Texas Roadhouse, Inc. Announces Third Quarter 2016 Results

LOUISVILLE, Ky. - (BUSINESS WIRE) - Nov. 1, 2016 - Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 39 week periods ended September 27, 2016.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

 

 

Year to Date

($000's)

 

 

 

 

2016

 

 

2015

 

 

% Change

 

 

 

2016

 

 

2015

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

 

$

481,637

 

 

$

438,089

 

 

10%

 

 

 

$

1,506,004

 

 

$

1,353,017

 

 

11%

Income from operations

 

 

 

 

38,468

 

 

 

30,556

 

 

26%

 

 

 

 

141,061

 

 

 

110,852

 

 

27%

Net income

 

 

 

 

25,675

 

 

 

20,482

 

 

25%

 

 

 

 

94,873

 

 

 

73,912

 

 

28%

Diluted EPS

 

 

 

$

0.36

 

 

$

0.29

 

 

25%

 

 

 

$

1.34

 

 

$

1.05

 

 

28%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Results for the third quarter included the following highlights:

  • Comparable restaurant sales growth of 3.4% at company restaurants and 3.3% at domestic franchise restaurants;
  • Restaurant margin, as a percentage of restaurant sales, increased 155 basis points to 18.1%, primarily driven by lower food costs, partially offset by higher labor costs;
  • Diluted earnings per share increased 24.9% to $0.36 from $0.29 in the prior year;
  • The Company recorded a pre-tax charge of $1.2 million ($0.8 million after-tax) related to a legal settlement; and
  • Seven company-owned restaurants were opened, including two Bubba's 33 restaurants.
  • Results for year-to-date included the following highlights:
  • Comparable restaurant sales growth of 4.2% at company restaurants and 3.9% at domestic franchise restaurants;
  • Restaurant margin, as a percentage of restaurant sales, increased 192 basis points to 19.2%;
  • Diluted earnings per share increased 27.9% to $1.34 from $1.05 in the prior year;
  • The Company recorded a pre-tax charge of $6.7 million ($4.1 million after-tax) related to a legal settlement which had a $0.06 impact on diluted earnings per share and a 5.6% impact on diluted earnings per share growth;
  • 21 company-owned restaurants were opened, including five Bubba's 33 restaurants; and
  • The Company repurchased 114,700 shares of its common stock for $4.1 million.

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, "We are pleased to report another quarter of restaurant margin expansion and double-digit diluted earnings per share growth. Our results were driven by the opening of new restaurants, positive comparable restaurant sales and continued commodity deflation. As we move into the fourth quarter, our sales momentum continues with October comparable restaurant sales up 3.8%, including positive traffic growth."

Taylor continued, "Looking ahead to 2017, we will stay focused on protecting our long-term brand position by enhancing our ongoing commitment to our value proposition with consumers and to legendary food and legendary service. This commitment has served us well with 26 consecutive quarters of positive traffic growth. In addition, our strong balance sheet and healthy cash flow allow us to continue to internally fund our growth, while returning excess capital to our shareholders through dividend payments and ongoing share repurchases."

2016 Outlook

The Company reported that comparable restaurant sales at company restaurants for the first four weeks of its fourth quarter of fiscal 2016 increased approximately 3.8% compared to the prior year period.

Management updated the following expectations for 2016:

  • Approximately 30 company restaurant openings, including as many as nine Bubba's 33 restaurants; and,
  • Food cost deflation of approximately 3.5% compared to previous guidance of 2.5% to 3.0%.

Management reiterated the following expectations for 2016:

  • Positive comparable restaurant sales growth;
  • An income tax rate of approximately 30.0%; and
  • Total capital expenditures of $165.0 million to $175.0 million.

