– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
LOUISVILLE, Ky., May 05, 2022 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 weeks ended March 29, 2022.
Financial Results
Financial results for the 13 weeks ended March 29, 2022 and March 30, 2021 were as follows:
| First Quarter | ||||||||
| ($000's) | ||||||||
| 2022 | 2021 | % change | ||||||
| Total revenue | $ | 987,486 | $ | 800,629 | 23.3% | |||
| Income from operations | 90,138 | 80,927 | 11.4% | |||||
| Net income | 75,202 | 64,150 | 17.2% | |||||
| Diluted earnings per share | $ | 1.08 | $ | 0.91 | 18.5% | |||
Results for the first quarter, as compared to the prior year as applicable, included the following:
Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc. commented, “We continue to be very pleased with the sales levels that are being generated thanks to the hard work of our operators. While higher costs are impacting our bottom line, we remain focused on what we can control – providing legendary food and legendary service each and every shift.”
Morgan continued, “Our healthy cashflow continues to allow us to grow our brands through new store development. We also repurchased over one million shares of our common stock this quarter, which is our most significant buyback since before the pandemic. We believe our new store growth, share buybacks and the continued growth in our dividends reflect the on-going commitment to our shareholders.”
Franchise Acquisitions
On the first day of the 2022 fiscal year, the Company completed the acquisition of seven franchise restaurants in South Carolina and Georgia for an aggregate purchase price of $26.4 million.
Share Repurchases
On March 17, 2022, the Company’s Board of Directors approved a stock repurchase program under which the Company may repurchase up to $300.0 million of its common stock. This program has no expiration date and replaces a previous stock repurchase program. As of March 29, 2022, $295.0 million remained under the new authorized stock repurchase program. During the first five weeks of the second quarter of fiscal 2022, the Company repurchased 351,820 shares of common stock for $29.2 million.
2022 Outlook
Comparable restaurant sales at company restaurants for the first five weeks of the second quarter of fiscal 2022 increased 9.3% compared to the prior year.
Management reiterated the following expectations for 2022:
Non-GAAP Measures
The Company prepares the consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). Within the press release, the Company makes reference to restaurant margin (in dollars and as a percentage of restaurant and other sales). Restaurant margin represents restaurant and other sales less restaurant-level operating costs, including food and beverage costs, labor, rent and other operating costs. Restaurant margin should not be considered in isolation, or as an alternative, to income from operations. This non-GAAP measure is not indicative of overall company performance and profitability in that this measure does not accrue directly to the benefit of shareholders due to the nature of the costs excluded. Restaurant margin is widely regarded as a useful metric by which to evaluate restaurant-level operating efficiency and performance. In calculating restaurant margin, the Company excludes certain non-restaurant-level costs that support operations, including pre-opening and general and administrative expenses, but do not have a direct impact on restaurant-level operational efficiency and performance. The Company also excludes depreciation and amortization expense, substantially all of which relates to restaurant-level assets, as it represents a non-cash charge for the investment in restaurants. The Company also excludes impairment and closure expense as it believes this provides a clearer perspective of ongoing operating performance and a more useful comparison to prior period results. Restaurant margin as presented may not be comparable to other similarly titled measures of other companies in the industry. A reconciliation of income from operations to restaurant margin is included in the accompanying financial tables.
Conference Call
Texas Roadhouse, Inc. is hosting a conference call today, May 5, 2022, at 5:00 p.m. Eastern Time to discuss these results. The call will be webcast live from the investor relations portion of the Company's website at www.texasroadhouse.com. Listeners may also access the call by dialing (888) 440-5667 or (646) 960-0476 for international calls and referencing the Texas Roadhouse, Inc. First Quarter 2022 Earnings. A replay of the call will be available until May 12, 2022, by dialing (800) 770-2030 or (647) 362-9199 for international calls.
About the Company
Texas Roadhouse, Inc. is a growing restaurant company operating predominantly in the casual dining segment that first opened in 1993 and today has grown to over 670 restaurants system-wide in 49 states and ten foreign countries. For more information, please visit the Company’s Web site at www.texasroadhouse.com.
