PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the quarterly period ended October 3, 2023, including balance sheets, income statements, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of October 3, 2023, total assets slightly increased to **$2.777 billion**, while cash decreased, and stockholders' equity grew to **$321.6 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | October 3, 2023 (Unaudited) | January 3, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $63,987 | $114,777 | | Total current assets | $272,376 | $345,768 | | Property and equipment, net | $777,669 | $746,051 | | Total assets | $2,776,890 | $2,775,220 | | Total current liabilities | $618,520 | $656,678 | | Long-term debt | $469,543 | $468,032 | | Total liabilities | $2,455,246 | $2,483,217 | | Total stockholders' equity | $321,644 | $292,003 | [Condensed Consolidated Statements of Income/(Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%2F%28Loss%29) For Q3 2023, net income reached **$17.9 million** on **$830.2 million** revenue, a significant turnaround from a **$2.4 million** loss in the prior year Income Statement Summary (in thousands, except per share data) | Metric | Thirteen Weeks Ended Oct 3, 2023 | Thirteen Weeks Ended Sep 27, 2022 | Thirty-Nine Weeks Ended Oct 3, 2023 | Thirty-Nine Weeks Ended Sep 27, 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $830,210 | $784,001 | $2,562,494 | $2,410,354 | | Income/(loss) from operations | $19,030 | $(2,205) | $100,427 | $54,058 | | Net income/(loss) | $17,945 | $(2,398) | $88,670 | $46,421 | | Diluted net income/(loss) per share | $0.37 | $(0.05) | $1.80 | $0.92 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash from operations increased to **$150.5 million** for the first nine months of 2023, despite an overall **$50.8 million** decrease in cash and cash equivalents Cash Flow Summary (in thousands) | Cash Flow Activity | Thirty-Nine Weeks Ended Oct 3, 2023 | Thirty-Nine Weeks Ended Sep 27, 2022 | | :--- | :--- | :--- | | Cash provided by operating activities | $150,546 | $98,897 | | Cash used in investing activities | $(100,648) | $(78,057) | | Cash used in financing activities | $(100,629) | $(76,949) | | Net change in cash and cash equivalents | $(50,790) | $(56,470) | | Cash and cash equivalents at end of period | $63,987 | $133,157 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, fair value measurements, debt, leases, and segment information, including specifics on the Revolver Facility and Convertible Senior Notes - As of October 3, 2023, the company had **$130.0 million** outstanding on its **$400 million** Revolver Facility and **$345.0 million** in aggregate principal of Convertible Senior Notes due 2026[37](index=37&type=chunk)[40](index=40&type=chunk) Segment Revenues (in thousands) | Segment | Thirteen Weeks Ended Oct 3, 2023 | Thirteen Weeks Ended Sep 27, 2022 | | :--- | :--- | :--- | | The Cheesecake Factory restaurants | $628,140 | $602,902 | | North Italia | $62,417 | $54,113 | | Other FRC | $58,642 | $52,193 | | Other | $81,011 | $74,793 | | **Total** | **$830,210** | **$784,001** | - Subsequent to the quarter's end, on October 26, 2023, the Board declared a quarterly cash dividend of **$0.27 per share** and approved a new stock repurchase plan under Rule 10b5-1[69](index=69&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance for the third quarter and first nine months of 2023, covering revenue growth, margin improvements, capital allocation, and fiscal outlook [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Q3 2023 revenues rose **5.9%** to **$830.2 million**, driven by comparable sales growth and improved operating income due to menu pricing offsetting cost inflation - The Cheesecake Factory's Q3 2023 comparable sales increased **2.4%** YoY, driven by a **3.4%** increase in average check, partially offset by a **1.0%** decrease in customer traffic, with off-premise sales constituting **21%** of restaurant sales[93](index=93&type=chunk) - North Italia's Q3 2023 comparable sales grew approximately **8%** YoY, fueled by a **5.5%** increase in average check and a **2.7%** increase in customer traffic[96](index=96&type=chunk) Key Cost Ratios (as % of Revenues) | Cost Category | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Food and beverage costs | 23.5% | 25.2% | | Labor expenses | 36.3% | 37.4% | | Other operating costs | 27.6% | 27.7% | [Fiscal Outlook](index=33&type=section&id=Fiscal%20Outlook) The company projects fiscal 2023 total revenue at **~$3.45 billion** with a **~3.8%** net income margin, and anticipates continued growth and margin expansion in 2024 Fiscal 2023 Outlook | Metric | Guidance | | :--- | :--- | | Total Revenue | ~$3.45 billion | | Cost Inflation | Mid-single digit range | | Net Income Margin | ~3.8% | | New Restaurants | Up to 16 | | Capital Expenditures | $150 million - $160 million | Fiscal 2024 Outlook | Metric | Guidance | | :--- | :--- | | Total Revenue | $3.6 billion - $3.7 billion | | Cost Inflation | Low to mid-single digit range | | Net Income Margin | 4.0% - 4.5% | | Capital Expenditures | $175 million - $200 million | [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) Cash from operations totaled **$150.5 million** for the first nine months of 2023, with **$64.0 million** in cash and **$236.5 million** in Revolver Facility availability as of October 3, 2023 - During the first nine months of 2023, cash and cash equivalents decreased by **$50.8 million** to **$64.0 million**[123](index=123&type=chunk) - The company opened seven restaurants in the first nine months of 2023 and plans to open as many as 16 for the full fiscal year[127](index=127&type=chunk) - As of October 3, 2023, the company had a **$130.0 million** outstanding balance on its Revolver Facility, with net availability of **$236.5 million**[130](index=130&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from commodity price volatility, interest rate fluctuations, and investment value changes, with mitigation efforts noted - A hypothetical **1%** increase in food costs would have negatively impacted cost of sales by **$1.9 million** in Q3 2023[142](index=142&type=chunk) - Based on outstanding borrowings, a hypothetical **1%** rise in interest rates would increase annual interest expense by **$1.3 million**[143](index=143&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of October 3, 2023, with no material changes in internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of October 3, 2023[144](index=144&type=chunk) - No changes in internal control over financial reporting occurred during the fiscal quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[145](index=145&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings, including a tentative wage citation settlement and dismissed class action complaints, with no material adverse effect expected - The company is involved in a wage citation case from 2018 which has reached a tentative settlement, for which an immaterial amount has been reserved[52](index=52&type=chunk) - Two class action complaints filed in February 2023 regarding alleged improper website tracking were voluntarily dismissed by the plaintiffs in May 2023[53](index=53&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended January 3, 2023, have occurred - The company directs investors to the risk factors detailed in its Annual Report on Form 10-K for the fiscal year ended January 3, 2023, indicating no material updates during the quarter[147](index=147&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2023, the company repurchased **453,000 shares** of common stock, contributing to **56.2 million shares** repurchased cumulatively under authorization Share Repurchases in Q3 2023 (in thousands, except per share data) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 5 – Aug 8, 2023 | 114 | $36.09 | | Aug 9 – Sep 5, 2023 | 107 | $33.21 | | Sep 6 – Oct 3, 2023 | 232 | $29.68 | | **Total** | **453** | N/A | - Through October 3, 2023, the company has cumulatively repurchased **56.2 million shares** at a total cost of **$1,801.9 million**, out of a total authorization of **61.0 million shares**[150](index=150&type=chunk) [Item 5. Other Items](index=42&type=section&id=Item%205.%20Other%20Items) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the third fiscal quarter of 2023 - No director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" during the third fiscal quarter of 2023[151](index=151&type=chunk) [Item 6. Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications of principal officers and financial statements in iXBRL format