2017 Outlook

Management provided the following initial expectations for 2017:

  • Positive comparable restaurant sales growth;
  • Approximately 30 company restaurant openings, including at approximately seven to eight Bubba's restaurants;
  • Low-single digit food cost deflation;
  • Mid-single digit labor inflation, including increases from wage rates, as well as regulatory changes;
  • An income tax rate of 30.0% to 31.0%; and
  • Total capital expenditures of $170.0 million.

Conference Call

The Company is hosting a conference call today, November 1, 2016 at 5:00 p.m. Eastern Time to discuss these results. The dial-in number is (877) 419-6590 or (719) 325-4798 for international calls. A replay of the call will be available for one week following the conference call. To access the replay, please dial (877) 870-5176 or (858) 384-5517 for international calls, and use 6678390 as the pass code. There will be a simultaneous Web cast conducted at www.texasroadhouse.com.

About the Company

Texas Roadhouse is a casual dining concept that first opened in 1993 and today operates over 510 restaurants system-wide in 49 states and five foreign countries. For more information, please visit the Company's Web site at www.texasroadhouse.com.

Forward-looking Statements

Certain statements in this release that are not historical facts, including, without limitation, those relating to our anticipated financial performance, are forward-looking statements that involve risks and uncertainties. Such statements are based upon the current beliefs and expectations of the management of the Company. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, the actual number of restaurant openings; the sales at these and our other company and franchise restaurants; changes in restaurant development or operating costs, such as food and labor; our ability to acquire franchise restaurants; our ability to integrate the franchise restaurants we acquire or other concepts we develop; our ability to continue to generate the necessary cash flows to fund our new restaurant growth, continue our share repurchase program and pay a quarterly cash dividend; strength of consumer spending; pending or future legal claims; breaches of security; conditions beyond our control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting our customers or food supplies; food safety and food-borne illness concerns; acts of war or terrorism and other factors disclosed from time to time in our filings with the U.S. 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. We undertake no obligation to update any forward-looking statements.

 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

 

 

 

 

September 27,

2016

 

 

September 29,

2015

 

 

September 27,

2016

 

 

September 29,

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant sales

 

 

$

477,617

 

 

$

433,932

 

 

$

1,493,531

 

 

$

1,340,917

 

Franchise royalties and fees

 

 

 

4,020

 

 

 

4,157

 

 

 

12,473

 

 

 

12,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

 

481,637

 

 

 

438,089

 

 

 

1,506,004

 

 

 

1,353,017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant operating costs (excluding depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

161,886

 

 

 

156,643

 

 

 

506,565

 

 

 

484,700

 

 

Labor

 

 

 

145,301

 

 

 

129,198

 

 

 

442,861

 

 

 

392,686

 

 

Rent

 

 

 

10,266

 

 

 

9,325

 

 

 

30,477

 

 

 

27,442

 

 

Other operating

 

 

 

73,583

 

 

 

66,848

 

 

 

227,082

 

 

 

204,523

 

Pre-opening

 

 

 

5,017

 

 

 

5,749

 

 

 

14,253

 

 

 

14,476

 

Depreciation and amortization

 

 

 

20,941

 

 

 

17,843

 

 

 

60,718

 

 

 

50,994

 

Impairment and closure

 

 

 

13

 

 

 

-

 

 

 

54

 

 

 

-

 

General and administrative

 

 

 

26,162

 

 

 

21,927

 

 

 

82,933

 

 

 

67,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total costs and expenses

 

 

 

443,169

 

 

 

407,533

 

 

 

1,364,943

 

 

 

1,242,165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

38,468

 

 

 

30,556

 

 

 

141,061

 

 

 

110,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

288

 

 

 

470

 

 

 

902

 

 

 

1,480

Equity income from investments in unconsolidated affiliates

 

 

 

4

 

 

 

449

 

 

 

831

 

 

 

1,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

 

 

38,184

 

 

 

30,535

 

 

 

140,990

 

 

 

110,660

Provision for income taxes

 

 

 

11,381

 

 

 

9,141

 

 

 

42,325

 

 