Forward-looking Statements
Certain statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to the potential impact of the COVID-19 pandemic, including reinstated dining room capacity restrictions or closures, and other non-historical statements. Such statements are based upon the current beliefs and expectations of the management of Texas Roadhouse. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, conditions beyond its control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting customers or food supplies; labor or supply chain shortages or limited availability of staff or product needed to meet our business standards; food safety and food-borne illness concerns; and other factors disclosed from time to time in its filings with the U.S. Securities and Exchange Commission. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under “Part I—Item 1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 28, 2021. These factors should not be construed as exhaustive and should be read in conjunction with other filings with the Securities and Exchange Commission. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.
| Contacts: | |
| Investor Relations | Media |
| Michael Bailen | Travis Doster |
| (502) 515-7298 | (502) 638-5457 |
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||||
| Condensed Consolidated Statements of Income | ||||||||||
| (in thousands, except per share data) | ||||||||||
| (unaudited) | ||||||||||
| 13 Weeks Ended | ||||||||||
| March 29, 2022 | March 30, 2021 | |||||||||
| Revenue: | ||||||||||
| Restaurant and other sales | $ | 980,972 | $ | 794,923 | ||||||
| Franchise royalties and fees | 6,514 | 5,706 | ||||||||
| Total revenue | 987,486 | 800,629 | ||||||||
| Costs and expenses: | ||||||||||
| Restaurant operating costs (excluding depreciation and amortization shown separately below): | ||||||||||
| Food and beverage | 337,396 | 251,482 | ||||||||
| Labor | 321,871 | 258,036 | ||||||||
| Rent | 16,368 | 14,452 | ||||||||
| Other operating | 144,154 | 123,379 | ||||||||
| Pre-opening | 4,291 | 4,268 | ||||||||
| Depreciation and amortization | 33,620 | 30,869 | ||||||||
| Impairment and closure, net | (646) | 504 | ||||||||
| General and administrative | 40,294 | 36,712 | ||||||||
| Total costs and expenses | 897,348 | 719,702 | ||||||||
| Income from operations | 90,138 | 80,927 | ||||||||
| Interest expense, net | 397 | 1,460 | ||||||||
| Equity income (loss) from investments in unconsolidated affiliates | 334 | (217) | ||||||||
| Income before taxes | 90,075 | 79,250 | ||||||||
| Income tax expense | 12,747 | 12,820 | ||||||||
| Net income including noncontrolling interests | 77,328 | 66,430 | ||||||||
| Less: Net income attributable to noncontrolling interests | 2,126 | 2,280 | ||||||||
| Net income attributable to Texas Roadhouse, Inc. and subsidiaries | $ | 75,202 | $ | 64,150 | ||||||
| Net income per common share attributable to Texas Roadhouse, Inc. and subsidiaries: | ||||||||||
| Basic | $ | 1.09 | $ | 0.92 | ||||||
| Diluted | $ | 1.08 | $ | 0.91 | ||||||
| Weighted average shares outstanding: | ||||||||||
| Basic | 69,086 | 69,637 | ||||||||
| Diluted | 69,373 | 70,137 | ||||||||
| Cash dividends declared per share | $ | 0.46 | $ | - | ||||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||
| (in thousands) | ||||||||||||
| (unaudited) | ||||||||||||
| March 29,2022 | December 28, 2021 | |||||||||||
| Cash and cash equivalents | $ | 325,723 | $ | 335,645 | ||||||||
| Other current assets, net | 100,264 | 227,880 | ||||||||||
| Property and equipment, net | 1,181,707 | 1,162,441 | ||||||||||
| Operating lease right-of-use assets, net | 605,146 | 578,413 | ||||||||||
| Goodwill | 144,334 | 127,001 | ||||||||||
| Intangible assets, net | 6,848 | 1,520 | ||||||||||
| Other assets | 73,298 | 79,052 | ||||||||||
| Total assets | $ | 2,437,320 | $ | 2,511,952 | ||||||||
| Other current liabilities | 541,774 | 602,144 | ||||||||||
| Operating lease liabilities, net of current portion | 649,069 | 622,892 | ||||||||||
