Financial Performance - In Q1 2021, system-wide comparable restaurant sales increased by 10.7%, with a 10.5% increase for company-owned restaurants and an 11.7% increase for franchise restaurants[73]. - The company reported an EBITDA of $4.222 million for Q1 2021, compared to $481,000 in Q1 2020, and an adjusted EBITDA of $6.255 million, up from $1.785 million year-over-year[91]. - Total revenue increased by $9.2 million, or 9.2%, to $109.6 million in Q1 2021 compared to $100.3 million in Q1 2020[100]. - Net loss improved to $(1.977) million in Q1 2021 from $(5.835) million in Q1 2020, a 66.1% reduction[99]. - Net cash provided by operating activities increased to $3.8 million in Q1 2021 from a net cash used of $0.7 million in Q1 2020[114]. - Average unit volume (AUV) for comparable restaurant sales increased to $1,170, a 12.7% increase from $1,038 in the same period last year[99]. Operational Changes - The company permanently closed six company-owned restaurants in Q1 2021 but does not anticipate a significant number of closures in the near future[77]. - Labor efficiencies were implemented to mitigate increased base labor costs, including optimizing food preparation times and modifying labor models due to increased digital ordering[76]. - Incremental costs of sales have been incurred due to increased packaging supplies for off-premise orders, but supply chain savings have resulted in lower overall costs[75]. - The company has seen impressive digital growth, contributing to its return to positive comparable sales in Q1 2021[74]. Supply Chain and COVID-19 Impact - The company experienced minimal disruption to its supply chain, although it continues to monitor the situation due to potential impacts from the COVID-19 pandemic[75]. - The company continues to actively monitor the evolving COVID-19 situation and may adjust operations as necessary to protect stakeholders[72]. Future Growth and Expansion - As of March 30, 2021, the company operated 372 company-owned restaurants and 76 franchise restaurants across 29 states, with plans for system-wide unit growth of at least 7% annually starting in 2022, aiming for 10% growth to reach at least 1,500 units[77]. - The company estimates capital expenditures for fiscal year 2021 will be approximately $20.0 million to $24.0 million, primarily for opening 8 to 11 company-owned restaurants[118]. Cost Management - Restaurant operating costs as a percentage of restaurant revenue decreased to 101.2% in Q1 2021 from 104.8% in Q1 2020[96]. - Labor costs decreased to 31.8% of restaurant revenue in Q1 2021 from 34.7% in Q1 2020 due to increased sales and labor initiatives[103]. - Occupancy costs decreased to 10.8% of revenue in Q1 2021 from 12.2% in Q1 2020, primarily due to restaurant closures[104]. - Other restaurant operating costs increased by 21.1% in Q1 2021, with third-party delivery fees rising to 5.7% of total revenue[105]. Cash and Debt Management - Cash and cash equivalents as of March 30, 2021, were $3.1 million, with $52.3 million available for future borrowings[112]. - The company had $38.8 million of indebtedness as of March 30, 2021, with a term loan requiring principal payments of $187,500 per quarter through Q3 2021[124]. - An increase or decrease of 1.0% in the effective interest rate on the $38.8 million outstanding borrowings would result in a pre-tax interest expense fluctuation of approximately $0.4 million annually[127]. - The company operates with negative working capital, relying on cash or credit/debit card payments for restaurant sales, which reduces the need for significant inventories[119]. - The company believes it will have sufficient liquidity to meet cash requirements for at least the next twelve months through available cash and cash flows from operations[124].

Noodles & Company (NASDAQ:NDLS) Q4 2020 Results Conference Call February 25, 2021 4:30 PM ET Company Participants Carl Lukach - Chief Financial Officer Dave Boennighausen - Chief Executive Officer Conference Call Participants Daniel Salmon - BMO Joshua Long - PIper Sandler Andy Barish - Jefferies Todd Brooks - CL King & Associates Operator Good afternoon, and welcome to today's Noodles & Company Fourth quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded ...

Noodles & Company (NASDAQ:NDLS) Q3 2020 Earnings Conference Call October 28, 2020 4:30 PM ET Company Participants Melissa Heidman - Executive Vice President and General Counsel Dave Boennighausen - Chief Executive Officer Conference Call Participants Jake Bartlett - Truist Nicole Miller - Piper Sandler Marshall Pittman - Jefferies Todd Brooks - CL King & Associates Operator Good afternoon, and welcome to today’s Noodles & Company Third Quarter 2020 Earnings Conference Call. All participants are now in a lis ...