 

33,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

 

$

26,803

 

 

$

21,394

 

 

$

98,665

 

 

$

77,241

Less: Net income attributable to noncontrolling interests

 

 

 

1,128

 

 

 

912

 

 

 

3,792

 

 

 

3,329

Net income attributable to Texas Roadhouse, Inc. and subsidiaries

 

 

$

25,675

 

 

$

20,482

 

 

$

94,873

 

 

$

73,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share attributable to Texas Roadhouse, Inc. and subsidiaries:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

0.36

 

 

$

0.29

 

 

$

1.35

 

 

$

1.06

 

Diluted

 

 

$

0.36

 

 

$

0.29

 

 

$

1.34

 

 

$

1.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

70,477

 

 

 

70,117

 

 

 

70,338

 

 

 

69,995

 

Diluted

 

 

 

70,981

 

 

 

70,735

 

 

 

70,898

 

 

 

70,639

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

 

$

0.19

 

 

$

0.17

 

 

$

0.57

 

 

$

0.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 27, 2016

 

 

December 29, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

$

81,713

 

 

$

59,334

 

Other current assets

 

 

 

51,552

 

 

 

74,479

 

Property and equipment, net

 

 

 

802,555

 

 

 

751,288

 

Goodwill

 

 

 

116,571

 

 

 

116,571

 

Intangible assets, net

 

 

 

3,873

 

 

 

4,827

 

Other assets

 

 

 

28,258

 

 

 

26,207

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

$

1,084,522

 

 

$

1,032,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current maturities of long-term debt and obligation under capital lease

 

 

 

163

 

 

 

144

 

Other current liabilities

 

 

 

207,775

 

 

 

256,498

 

Long-term debt and obligation under capital lease, excluding current maturities

 

 

 

52,424

 

 

 

25,550

 

Other liabilities

 

 

 

80,796

 

 

 

73,332

 

Texas Roadhouse, Inc. and subsidiaries stockholders' equity

 

 

 

735,590

 

 

 

669,662

 

Noncontrolling interests

 

 

 

7,774

 

 

 

7,520

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

$

1,084,522

 

 

$

1,032,706

 

 

 

 

 

 

 

 

 

 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39 Weeks Ended

 

 

 

 

 

September 27, 2016

 

 

September 29, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income including noncontrolling interests

 

 

$

98,665

 

 

 

$

77,241

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

60,718

 

 

 

 

50,994

 

 

Share-based compensation expense

 

 

 

18,347

 

 

 

 

15,649

 

 

Other noncash adjustments

 

 

 

1,321

 

 

 

 

(5,066

)

Change in working capital

 

 

 

(19,269

)

 

 

 

(7,310

)

 

 

Net cash provided by operating activities

 

 

 

159,782

 

 

 

 

131,508

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures - property and equipment

 

 

 

(113,219

)

 

 

 

(125,100

)

Proceeds from sale of property and equipment, including insurance proceeds

 

 

 

-

 

 

 

 

272

 

 

 

Net cash used in investing activities

 

 

 

(113,219

)

 

 

 

(124,828

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from revolving credit facility

 

 

 

25,000

 

 

 

 

20,000

 

Repurchase shares of common stock

 

 

 

(4,110

)

 

 

 

(4,741

)

Dividends paid

 

 

 

(38,656

)

 

 

 

(34,247

)

Other financing activities

 

 

 

(6,418

)

 

 

 

(1,198

)

 

 

Net cash used in financing activities

 

 

 

(24,184

)

 

 

 

(20,186

)

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 

 

22,379

 

 

 

 

(13,506

)

Cash and cash equivalents - beginning of period

 

 

 

59,334

 

 

 

 

86,122

 

Cash and cash equivalents - end of period

 

 

$

81,713

 

 

 

$

72,616

 

 

 

 

 

 

 

 

 

 