| Long-term debt | 100,000 | 100,000 | ||||||||||
| Other liabilities | 111,218 | 113,432 | ||||||||||
| Texas Roadhouse, Inc. and subsidiaries stockholders' equity | 1,019,780 | 1,058,124 | ||||||||||
| Noncontrolling interests | 15,479 | 15,360 | ||||||||||
| Total liabilities and equity | $ | 2,437,320 | $ | 2,511,952 | ||||||||
| Texas Roadhouse, Inc. and Subsidiaries | |||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||
| (in thousands) | |||||||||||
| (unaudited) | |||||||||||
| 13 Weeks Ended | |||||||||||
| March 29, 2022 | March 30, 2021 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income including noncontrolling interests | $ | 77,328 | $ | 66,430 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
| Depreciation and amortization | 33,620 | 30,869 | |||||||||
| Share-based compensation expense | 9,120 | 9,908 | |||||||||
| Deferred income taxes | 2,630 | 1,025 | |||||||||
| Other noncash adjustments, net | 1,187 | 1,166 | |||||||||
| Change in working capital | 63,884 | 68,615 | |||||||||
| Net cash provided by operating activities | 187,769 | 178,013 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures - property and equipment | (49,029) | (38,666) | |||||||||
| Acquisition of franchise restaurants, net of cash acquired | (26,437) | - | |||||||||
| Proceeds from sale of property and equipment | 2,188 | - | |||||||||
| Proceeds from sale leaseback transactions | - | 2,192 | |||||||||
| Net cash used in investing activities | (73,278) | (36,474) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Repurchase of shares of common stock | (84,705) | - | |||||||||
| Dividends paid | (31,795) | - | |||||||||
| Other financing activities, net | (7,913) | (9,048) | |||||||||
| Net cash used in financing activities | (124,413) | (9,048) | |||||||||
| Net (decrease) increase in cash and cash equivalents | (9,922) | 132,491 | |||||||||
| Cash and cash equivalents - beginning of period | 335,645 | 363,155 | |||||||||
| Cash and cash equivalents - end of period | $ | 325,723 | $ | 495,646 | |||||||
| Texas Roadhouse, Inc. and Subsidiaries | |||||||||||||
| Reconciliation of Income from Operations to Restaurant Margin | |||||||||||||
| (in thousands) | |||||||||||||
| (unaudited) | |||||||||||||
| 13 Weeks Ended | |||||||||||||
| March 29, 2022 | March 30, 2021 | ||||||||||||
| Income from operations | $ | 90,138 | $ | 80,927 | |||||||||
| Less: | |||||||||||||
| Franchise royalties and fees | 6,514 | 5,706 | |||||||||||
| Add: | |||||||||||||
| Pre-opening | 4,291 | 4,268 | |||||||||||
| Depreciation and amortization | 33,620 | 30,869 | |||||||||||
| Impairment and closure, net | (646) | 504 | |||||||||||
| General and administrative | 40,294 | 36,712 | |||||||||||
| Restaurant margin | $ | 161,183 | $ | 147,574 | |||||||||
| Restaurant margin (as a percentage of restaurant and other sales) | 16.4% | 18.6% | |||||||||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||||||
| Supplemental Financial and Operating Information | ||||||||||||
| ($ amounts in thousands, except weekly sales by group) | ||||||||||||
| (unaudited) | ||||||||||||
| First Quarter | ||||||||||||
| 2022 | 2021 | Change | ||||||||||
| Restaurant openings | ||||||||||||
| Company - Texas Roadhouse | 3 | 2 | 1 | |||||||||
| Company - Bubba's 33 | 0 | 1 | (1) | |||||||||
| Company - Jaggers | 0 | 0 | 0 | |||||||||
| Franchise - Texas Roadhouse - U.S. | 0 | 0 | 0 | |||||||||
| Franchise - Texas Roadhouse - International | 2 | 0 | 2 | |||||||||
| Total | 5 | 3 | 2 | |||||||||
| Restaurant acquisitions/dispositions | ||||||||||||
| Company - Texas Roadhouse | 7 | 0 | 7 | |||||||||
| Franchise - Texas Roadhouse - U.S. | (7) | 0 | (7) | |||||||||
| Restaurants open at the end of the quarter | ||||||||||||
| Company - Texas Roadhouse | 536 | 505 | 31 | |||||||||
| Company - Bubba's 33 | 36 | 32 | 4 | |||||||||
| Company - Jaggers | 4 | 3 | 1 | |||||||||
| Franchise - Texas Roadhouse - U.S. | 63 | 69 | (6) | |||||||||
| Franchise - Texas Roadhouse - International | 33 | 28 | 5 | |||||||||