Investor Presentation Safe Harbor Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.Thisincludes,withoutlimitation,financialguidanceandprojections,includingunderlyingassumptions,andstatementswithrespecttoexpectationsoftheCompany’sfuturefinancialcondition, results of operations, cash flows, plans, targets, goals, objectives, performance, growth potentia ...

The Cheesecake Factory Incorporated (NASDAQ:CAKE) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET Company Participants Etienne Marcus - Vice President, Finance and Investor Relations David Overton - Chairman and Chief Executive Officer David Gordon - President Matt Clark - Executive Vice President and Chief Financial Officer Conference Call Participants Andy Barish - Jefferies Sharon Zackfia - William Blair Joshua Long - Stephens Jon Tower - Citi Lauren Silberman - Deutsche Bank Brian Mullan - ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 4, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 0-20574 THE CHEESECAKE FACTORY INCORPORATED (Exact name of registrant as specified in its charter) Delaware 51-0340466 (State or other jurisdiction (I.R.S. Empl ...

The Cheesecake Factory Incorporated (NASDAQ:CAKE) Q2 2023 Earnings Conference Call August 2, 2023 5:00 PM ET Company Participants Etienne Marcus - VP, Finance and IR David Overton - Chairman and CEO David Gordon - President Matthew Clark - EVP and CFO Conference Call Participants Brian Mullan - Piper Sandler John Park - Wells Fargo Dennis Geiger - UBS Joshua Long - Stephens Inc. Brian Vaccaro - Raymond James Sharon Zackfia - William Blair Brian Harbour - Morgan Stanley Andy Barish - Jefferies David Tarantin ...