Texas Roadhouse, Inc. and Subsidiaries

Supplemental Financial and Operating Information

($ amounts in thousands, except weekly sales by group)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

 

 

Change

 

 

 

Year to Date

 

 

 

Change

 

 

 

 

 

 

2016

 

 

 

2015

 

 

 

vs LY

 

 

 

2016

 

 

 

2015

 

 

 

vs LY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant openings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

 

 

5

 

 

 

 

9

 

 

 

(4)

 

 

 

 

16

 

 

 

 

17

 

 

 

(1)

 

 

 

Company - Bubba's 33

 

 

2

 

 

 

 

1

 

 

 

1

 

 

 

 

5

 

 

 

 

4

 

 

 

1

 

 

 

Company - Other

 

 

0

 

 

 

 

0

 

 

 

0

 

 

 

 

0

 

 

 

 

1

 

 

 

(1)

 

 

 

Franchise - Texas Roadhouse - U.S.

 

 

1

 

 

 

 

1

 

 

 

0

 

 

 

 

1

 

 

 

 

2

 

 

 

(1)

 

 

 

Franchise - Texas Roadhouse - International

 

 

0

 

 

 

 

0

 

 

 

0

 

 

 

 

2

 

 

 

 

0

 

 

 

2

 

 

 

Total

 

 

8

 

 

 

 

11

 

 

 

(3)

 

 

 

 

24

 

 

 

 

24

 

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants open at the end of the quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

 

 

408

 

 

 

 

385

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Bubba's 33

 

 

12

 

 

 

 

7

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Other

 

 

2

 

 

 

 

2

 

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise - Texas Roadhouse - U.S.

 

 

73

 

 

 

 

72

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise - Texas Roadhouse - International

 

 

12

 

 

 

 

9

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

507

 

 

 

 

475

 

 

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company-owned restaurants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant sales

 

$

477,617

 

 

 

$

433,932

 

 

 

10.1

 

%

 

$

1,493,531

 

 

 

$

1,340,917

 

 

 

11.4

 

%

 

Store weeks

 

 

5,427

 

 

 

 

5,044

 

 

 

7.6

 

%

 

 

16,039

 

 

 

 

14,834

 

 

 

8.1

 

%

 

Comparable restaurant sales growth (1)

 

 

3.4

 

%

 

 

6.9

 

%

 

 

 

 

 

 

4.2

 

%

 

 

8.1

 

%

 

 

 

 

 

Texas Roadhouse restaurants only:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurant sales growth (1)

 

 

3.5

 

%

 

 

6.9

 

%

 

 

 

 

 

 

4.2

 

%

 

 

8.1

 

%

 

 

 

 

 

 

Average unit volume (2)

 

$

1,151

 

 

 

$

1,119

 

 

 

2.8

 

%

 

$

3,660

 

 

 

$

3,531

 

 

 

3.7

 

%

 

 

Weekly sales by group:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurants (368 units)

 

$

89,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average unit volume restaurants (24 units) (3)

 

$

80,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants less than 6 months old (16 units)

 

$

84,539

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant operating costs (as a % of restaurant sales)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

33.9

 

%

 

 

36.1

 

%

 

(220)

 

bps

 

 

33.9

 

%

 

 

36.1

 

%

 

(223)

 

bps

Labor

 

 

30.4

 

%

 

 

29.8

 

%

 

65

 

bps

 

 

29.7

 

%

 

 

29.3

 

%

 

37

 

bps

Rent

 

 

 

2.1

 

%

 

 

2.1

 

%

 

0

 

bps

 

 

2.0

 

%

 

 

2.0

 

%

 

(1)

 

bps

Other operating

 

 

15.4

 

%

 

 

15.4

 

%

 

0

 

bps

 

 

15.2

 

%

 

 

15.3

 

%

 

(5)

 

bps

Total

 

 

81.9

 

%

 

 

83.4

 

%

 

(155)

 

bps

 