| Total | 672 | 637 | 35 | |||||||||
| First Quarter | ||||||||||||
| 2022 | 2021 | Change | ||||||||||
| Company restaurants (all concepts) | ||||||||||||
| Restaurant and other sales | $ | 980,972 | $ | 794,923 | 23.4 | % | ||||||
| Store weeks | 7,456 | 6,995 | 6.6 | % | ||||||||
| Comparable restaurant sales (1) | 16.0 | % | 18.5 | % | ||||||||
| Restaurant operating costs (as a % of restaurant and other sales) | ||||||||||||
| Food and beverage costs | 34.4 | % | 31.6 | % | 276 | bps | ||||||
| Labor | 32.8 | % | 32.5 | % | 35 | bps | ||||||
| Rent | 1.7 | % | 1.8 | % | (15 | ) | bps | |||||
| Other operating | 14.7 | % | 15.5 | % | (83 | ) | bps | |||||
| Total | 83.6 | % | 81.4 | % | 213 | bps | ||||||
| Restaurant margin | 16.4 | % | 18.6 | % | (213 | ) | bps | |||||
| Restaurant margin ($ in thousands) | $ | 161,183 | $ | 147,574 | 9.2 | % | ||||||
| Restaurant margin $/Store week | $ | 21,618 | $ | 21,097 | 2.5 | % | ||||||
| Texas Roadhouse restaurants only: | ||||||||||||
| Store weeks | 6,936 | 6,551 | 5.9 | % | ||||||||
| Comparable restaurant sales | 15.8 | % | 18.3 | % | ||||||||
| Average unit volume (2) | $ | 1,745 | $ | 1,509 | 15.6 | % | ||||||
| Weekly sales by group: | ||||||||||||
| Comparable restaurants (498 and 473 units) | $ | 134,422 | $ | 116,816 | ||||||||
| Average unit volume restaurants (20 and 18 units) | $ | 129,143 | $ | 96,780 | ||||||||
| Restaurants less than 6 months old (18 and 14 units) | $ | 140,535 | $ | 117,833 | ||||||||
| Bubba's 33 restaurants only: | ||||||||||||
| Store weeks | 468 | 405 | 15.6 | % | ||||||||
| Comparable restaurant sales | 21.3 | % | 24.1 | % | ||||||||
| Average unit volume (2) | $ | 1,398 | $ | 1,151 | 21.5 | % | ||||||
| Weekly sales by group: | ||||||||||||
| Comparable restaurants (30 and 25 units) | $ | 107,387 | $ | 91,663 | ||||||||
| Average unit volume restaurants (4 and 5 units) | $ | 108,771 | $ | 72,742 | ||||||||
| Restaurants less than 6 months old (2 and 2 units) | $ | 140,855 | $ | 75,610 | ||||||||
| Franchise restaurants | ||||||||||||
| Franchise royalties and fees | $ | 6,514 | $ | 5,706 | 14.2 | % | ||||||
| Store weeks | 1,237 | 1,261 | (1.9 | ) | % | |||||||
| Comparable restaurant sales | 22.9 | % | 13.2 | % | ||||||||
| U.S. franchise restaurants only: | ||||||||||||
| Comparable restaurant sales | 20.4 | % | 15.2 | % | ||||||||
| Average unit volume | $ | 1,810 | $ | 1,552 | 16.7 | % | ||||||
| (1) | Comparable restaurant sales reflect the change in year-over-year sales for restaurants open a full 18 months before the beginning of the period, excluding sales from restaurants permanently closed during the period. | |||||||||||
| (2) | Average unit volume includes sales from restaurants open for a full six months before the beginning of the period, excluding sales from restaurants permanently closed during the period. Amounts may not foot due to rounding. | |||||||||||
ЛУИСВИЛЛ, КЕНТУККИ, 05 мая 2022 г. (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NASDAQ: TXRH), сегодня объявила финансовые результаты за 13 недель, закончившихся 29 марта 2022 года.
Финансовые результаты
Финансовые результаты за 13 недель, закончившихся 29 марта 2022 года и 30 марта 2021 года, были следующими:
| First Quarter | ||||||||
| ($000's) | ||||||||
| 2022 | 2021 | % change | ||||||
| Total revenue | $ | 987,486 | $ | 800,629 | 23.3% | |||
| Income from operations | 90,138 | 80,927 | 11.4% | |||||
| Net income | 75,202 | 64,150 | 17.2% | |||||
| Diluted earnings per share | $ | 1.08 | $ | 0.91 | 18.5% | |||
Результаты за первый квартал, по сравнению с предыдущим годом, если применимо, включали следующее:
Джерри Морган, главный исполнительный директор Texas Roadhouse, Inc., прокомментировал: “Мы по-прежнему очень довольны уровнем продаж, который достигается благодаря напряженной работе наших операторов. В то время как более высокие затраты влияют на нашу прибыль, мы по–прежнему сосредоточены на том, что мы можем контролировать, - обеспечивая легендарную еду и легендарное обслуживание каждую смену ”.
