Texas Roadhouse, Inc. Announces Second Quarter 2014 Results

LOUISVILLE, Ky. - (BUSINESS WIRE) - August 4, 2014 - Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 26 week periods ended July 1, 2014.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

 

Year to Date

($000's)

 

 

2014

 

 

2013

 

 

% Change

 

 

2014

 

 

2013

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

$

395,363

   

 

$

352,119

   

 

12

   

 

$

792,505

   

 

$

711,795

   

 

11

Income from operations

 

 

 

34,401

 

 

 

29,797

 

 

15

 

 

 

74,585

 

 

 

67,965

 

 

10

Net income

 

 

 

23,081

 

 

 

19,963

 

 

16

 

 

 

49,546

 

 

 

46,134

 

 

7

Diluted EPS

 

 

$

0.33

 

 

$

0.28

 

 

17

 

 

$

0.70

 

 

$

0.65

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Results for the second quarter included:

  • Diluted earnings per share increased 16.7% to $0.33 from $0.28 in the prior year;
  • Lower costs associated with the Company's annual managing partner conference positively impacted year-over-year operating results for the quarter as costs were $2.4 million lower compared to the prior year period;
  • Comparable restaurant sales increased 2.9% at company restaurants and 3.5% at franchise restaurants;
  • Six company restaurants were opened;
  • Restaurant margin, as a percentage of restaurant sales, decreased 45 basis points to 18.1%; and
  • The Company repurchased 300,000 shares of its common stock for $7.6 million.

Results for the year-to-date included:

  • Diluted earnings per share increased 7.6% to $0.70 from $0.65 in the prior year;
  • As previously stated, costs associated with the Company's annual managing partner conference were $2.4 million lower compared to the prior year period;
  • Comparable restaurant sales increased 2.9% at company restaurants and 3.6% at franchise restaurants;
  • 12 company restaurants and one franchise restaurant were opened;
  • Restaurant margin, as a percentage of restaurant sales, decreased 10 basis points to 18.7%;
  • Income tax rate increased 185 basis points to 30.3%, primarily due to the expiration of certain federal tax credits at the end of 2013; and
  • The Company repurchased 1,260,000 shares of its common stock for $31.8 million.

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, "We are pleased to report another quarter of double-digit revenue growth led by strong operating week growth and positive comparable restaurant sales, including solid traffic growth. Our restaurant development included six new restaurants during the quarter, including our first restaurant in Alaska and we now operate in 49 states and three foreign countries. Looking forward, we will continue to focus on opening restaurants in new and existing markets and driving traffic growth and market share gains through our ongoing commitment to legendary food and service. This philosophy, along with our ongoing dividend and share repurchase programs, will continue to drive shareholder value."

2014 Outlook

The Company reported that comparable restaurant sales at company restaurants for the first four weeks of its third quarter of fiscal 2014 increased approximately 4.0% compared to the prior year period.

Management reiterated the following expectations for 2014:

  • Positive comparable restaurant sales growth;
  • Low single digit food cost inflation;
  • Total capital expenditures of $100.0 to $110.0 million; and
  • An income tax rate of approximately 30.0% to 31.0% which is higher than the 2013 income tax rate primarily as a result of the expiration of certain federal tax credits at the end of 2013.

Management updated the following expectation for 2014:

  • Approximately 25 company restaurant openings.

Conference Call

The Company is hosting a conference call today, August 4, 2014 at 5:00 p.m. Eastern Time to discuss these results. The dial-in number is (877) 627-6582 or (719) 325-4820 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 9936831 as the pass code. There will be a simultaneous Web cast conducted at www.texasroadhouse.com.

About Texas Roadhouse

Texas Roadhouse is a casual dining concept that first opened in 1993 and today operates over 430 restaurants system-wide in 49 states and three 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 restaurants opening; 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; conditions beyond our control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting our customers or food supplies; 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

 

 

26 Weeks Ended

 

 

 

 

July 1, 2014

 

 

June 25, 2013

 

 

July 1, 2014

 

 

June 25, 2013

 

 

 

 

 

 

    

 

 

    

 

 

    

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant sales

 

 

$

391,819

 

 

$

348,929

 

 

$

785,775

 

 

$

705,493

 

Franchise royalties and fees

 

 

 

3,544

 

 

 

3,190

 

 

 

6,730

 

 

 

6,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

 

395,363

 

 

 

352,119

 

 

 

792,505

 

 

 

711,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

137,082

 

 

 

120,212

 

 

 

271,894

 

 

 

244,764

 

Labor

 

 

 

115,182

 

 

 

101,723

 

 

 

229,854

 

 

 

203,384

 

Rent

 

 

 

8,128

 

 

 

7,152

 

 

 

16,170

 

 

 

14,209

 

Other operating

 

 

 

60,362

 

 

 

54,989

 

 

 

121,215

 

 

 

110,767

 

Pre-opening

 

 

 

4,455

 

 

 

4,240

 

 

 

8,732

 

 

 

7,064

 

Depreciation and amortization

 

 

 

14,433

 

 

 

12,190

 

 

 

28,518

 

 

 

24,402

 