 

80.8

 

%

 

 

82.7

 

%

 

(192)

 

bps

 

Restaurant margin (4)

 

 

18.1

 

%

 

 

16.6

 

%

 

155

 

bps

 

 

19.2

 

%

 

 

17.3

 

%

 

192

 

bps

 

Restaurant margin ($ in thousands)

 

$

86,581

 

 

 

$

71,917

 

 

 

20.4

 

%

 

$

286,546

 

 

 

$

231,566

 

 

 

23.7

 

%

 

Restaurant margin $/Store week

 

$

15,953

 

 

 

$

14,258

 

 

 

11.9

 

%

 

$

17,866

 

 

 

$

15,610

 

 

 

14.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise-owned restaurants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise royalties and fees

 

$

4,020

 

 

 

$

4,157

 

 

 

(3.3)

 

%

 

$

12,473

 

 

 

$

12,100

 

 

 

3.1

 

%

 

Store weeks

 

 

1,095

 

 

 

 

1,052

 

 

 

4.1

 

%

 

 

3,253

 

 

 

 

3,112

 

 

 

4.5

 

%

 

Comparable restaurant sales growth (1)

 

 

1.9

 

%

 

 

7.7

 

%

 

 

 

 

 

 

2.5

 

%

 

 

7.4

 

%

 

 

 

 

 

U.S. franchise restaurants only:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurant sales growth (1)

 

 

3.3

 

%

 

 

6.9

 

%

 

 

 

 

 

 

3.9

 

%

 

 

8.0

 

%

 

 

 

 

 

 

Average unit volume (2)

 

$

1,191

 

 

 

$

1,160

 

 

 

2.7

 

%

 

$

3,760

 

 

 

$

3,640

 

 

 

3.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-opening expense

 

$

5,017

 

 

 

$

5,749

 

 

 

(12.7)

 

%

 

$

14,253

 

 

 

$

14,476

 

 

 

(1.5)

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

20,941

 

 

 

$

17,843

 

 

 

17.4

 

%

 

$

60,718

 

 

 

$

50,994

 

 

 

19.1

 

%

 

As a % of revenue

 

 

4.3

 

%

 

 

4.1

 

%

 

27

 

bps

 

 

4.0

 

%

 

 

3.8

 

%

 

26

 

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

$

26,162

 

 

 

$

21,927

 

 

 

19.3

 

%

 

$

82,933

 

 

 

$

67,344

 

 

 

23.1

 

%

 

As a % of revenue

 

 

5.4

 

%

 

 

5.0

 

%

 

43

 

bps

 

 

5.5

 

%

 

 

5.0

 

%

 

53

 

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Comparable restaurant sales growth reflects the change in year-over-year sales for restaurants open a full 18 months before the beginning of the period measured, excluding sales from restaurants closed during the period.

(2) Average unit volume includes sales from Texas Roadhouse restaurants open for a full six months before the beginning of the period measured, excluding any sales at restaurants closed during the period.

(3) Average unit volume restaurants include restaurants open a full six to 18 months before the beginning of the period measured.

 

 

(4) Restaurant margin represents restaurant sales less restaurant operating costs, including cost of sales, labor, rent and other operating costs (as a percentage of restaurant sales). Depreciation and amortization expense, substantially all of which relates to restaurant-level assets, is excluded from restaurant operating costs. Restaurant margin is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance. Restaurant margin is not a measurement determined in accordance with GAAP and should not be considered in isolation, or as an alternative, to income from operations or other similarly titled measures of other companies.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts may not foot due to rounding.

SOURCE Texas Roadhouse, Inc.

Contacts:

Tonya Robinson
Texas Roadhouse, Inc.
Investor Relations
502-515-7269

Travis Doster
Media Relations
502-638-5457

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Texas Roadhouse is a casual dining concept that first opened in 1993 and today operates more than 290 restaurants system-wide in 44 states.

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