Морган продолжил: “Наш здоровый денежный поток продолжает позволять нам развивать наши бренды за счет развития новых магазинов. Мы также выкупили более миллиона наших обыкновенных акций в этом квартале, что является нашим самым значительным выкупом с момента начала пандемии. Мы считаем, что рост нашего нового магазина, выкуп акций и продолжающийся рост наших дивидендов отражают постоянную приверженность нашим акционерам”.
Приобретение франшизы
В первый день 2022 финансового года Компания завершила сделку по приобретению семи франчайзинговых ресторанов в Южной Каролине и Джорджии за совокупную цену покупки в 26,4 миллиона долларов.
Выкуп Акций
17 марта 2022 года Совет директоров Компании одобрил программу обратного выкупа акций, в рамках которой Компания может выкупить свои обыкновенные акции на сумму до 300,0 млн. долларов США. Эта программа не имеет срока действия и заменяет предыдущую программу обратного выкупа акций. По состоянию на 29 марта 2022 года в рамках новой программы выкупа уставных акций осталось 295,0 млн долларов. В течение первых пяти недель второго квартала 2022 финансового года Компания выкупила 351 820 обыкновенных акций за 29,2 миллиона долларов.
Прогноз на 2022 год
Сопоставимые продажи ресторанов в ресторанах компании за первые пять недель второго квартала 2022 финансового года выросли на 9,3% по сравнению с предыдущим годом.
Руководство подтвердило следующие ожидания на 2022 год:
Показатели, не относящиеся к GAAP
Компания готовит консолидированную финансовую отчетность в соответствии с общепринятыми принципами бухгалтерского учета США (“GAAP”). В пресс-релизе Компания ссылается на маржу ресторана (в долларах и в процентах от ресторанных и других продаж). Маржа ресторана представляет собой продажи ресторана и других товаров за вычетом операционных расходов на уровне ресторана, включая расходы на продукты питания и напитки, оплату труда, аренду и другие операционные расходы. Маржу ресторана не следует рассматривать изолированно или в качестве альтернативы доходу от операций. Этот показатель, не относящийся к GAAP, не является показателем общей эффективности и прибыльности компании, поскольку этот показатель не идет непосредственно на пользу акционерам из-за характера исключенных затрат. Маржа ресторана широко рассматривается как полезный показатель, с помощью которого можно оценить операционную эффективность и производительность на уровне ресторана. При расчете ресторанной маржи Компания исключает определенные расходы, не относящиеся к ресторанному уровню, которые поддерживают операционную деятельность, включая подготовку к открытию, а также общие и административные расходы, но не оказывают прямого влияния на операционную эффективность и производительность на уровне ресторана. Компания также исключает расходы на износ и амортизацию, практически все из которых относятся к активам ресторанного уровня, поскольку они представляют собой неденежные расходы на инвестиции в рестораны. Компания также исключает расходы на обесценение и закрытие, поскольку считает, что это дает более четкое представление о текущих операционных показателях и более полезное сравнение с результатами предыдущего периода. Представленная маржа ресторана может быть несопоставима с другими аналогичными показателями других компаний отрасли. Сверка доходов от операций с маржой ресторана включена в прилагаемые финансовые таблицы.
Конференц-связь
Texas Roadhouse, Inc. проводит селекторное совещание сегодня, 5 мая 2022 года, в 17:00 вечера по восточному времени, чтобы обсудить эти результаты. Звонок будет транслироваться в прямом эфире из раздела по связям с инвесторами веб-сайта Компании по адресу www.texasroadhouse.com . Слушатели также могут получить доступ к вызову, набрав (888) 440-5667 или (646) 960-0476 для международных звонков и сославшись на Texas Roadhouse, Inc. Прибыль за Первый квартал 2022 года. Повторный вызов будет доступен до 12 мая 2022 года по номеру (800) 770-2030 или (647) 362-9199 для международных звонков.
О компании
Texas Roadhouse, Inc. - растущая ресторанная компания, работающая преимущественно в сегменте непринужденных обедов, которая впервые открылась в 1993 году и сегодня насчитывает более 670 ресторанов по всей системе в 49 штатах и десяти зарубежных странах. Для получения дополнительной информации, пожалуйста, посетите веб-сайт Компании по адресу www.texasroadhouse.com .