Impairment and closure

 

 

 

9

 

 

 

27

 

 

 

26

 

 

 

84

 

General and administrative

 

 

 

21,311

 

 

 

21,789

 

 

 

41,511

 

 

 

39,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total costs and expenses

 

 

 

360,962

 

 

 

322,322

 

 

 

717,920

 

 

 

643,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

34,401

 

 

 

29,797

 

 

 

74,585

 

 

 

67,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

514

 

 

 

567

 

 

 

1,072

 

 

 

1,162

Equity income from investments in unconsolidated affiliates

 

 

 

353

 

 

 

218

 

 

 

565

 

 

 

398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

 

 

34,240

 

 

 

29,448

 

 

 

74,078

 

 

 

67,201

Provision for income taxes

 

 

 

10,215

 

 

 

8,583

 

 

 

22,445

 

 

 

19,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

 

$

24,025

 

 

$

20,865

 

 

$

51,633

 

 

$

48,084

Less: Net income attributable to noncontrolling interests

 

 

 

944

 

 

 

902

 

 

 

2,087

 

 

 

1,950

Net income attributable to Texas Roadhouse, Inc. and subsidiaries

 

 

$

23,081

 

 

$

19,963

 

 

$

49,546

 

 

$

46,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

0.33

 

 

$

0.29

 

 

$

0.71

 

 

$

0.66

 

Diluted

 

 

$

0.33

 

 

$

0.28

 

 

$

0.70

 

 

$

0.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

69,705

 

 

 

70,030

 

 

 

69,918

 

 

 

69,693

 

Diluted

 

 

 

70,577

 

 

 

71,267

 

 

 

70,822

 

 

 

70,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(As Adjusted) (1)

 

 

 

July 1, 2014

 

 

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

77,461

 

 

$

94,874

 

Other current assets

 

 

41,222

 

 

 

50,869

 

Property and equipment, net

 

 

612,528

 

 

 

586,212

 

Goodwill

 

 

117,197

 

 

 

117,197

 

Intangible assets, net

 

 

6,989

 

 

 

7,876

 

Other assets

 

 

21,157

 

 

 

20,616

 

 

 

 

 

 

 

 

Total assets

 

$

876,554

 

 

$

877,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current maturities of long-term debt

 

 

113

 

 

 

243

 

Other current liabilities

 

 

170,370

 

 

 

174,937

 

Long-term debt, excluding current maturities

 

 

50,760

 

 

 

50,990

 

Other liabilities

 

 

57,269

 

 

 

57,614

 

Texas Roadhouse, Inc. and subsidiaries stockholders' equity

 

 

591,210

 

 

 

587,659

 

Noncontrolling interests

 

 

6,832

 

 

 

6,201

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

876,554

 

 

$

877,644

 

 

 

 

 

 

 

(1)

December 31, 2013 revised to reflect the impact of adjustments to purchase price accounting related to 2013 acquisitions in accordance with generally accepted accounting principles ("GAAP").

 

 

 

 

 

 

 

 

 

 

 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26 Weeks Ended

 

 

 

 

 

July 1, 2014

 

    

June 25, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income including noncontrolling interests

 

 

$

51,633

 

 

 

$

48,084

 

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

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

28,518

 

 

 

 

24,402

 

 

Share-based compensation expense

 

 

 

7,399

 

 

 

 

6,971

 

 

Other noncash adjustments

 

 

 

(1,044

)

 

 

 

552

 

Change in working capital

 

 

 

(5,813

)

 

 

 

(11,412

)

 

 

Net cash provided by operating activities

 

 

 

80,693

 

 

 

 

68,597

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures - property and equipment

 

 

 

(53,971

)

 

 

 

(35,159

)

Proceeds from sale of property and equipment, including insurance proceeds

 

 

 

1,193

 

 

 

 

4

 

 

 

Net cash used in investing activities

 

 

 

(52,778

)

 

 

 

(35,155

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Repurchase shares of common stock

 

 

 

(31,760

)

 

 

 

-

 

Dividends paid

 

 

 

(10,473

)

 

 

 

(21,512

)

Other financing activities

 

 

 

(3,095

)

 

 

 

6,441

 

 

 

Net cash used in financing activities

 

 

 

(45,328

)

 

 

 

(15,071

)

 

 

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

 

 

(17,413

)

 

 

 

18,371

 

Cash and cash equivalents - beginning of year

 

 

 

94,874

 

 

 

 

81,746

 

Cash and cash equivalents - end of period

 

 

$

77,461

 

 

 

$

100,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas Roadhouse, Inc. and Subsidiaries

Supplemental Financial and Operating Information

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

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

 

Change

 

 

Year to Date

 

 

Change

 

 

 

 

 

2014

 

 

2013

 

 

vs LY

 

 

2014

 

 

2013

 

 

vs LY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant openings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

 

 

 

6

 

 

 

 

6

 

 

 

0

 

 

 

 

12

 

 

 

 

9

 

 

 

3

 

 

Company - Other

 

 

 

0

 

 

 

 

1

 

 

 

(1

)

 

 

 

0

 

 

 

 