Cheesecake Factory, Inc. (NASDAQ:CAKE) Q1 2023 Earnings Conference Call May 10, 2023 5:00 PM ET Company Participants Etienne Marcus - VP, Finance & IR David Overton - Chairman & CEO David Gordon - President Matthew Clark - EVP & CFO Conference Call Participants Sharon Zackfia - William Blair & Company Joshua Long - Stephens Inc. Brian Harbour - Morgan Stanley Jon Tower - Citigroup John Ivankoe - JPMorgan Chase & Co. Lauren Silberman - Crédit Suisse Dennis Geiger - UBS Jeffrey Bernstein - Barclays Bank Brian ...

lthe eesecake Factory. Investor Presentation May 10, 2023 Safe Harbor Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This includes, without limitation, financial guidance and projections, including underlying assumptions, and statements with respect to expectations of the Company's future financial condition, results of operations, cash flows, plan ...

PART I - FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the thirteen weeks ended April 4, 2023, highlighting a **9.1%** revenue increase to **$866.1 million** and a rise in net income to **$28.1 million** [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of April 4, 2023, total assets were **$2.74 billion**, liabilities **$2.44 billion**, and stockholders' equity **$299.8 million**, reflecting slight changes from the fiscal year start | Balance Sheet Highlights | April 4, 2023 (in thousands USD) | January 3, 2023 (in thousands USD) | | :--- | :--- | :--- | | **Total Assets** | **$2,742,488** | **$2,775,220** | | Cash and cash equivalents | $116,164 | $114,777 | | Total current assets | $313,636 | $345,768 | | **Total Liabilities** | **$2,442,649** | **$2,483,217** | | Long-term debt | $468,536 | $468,032 | | Total current liabilities | $626,695 | $656,678 | | **Total Stockholders' Equity** | **$299,839** | **$292,003** | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Revenues for the thirteen weeks ended April 4, 2023, increased **9.1%** to **$866.1 million**, with net income rising to **$28.1 million** and diluted EPS to **$0.56** | Income Statement Highlights | Thirteen Weeks Ended April 4, 2023 (in thousands USD) | Thirteen Weeks Ended March 29, 2022 (in thousands USD) | | :--- | :--- | :--- | | **Revenues** | **$866,114** | **$793,710** | | Income from operations | $33,926 | $28,321 | | **Net Income** | **$28,050** | **$23,163** | | **Diluted EPS** | **$0.56** | **$0.45** | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity increased from **$292.0 million** to **$299.8 million** in Q1 2023, driven by net income and offset by dividends and share repurchases - Declared a cash dividend of **$0.27 per share**, totaling **$13.9 million**[17](index=17&type=chunk) - Purchased treasury stock for **$12.4 million** during the quarter[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated **$65.0 million** in cash, while investing and financing activities used **$38.2 million** and **$25.6 million** respectively, resulting in a net cash increase of **$1.4 million** | Cash Flow Activity | Thirteen Weeks Ended April 4, 2023 (in thousands USD) | | :--- | :--- | | Cash provided by operating activities | $65,035 | | Cash used in investing activities | $(38,162) | | Cash used in financing activities | $(25,558) | | **Net change in cash and cash equivalents** | **$1,387** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, macroeconomic impacts, long-term debt including a **$400 million** revolver and **$345 million** convertible notes, segment performance, and legal contingencies - Operating results in fiscal 2023 continue to be impacted by supply chain challenges and significant commodity and wage inflation[26](index=26&type=chunk) - As of April 4, 2023, **$130.0 million** was outstanding under the Revolver Facility, with **$238.5 million** in net availability for borrowings[38](index=38&type=chunk) - The company has **$345.0 million** in aggregate principal of 0.375% convertible senior notes due 2026[41](index=41&type=chunk)[48](index=48&type=chunk) Segment Revenues (Q1 2023) | Segment Revenues (Q1 2023) | Revenue (in thousands USD) | | :--- | :--- | | The Cheesecake Factory restaurants | $656,000 | | North Italia | $63,303 | | Other FRC | $68,640 | | Other | $78,171 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial results, including a **9.1%** revenue increase, comparable sales growth, cost fluctuations, and strategic priorities, projecting fiscal 2023 revenues of approximately **$3.55 billion** [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q1 2023 revenues rose **9.1%** to **$866.1 million**, driven by comparable sales growth, with labor costs decreasing to **36.0%** and adjusted diluted EPS increasing to **$0.61** - Total revenues increased **9.1%** to **$866.1 million** for Q1 2023[92](index=92&type=chunk) Comparable Sales Growth (Q1 2023 vs Q1 2022) | Comparable Sales Growth (Q1 2023 vs Q1 2022) | Increase | | :--- | :--- | | The Cheesecake Factory | 5.7% | | North Italia | ~9% | - Labor expenses as a percentage of revenue decreased from **37.3%** to **36.0%** year-over-year, primarily due to menu pricing leverage[97](index=97&type=chunk) - Adjusted diluted net income per share increased to **$0.61** from **$0.47** in the prior-year