Прогнозные заявления
Некоторые заявления в этом выпуске являются прогнозными заявлениями по смыслу Раздела 27A Закона о ценных бумагах и Раздела 21E Закона о ценных бумагах и биржах 1934 года с внесенными в него поправками. Эти заявления включают, но не ограничиваются ими, заявления, связанные с потенциальными последствиями пандемии COVID-19, включая возобновленные ограничения или закрытие столовых, а также другие заявления, не относящиеся к истории. Такие заявления основаны на текущих убеждениях и ожиданиях руководства Texas Roadhouse. Фактические результаты могут существенно отличаться от результатов, содержащихся в прогнозных заявлениях, в зависимости от ряда факторов, включая, помимо прочего, неподконтрольные компании условия, такие как погода, стихийные бедствия, вспышки болезней, эпидемии или пандемии, влияющие на потребителей или поставки продовольствия; нехватка рабочей силы или цепочки поставок или ограниченная доступность необходимого персонала или продукта чтобы соответствовать нашим бизнес-стандартам; проблемы безопасности пищевых продуктов и болезней, передаваемых через пищевые продукты; и другие факторы, время от времени раскрываемые в его заявках в Комиссию по ценным бумагам и биржам США. Соответственно, существуют или будут существовать важные факторы, которые могут привести к тому, что фактические результаты или результаты будут существенно отличаться от указанных в этих заявлениях. Эти факторы включают, но не ограничиваются ими, факторы, описанные в разделе “Часть I—Пункт 1A. Факторы риска” Годового отчета по форме 10-К за финансовый год, закончившийся 28 декабря 2021 года. Эти факторы не следует рассматривать как исчерпывающие и их следует рассматривать в сочетании с другими документами, поданными в Комиссию по ценным бумагам и биржам. Инвесторы должны учитывать такие риски при принятии инвестиционных решений. Акционерам и другим читателям рекомендуется не полагаться чрезмерно на эти прогнозные заявления, которые относятся только к дате, на которую они сделаны. Компания не берет на себя никаких обязательств по обновлению каких-либо прогнозных заявлений, за исключением случаев, предусмотренных применимым законодательством.
| Contacts: | |
| Investor Relations | Media |
| Michael Bailen | Travis Doster |
| (502) 515-7298 | (502) 638-5457 |
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||||
| Condensed Consolidated Statements of Income | ||||||||||
| (in thousands, except per share data) | ||||||||||
| (unaudited) | ||||||||||
| 13 Weeks Ended | ||||||||||
| March 29, 2022 | March 30, 2021 | |||||||||
| Revenue: | ||||||||||
| Restaurant and other sales | $ | 980,972 | $ | 794,923 | ||||||
| Franchise royalties and fees | 6,514 | 5,706 | ||||||||
| Total revenue | 987,486 | 800,629 | ||||||||
| Costs and expenses: | ||||||||||
| Restaurant operating costs (excluding depreciation and amortization shown separately below): | ||||||||||
| Food and beverage | 337,396 | 251,482 | ||||||||
| Labor | 321,871 | 258,036 | ||||||||
| Rent | 16,368 | 14,452 | ||||||||
| Other operating | 144,154 | 123,379 | ||||||||
| Pre-opening | 4,291 | 4,268 | ||||||||
| Depreciation and amortization | 33,620 | 30,869 | ||||||||
| Impairment and closure, net | (646) | 504 | ||||||||
| General and administrative | 40,294 | 36,712 | ||||||||
| Total costs and expenses | 897,348 | 719,702 | ||||||||
| Income from operations | 90,138 | 80,927 | ||||||||
| Interest expense, net | 397 | 1,460 | ||||||||
| Equity income (loss) from investments in unconsolidated affiliates | 334 | (217) | ||||||||
| Income before taxes | 90,075 | 79,250 | ||||||||
| Income tax expense | 12,747 | 12,820 | ||||||||
| Net income including noncontrolling interests | 77,328 | 66,430 | ||||||||
| Less: Net income attributable to noncontrolling interests | 2,126 | 2,280 | ||||||||
| Net income attributable to Texas Roadhouse, Inc. and subsidiaries | $ | 75,202 | $ | 64,150 | ||||||
| Net income per common share attributable to Texas Roadhouse, Inc. and subsidiaries: | ||||||||||
