beyond, and don’t seeing XXXX then opportunities some But expect in far. is wins. maybe But what there we It the

Andrew Strelzik

the was the what exactly Great why CapEx and of that then, some initiatives, in guidance delayed is decision and made? pushing out and being terms of

Dave Boennighausen

what talked about. Actually, it’s we just

to – making operational So, But of be to of see and it go. we back that of house the things to we house, back nice it’s is to we efficiency brand the standard. of think there brought for outdated making as need that know front the the some the have includes experience the or some potential front which we really up certainly we house with house of see and some easier on it of is important be up do stuff marrying in the brightened concerning, to as a some this potential the side, to initiatives, bit activities, operational We restaurants some the do that that on want go, little better. we

the there continues pickup processes in since of most to to will, a So, marry XXXX. we intermingling, if shifted bit to into increase, do it’s those timing – and quick service casual, fast been online such which and production, queue more the just felt is a you the to really right has thing as

Andrew Strelzik

on on high-end the there the raise ends. despite Okay. on And my no then, question, the comps last guidance, was both change margin level restaurant on

curious but So, changed? begin a maybe kind am I cost with, back just there. not holding high It a wondering if what to wide with just I range of was high-end was to started relatively anything has comps. from the out perspective as

Dave Boennighausen

mean, Yes, to I sure, goes it delivery.

with momentum But some as you earnings. fees, accretive. pressures. it. So, with feel come Ken as mentioned, the see delivery It’s delivery knows does the for ultimately, top-line everybody through great is we there Certainly, flow

that As we early. those we just into a mentioned, surrounding test because going four our did we price. different got it five are just not the We to strategies just And is guidance bit weeks. last in testing some incorporate really

So, really perspective, our are a from bit we incorporate areas. you a flow in – as it’s us for the through isn’t a is to early see that, what that’s margin as seeing into high that too think you other potential But bit in delivery quite guidance.

Andrew Strelzik

you Thank much. Great. very

Operator

comes Citi. Our Badishkanian Greg next from with question

Spencer Hanus

It on guys. Spencer Hi actually is for Greg. Hanus

menu question my terms just and in of throughput was of kind So complexity.

You of the in complexity? are that more opportunities to bringing products, out and going half any you back And house on guys mentioned guys, the of the then overall the throughput rolled impact I new on some there? mean, back is just you products. then, year. you and update three How

Dave Boennighausen

Sure.

operations teams ago more refocus on to couple absolutely to introduce as things, brand held operations. have we away our of a things. excellent an also we laser-focused our be taking that think to much job word be the years They done have as in we I terms going new of are

in you, months we the for test. test changes from culinary reason have So, gotten the nine a least have Most perspective as thing research. do do the is that late studies negative to that’s not been we have we’ve disciplined – pretty items seen operational of as much. don’t rolled increase itself, repeat past course ensuring Throughput away. the six months national. that we’ve we the that introduced out. there a one level. at in we appropriate That’s a terms don’t ensure mindful impact the of sense that the expanding I the last are necessary, you very the these Spencer, throughput and gone if any that we to over turf to at complexity of several have of terms go The promise months And of couple they the overall you items, have of too menu in will also think we before But

Spencer Hanus

great. Okay, Thank guys. you

Dave Boennighausen

and at would just only you are kitchen back thing aspects one the question renovation of Yes, negatively as other to do is continue to without of is the I the increase operations. looking further so, add as to look support at is, a that absolutely impacting the house we follow-up this we Spencer’s flexibility and how

Operator

call back over like at management I’d And to this not to I team. the the showing questions any am time. turn further

Dave Boennighausen

Well, afternoon. thank for all you time your this

trajectory beyond extremely where I for with we the XXXX again, the we rolled we’ve out with weeks. and joining the call. is initiatives you have and and the over the balance really As seen are excited yesterday we we have that several going, brand past appreciate of the that am what mentioned, excited

Operator

and presentation. Ladies gentlemen, this concludes today’s

disconnect may now You and a wonderful have day.

Noodles & Company (NDLS) 9 May 192019 Q1 Earnings call transcript