Table of Contents Title of each class Trading Symbol Name of each exchange on which registered Class A Common Stock, $0.01 par value per share NDLS Nasdaq Global Select Market Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _____________________________________________________________ FORM 10-Q _____________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterl ...

Noodles & Company (NASDAQ:NDLS) Q2 2020 Earnings Conference Call August 6, 2020 4:30 PM ET Company Participants Dave Boennighausen – Chief Executive Officer Ken Kuick – Chief Financial Officer Conference Call Participants Jake Bartlett – Truist Nicole Miller – Piper Sandler Andrew Strelzik – BMO Andy Barish – Jefferies Todd Brooks – CL King & Associates Operator Good afternoon, and welcome to today’s Noodles & Company Second Quarter 2020 Earnings Conference Call. [Operator Instructions] After the presenters ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION | --- | --- | |-------|----------------------------------------------------------------------------------------| | | WASHINGTON, DC 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 June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION | --- | --- | |-------|----------------------------------------------------------------------------------------| | | WASHINGTON, DC 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 March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

Noodles & Company (NASDAQ:NDLS) Q1 2020 Earnings Conference Call May 6, 2020 4:30 PM ET Company Participants Dave Boennighausen - Chief Executive Officer Ken Kuick - Chief Financial Officer Conference Call Participants Andy Barish - Jefferies Daniel Salmon - BMO Jake Bartlett - Suntrust Operator Good afternoon and welcome to today’s Noodles & Company First Quarter 2020 Earnings Conference Call. All participants are now in a listen-only mode. After the presenters’ remarks, there will be a question-and-answer ...

Financial Data and Key Metrics Changes - In 2019, total revenue increased by 1% to $462.4 million from $457.8 million in 2018, driven by system-wide comparable sales growth of 2.8% [20] - Adjusted EBITDA increased by 15.2% to $38.4 million, with a significant increase of over 30% in the fourth quarter [20][8] - Net income for 2019 was $1.6 million or $0.04 per diluted share, compared to a net loss of $8.4 million or $0.20 per diluted share in 2018 [21] - Adjusted net income for 2019 was $8.1 million or $0.18 per diluted share, compared to $1 million or $0.02 per diluted share in 2018 [21] Business Line Data and Key Metrics Changes - Comparable sales growth for company-owned restaurants was 2.9%, while franchise locations saw a 2.5% increase [21] - Digital sales increased by 34% year-over-year, accounting for 25% of total sales in Q4 2019 [9] - Off-premise sales increased to 58% of total sales, with digital sales representing 28% year-to-date in 2020 [9] Market Data and Key Metrics Changes - Year-to-date comparable sales growth in 2020 reached 5.8%, significantly outperforming the industry [8] - The company anticipates 10 to 15 new restaurant openings in 2020, with a target of 5% unit growth system-wide beginning in 2021 [15] Company Strategy and Development Direction - The company is focusing on enhancing guest engagement through digital ordering and a new rewards program, which has shown positive sales results [7][10] - Culinary innovation remains a priority, with plans for approximately three menu launches annually, including plant-based alternatives [12] - The company aims to strengthen its operational foundation to support unit growth, targeting a disciplined approach to expansion [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth potential, citing seven consecutive quarters of positive comparable sales growth and strong margin expansion [7] - The company is optimistic about the economic model's improvement and expects continued growth in adjusted EBITDA and net income [20][26] - Management highlighted the importance of operational excellence and people development as critical to success in the restaurant industry [14] Other Important Information - The company amended its credit facility, increasing borrowing capacity to $100 million to support new restaurant development [25] - The company expects capital expenditures to range between $20 million and $30 million for 2020 [27] Q&A Session Summary Question: What happened with same-store sales in Q4? - Management noted that sales momentum was strong but fell slightly short of expectations due to a delayed marketing push related to the rewards program [31] Question: How will unit openings be paced in 2020? - The company indicated that openings will be backend loaded, with most new restaurants expected in the fourth quarter [40] Question: What are the expectations for restaurant margin guidance? - Management discussed various drivers for margin expansion, including negotiating delivery fees and implementing premium pricing [34][37] Question: What is the outlook for commodity inflation in 2020? - The company expects commodity inflation to remain around 1% for 2020, benefiting from contracted pricing for 75% of its spend [59] Question: How will the pick-up experience evolve in 2020? - The company plans to enhance the pick-up experience by removing friction points and personalizing the process for guests [62]