| Basic | $ | 1.09 | $ | 0.92 | ||||||
| Diluted | $ | 1.08 | $ | 0.91 | ||||||
| Weighted average shares outstanding: | ||||||||||
| Basic | 69,086 | 69,637 | ||||||||
| Diluted | 69,373 | 70,137 | ||||||||
| Cash dividends declared per share | $ | 0.46 | $ | - | ||||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||
| (in thousands) | ||||||||||||
| (unaudited) | ||||||||||||
| March 29,2022 | December 28, 2021 | |||||||||||
| Cash and cash equivalents | $ | 325,723 | $ | 335,645 | ||||||||
| Other current assets, net | 100,264 | 227,880 | ||||||||||
| Property and equipment, net | 1,181,707 | 1,162,441 | ||||||||||
| Operating lease right-of-use assets, net | 605,146 | 578,413 | ||||||||||
| Goodwill | 144,334 | 127,001 | ||||||||||
| Intangible assets, net | 6,848 | 1,520 | ||||||||||
| Other assets | 73,298 | 79,052 | ||||||||||
| Total assets | $ | 2,437,320 | $ | 2,511,952 | ||||||||
| Other current liabilities | 541,774 | 602,144 | ||||||||||
| Operating lease liabilities, net of current portion | 649,069 | 622,892 | ||||||||||
| Long-term debt | 100,000 | 100,000 | ||||||||||
| Other liabilities | 111,218 | 113,432 | ||||||||||
| Texas Roadhouse, Inc. and subsidiaries stockholders' equity | 1,019,780 | 1,058,124 | ||||||||||
| Noncontrolling interests | 15,479 | 15,360 | ||||||||||
| Total liabilities and equity | $ | 2,437,320 | $ | 2,511,952 | ||||||||
| Texas Roadhouse, Inc. and Subsidiaries | |||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||
| (in thousands) | |||||||||||
| (unaudited) | |||||||||||
| 13 Weeks Ended | |||||||||||
| March 29, 2022 | March 30, 2021 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income including noncontrolling interests | $ | 77,328 | $ | 66,430 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
| Depreciation and amortization | 33,620 | 30,869 | |||||||||
| Share-based compensation expense | 9,120 | 9,908 | |||||||||
| Deferred income taxes | 2,630 | 1,025 | |||||||||
| Other noncash adjustments, net | 1,187 | 1,166 | |||||||||
| Change in working capital | 63,884 | 68,615 | |||||||||
| Net cash provided by operating activities | 187,769 | 178,013 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures - property and equipment | (49,029) | (38,666) | |||||||||
| Acquisition of franchise restaurants, net of cash acquired | (26,437) | - | |||||||||
| Proceeds from sale of property and equipment | 2,188 | - | |||||||||
| Proceeds from sale leaseback transactions | - | 2,192 | |||||||||
| Net cash used in investing activities | (73,278) | (36,474) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Repurchase of shares of common stock | (84,705) | - | |||||||||
| Dividends paid | (31,795) | - | |||||||||
| Other financing activities, net | (7,913) | (9,048) | |||||||||
| Net cash used in financing activities | (124,413) | (9,048) | |||||||||
| Net (decrease) increase in cash and cash equivalents | (9,922) | 132,491 | |||||||||
| Cash and cash equivalents - beginning of period | 335,645 | 363,155 | |||||||||
| Cash and cash equivalents - end of period | $ | 325,723 | $ | 495,646 | |||||||
| Texas Roadhouse, Inc. and Subsidiaries | |||||||||||||
| Reconciliation of Income from Operations to Restaurant Margin | |||||||||||||
| (in thousands) | |||||||||||||
| (unaudited) | |||||||||||||
| 13 Weeks Ended | |||||||||||||
| March 29, 2022 | March 30, 2021 | ||||||||||||
| Income from operations | $ | 90,138 | $ | 80,927 | |||||||||
| Less: | |||||||||||||
| Franchise royalties and fees | 6,514 | 5,706 | |||||||||||
| Add: | |||||||||||||
| Pre-opening | 4,291 | 4,268 | |||||||||||
| Depreciation and amortization | 33,620 | 30,869 | |||||||||||
| Impairment and closure, net | (646) | 504 | |||||||||||
| General and administrative | 40,294 | 36,712 | |||||||||||
| Restaurant margin | $ | 161,183 | $ | 147,574 | |||||||||
| Restaurant margin (as a percentage of restaurant and other sales) | 16.4% | 18.6% | |||||||||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||||||