1

 

 

 

(1

)

 

Franchise - Texas Roadhouse

 

 

 

0

 

 

 

 

1

 

 

 

(1

)

 

 

 

1

 

 

 

 

3

 

 

 

(2

)

 

Total

 

 

 

6

 

 

 

 

8

 

 

 

(2

)

 

 

 

13

 

 

 

 

13

 

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants open at the end of the quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

 

 

 

357

 

 

 

 

327

 

 

 

30

 

 

 

 

 

 

 

 

 

 

 

 

Company - Other

 

 

 

1

 

 

 

 

3

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

Franchise - Texas Roadhouse

 

 

 

75

 

 

 

 

75

 

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

433

 

 

 

 

405

 

 

 

28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company-owned restaurants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant sales

 

 

$

391,819

 

 

 

$

348,929

 

 

 

12.3

%

 

 

$

785,775

 

 

 

$

705,493

 

 

 

11.4

%

 

Store weeks

 

 

 

4,593

 

 

 

 

4,214

 

 

 

9.0

%

 

 

 

9,117

 

 

 

 

8,388

 

 

 

8.7

%

 

Comparable restaurant sales growth (1)

 

 

 

2.9

%

 

 

 

4.5

%

 

 

 

 

 

 

 

2.9

%

 

 

 

4.1

%

 

 

 

 

 

Texas Roadhouse restaurants only:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurant sales growth (1)

 

 

 

2.9

%

 

 

 

4.5

%

 

 

 

 

 

 

 

2.9

%

 

 

 

4.1

%

 

 

 

 

 

 

Average unit volume (2)

 

 

$

1,099

 

 

 

$

1,073

 

 

 

2.4

%

 

 

$

2,220

 

 

 

$

2,170

 

 

 

2.3

%

 

 

Weekly sales by group:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurants (313 units)

 

 

$

84,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average unit volume restaurants (20 units) (3)

 

 

$

77,873

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants less than 6 months old (24 units)

 

 

$

97,734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant operating costs (as a % of restaurant sales)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

35.0

%

 

 

 

34.5

%

 

 

53

bps

 

 

 

34.6

%

 

 

 

34.7

%

 

 

(9)

bps

Labor

 

 

 

29.4

%

 

 

 

29.2

%

 

 

24

bps

 

 

 

29.3

%

 

 

 

28.8

%

 

 

42

bps

Rent

 

 

 

 

2.1

%

 

 

 

2.0

%

 

 

2

bps

 

 

 

2.1

%

 

 

 

2.0

%

 

 

4

bps

Other operating

 

 

 

15.4

%

 

 

 

15.8

%

 

 

(35)

bps

 

 

 

15.4

%

 

 

 

15.7

%

 

 

(27)

bps

Total

 

 

 

81.9

%

 

 

 

81.4

%

 

 

45

bps

 

 

 

81.3

%

 

 

 

81.2

%

 

 

10

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin (4)

 

 

 

18.1

%

 

 

 

18.6

%

 

 

(45)

bps

 

 

 

18.7

%

 

 

 

18.8

%

 

 

(10)

bps

 

Restaurant margin $/Store week

 

 

$

15,472

 

 

 

$

15,390

 

 

 

 

 

 

 

$

16,084

 

 

 

$

15,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise-owned restaurants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise royalties and fees

 

 

$

3,544

 

 

 

$

3,190

 

 

 

11.1

%

 

 

$

6,730

 

 

 

$

6,302

 

 

 

6.8

%

 

Store weeks

 

 

 

975

 

 

 

 

966

 

 

 

0.9

%

 

 

 

1,937

 

 

 

 

1,332

 

 

 

45.4

%

 

Comparable restaurant sales growth (1)

 

 

 

3.5

%

 

 

 

5.3

%

 

 

 

 

 

 

 

3.6

%

 

 

 

4.5

%

 

 

 

 

 

Average unit volume (2)

 

 

$

1,171

 

 

 

$

1,112

 

 

 

5.3

%

 

 

$

2,361

 

 

 

$

2,236

 

 

 

5.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-opening expense

 

 

$

4,455

 

 

 

$

4,240

 

 

 

5.1

%

 

 

$

8,732

 

 

 

$

7,064

 

 

 

23.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

$

14,433

 

 

 

$

12,190

 

 

 

18.4

%

 

 

$

28,518

 

 

 

$

24,402

 

 

 

16.9

%

 

As a % of revenue

 

 

 

3.7

%

 

 

 

3.5

%

 

 

19

bps

 

 

 

3.6

%

 

 

 

3.4

%

 

 

17

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

$

21,311

 

 

 

$

21,789

 

 

 

(2.2

)%

 

 

$

41,511

 

 

 

$

39,156

 

 

 

6.0

%

 

As a % of revenue

 

 

 

5.4

%

 

 

 

6.2

%

 

 

(80)

bps

 

 

 

5.2

%

 

 

 

5.5

%

 

 

(26)

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 cost of sales, labor, rent and other operating costs (as a percentage of restaurant sales). 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
Texas Roadhouse, Inc.
Media Relations
502-638-5457

###

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