quarter[105](index=105&type=chunk) [Fiscal 2023 Outlook](index=25&type=section&id=Fiscal%202023%20Outlook) Fiscal 2023 outlook projects total revenues of approximately **$3.55 billion**, with plans to open 20-22 new restaurants and Q2 2023 revenues between **$870 million** and **$890 million** - Anticipates total revenue for fiscal 2023 to be approximately **$3.55 billion**[106](index=106&type=chunk) - Plans to open **20 to 22 new restaurants** in fiscal 2023, with capital expenditures of **$165 million to $175 million**[107](index=107&type=chunk) - Expects total revenues for Q2 2023 to be approximately **$870 million to $890 million**[108](index=108&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) Primary liquidity source is cash from operations (**$65.0 million** in Q1 2023), with key uses including capital expenditures, dividends, and share repurchases, supported by a **$400 million** revolving credit facility - Cash provided by operating activities increased to **$65.0 million** in Q1 2023 from **$33.5 million** in Q1 2022[111](index=111&type=chunk)[112](index=112&type=chunk) - As of April 4, 2023, **$130.0 million** was outstanding on the Revolver Facility, with **$238.5 million** in net availability[115](index=115&type=chunk) - Repurchased **0.3 million shares** for **$12.4 million** and paid **$13.2 million** in common stock dividends during Q1 2023[117](index=117&type=chunk)[118](index=118&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company discusses market risks from commodity price volatility, interest rate changes on variable-rate debt, and investment fluctuations, noting a hypothetical **1%** interest rate rise would increase annual interest expense by **$1.3 million** - Commodity price volatility remains a key risk, with ongoing inflation above historical levels; a hypothetical **1%** increase in food costs would have negatively impacted cost of sales by **$2.1 million** in Q1 2023[124](index=124&type=chunk)[126](index=126&type=chunk) - The company is exposed to interest rate risk on its Loan Agreement; a hypothetical **1%** rise in interest rates would increase annual interest expense by **$1.3 million**[127](index=127&type=chunk) - Market risk exists for investments supporting non-qualified plans; a hypothetical **10%** decline in market value would reduce net income by **$2.1 million** due to tax impact[127](index=127&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of April 4, 2023, with no material changes to internal control over financial reporting identified during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level as of April 4, 2023[128](index=128&type=chunk) - No material changes in internal control over financial reporting were identified during the quarter[129](index=129&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) Note 7 details a tentatively settled wage citation case and two new class-action complaints filed in February 2023 regarding alleged improper website visitor tracking - A 2018 wage citation case has reached a tentative settlement, with an immaterial amount reserved by the company[51](index=51&type=chunk) - Two class-action lawsuits were filed in February 2023 alleging privacy and wiretapping violations due to website tracking, which the company intends to vigorously defend[52](index=52&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were identified from the Annual Report on Form 10-K for the fiscal year ended January 3, 2023 - The company refers to its Annual Report on Form 10-K for a description of risk factors, indicating no material changes during the quarter[132](index=132&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2023, the company repurchased **341,000 shares**, including **204,000** under a public plan for **$12.4 million** and **137,188** for tax obligations Share Repurchase Activity (Q1 2023) | Share Repurchase Activity (Q1 2023) | Shares (in thousands of shares) | Average Price Paid per Share | | :--- | :--- | :--- | | Total Shares Purchased | 341 | - | | Purchased as Part of Public Plan | 204 | - | | Withheld for Tax Obligations | 137 | - | - The company repurchased **0.3 million shares** at a cost of **$12.4 million** during Q1 2023 under its publicly announced plan[135](index=135&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and iXBRL formatted financial statements - Lists all exhibits filed with the report, including CEO/CFO certifications and iXBRL data files[137](index=137&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 3, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-20574 THE CHEESECAKE FACTORY INCORPORATED (Exact name of registrant as specified in its charter) Delaware 51-0340466 (State or other jurisdiction (I.R.S. Employer o ...

The Cheesecake Factory Incorporated (NASDAQ:CAKE) Q4 2022 Results Conference Call February 22, 2023 5:00 PM ET Company Participants Etienne Marcus - VP, IR David Overton - Chairman and CEO David Gordon - President Matt Clark - EVP and CFO Conference Call Participants Joshua Long - Stephens Brian Vaccaro - Raymond James Dennis Geiger - UBS Jon Tower - Citigroup Brian Harbour - Morgan Stanley Lauren Silberman - Credit Suisse Jeffrey Bernstein - Barclays Drew North - Robert W. Baird Rahul Krotthapalli - J ...