| Supplemental Financial and Operating Information | ||||||||||||
| ($ amounts in thousands, except weekly sales by group) | ||||||||||||
| (unaudited) | ||||||||||||
| First Quarter | ||||||||||||
| 2022 | 2021 | Change | ||||||||||
| Restaurant openings | ||||||||||||
| Company - Texas Roadhouse | 3 | 2 | 1 | |||||||||
| Company - Bubba's 33 | 0 | 1 | (1) | |||||||||
| Company - Jaggers | 0 | 0 | 0 | |||||||||
| Franchise - Texas Roadhouse - U.S. | 0 | 0 | 0 | |||||||||
| Franchise - Texas Roadhouse - International | 2 | 0 | 2 | |||||||||
| Total | 5 | 3 | 2 | |||||||||
| Restaurant acquisitions/dispositions | ||||||||||||
| Company - Texas Roadhouse | 7 | 0 | 7 | |||||||||
| Franchise - Texas Roadhouse - U.S. | (7) | 0 | (7) | |||||||||
| Restaurants open at the end of the quarter | ||||||||||||
| Company - Texas Roadhouse | 536 | 505 | 31 | |||||||||
| Company - Bubba's 33 | 36 | 32 | 4 | |||||||||
| Company - Jaggers | 4 | 3 | 1 | |||||||||
| Franchise - Texas Roadhouse - U.S. | 63 | 69 | (6) | |||||||||
| Franchise - Texas Roadhouse - International | 33 | 28 | 5 | |||||||||
| Total | 672 | 637 | 35 | |||||||||
| First Quarter | ||||||||||||
| 2022 | 2021 | Change | ||||||||||
| Company restaurants (all concepts) | ||||||||||||
| Restaurant and other sales | $ | 980,972 | $ | 794,923 | 23.4 | % | ||||||
| Store weeks | 7,456 | 6,995 | 6.6 | % | ||||||||
| Comparable restaurant sales (1) | 16.0 | % | 18.5 | % | ||||||||
| Restaurant operating costs (as a % of restaurant and other sales) | ||||||||||||
| Food and beverage costs | 34.4 | % | 31.6 | % | 276 | bps | ||||||
| Labor | 32.8 | % | 32.5 | % | 35 | bps | ||||||
| Rent | 1.7 | % | 1.8 | % | (15 | ) | bps | |||||
| Other operating | 14.7 | % | 15.5 | % | (83 | ) | bps | |||||
| Total | 83.6 | % | 81.4 | % | 213 | bps | ||||||
| Restaurant margin | 16.4 | % | 18.6 | % | (213 | ) | bps | |||||
| Restaurant margin ($ in thousands) | $ | 161,183 | $ | 147,574 | 9.2 | % | ||||||
| Restaurant margin $/Store week | $ | 21,618 | $ | 21,097 | 2.5 | % | ||||||
| Texas Roadhouse restaurants only: | ||||||||||||
| Store weeks | 6,936 | 6,551 | 5.9 | % | ||||||||
| Comparable restaurant sales | 15.8 | % | 18.3 | % | ||||||||
| Average unit volume (2) | $ | 1,745 | $ | 1,509 | 15.6 | % | ||||||
| Weekly sales by group: | ||||||||||||
| Comparable restaurants (498 and 473 units) | $ | 134,422 | $ | 116,816 | ||||||||
| Average unit volume restaurants (20 and 18 units) | $ | 129,143 | $ | 96,780 | ||||||||
| Restaurants less than 6 months old (18 and 14 units) | $ | 140,535 | $ | 117,833 | ||||||||
| Bubba's 33 restaurants only: | ||||||||||||
| Store weeks | 468 | 405 | 15.6 | % | ||||||||
| Comparable restaurant sales | 21.3 | % | 24.1 | % | ||||||||
| Average unit volume (2) | $ | 1,398 | $ | 1,151 | 21.5 | % | ||||||
| Weekly sales by group: | ||||||||||||
| Comparable restaurants (30 and 25 units) | $ | 107,387 | $ | 91,663 | ||||||||
| Average unit volume restaurants (4 and 5 units) | $ | 108,771 | $ | 72,742 | ||||||||
| Restaurants less than 6 months old (2 and 2 units) | $ | 140,855 | $ | 75,610 | ||||||||
| Franchise restaurants | ||||||||||||
| Franchise royalties and fees | $ | 6,514 | $ | 5,706 | 14.2 | % | ||||||
| Store weeks | 1,237 | 1,261 | (1.9 | ) | % | |||||||
| Comparable restaurant sales | 22.9 | % | 13.2 | % | ||||||||
| U.S. franchise restaurants only: | ||||||||||||
| Comparable restaurant sales | 20.4 | % | 15.2 | % | ||||||||
| Average unit volume | $ | 1,810 | $ | 1,552 | 16.7 | % | ||||||
| (1) | Comparable restaurant sales reflect the change in year-over-year sales for restaurants open a full 18 months before the beginning of the period, excluding sales from restaurants permanently closed during the period. | |||||||||||
| (2) | Average unit volume includes sales from restaurants open for a full six months before the beginning of the period, excluding sales from restaurants permanently closed during the period. Amounts may not foot due to rounding. | |||||||||||
