Texas Roadhouse, Inc. Announces Second Quarter 2018 Results

LOUISVILLE, Ky. - July 30, 2018 // GLOBE NEWSWIRE // - Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 26 week periods ended June 26, 2018.

 

 

 

Second Quarter

 

Year to Date

($000's)

 

2018

2017

% Change

 

2018

2017

% Change

 

 

 

 

 

 

 

 

 

Total revenue

 

$

629,237

 

$

566,262

 

11.1%

 

$

1,256,942

 

$

1,133,948

 

10.8%

Income from operations

 

 

54,267

 

 

54,214

 

0.1%

 

 

119,138

 

 

103,236

 

15.4%

Net income

 

 

44,227

 

 

37,581

 

17.7%

 

 

98,768

 

 

71,894

 

37.4%

Diluted EPS

 

$

0.62

 

$

0.53

 

16.9%

 

$

1.37

 

$

1.01

 

36.5%

 

 

 

 

 

 

 

 

 

 


Results for the second quarter included the following highlights:

  • Comparable restaurant sales increased 5.7% at company restaurants and 3.9% at domestic franchise restaurants;
  • Diluted earnings per share increased 16.9% to $0.62 from $0.53 in the prior year;
  • Restaurant margin dollars increased 6.5% to $113.4 million from $106.5 million in the prior year, and restaurant margin, as a percentage of restaurant and other sales, decreased 77 basis points to 18.2% primarily due to higher labor costs;
  • General and administrative expenses increased primarily due to higher costs of $2.5 million associated with our annual managing partner conference, which marked our 25th anniversary;
  • Our income tax rate decreased to 15.6% from 27.9% in the prior year period primarily due to the impact of new tax legislation; and
  • Seven company restaurants, including three Bubba's 33 restaurants, and one international franchise restaurant were opened.

Results for the year-to-date period included the following highlights:

  • Comparable restaurant sales increased 5.3% at company restaurants and 4.0% at domestic franchise restaurants;
  • Diluted earnings per share increased 36.5% to $1.37 from $1.01 in the prior year;
  • Restaurant margin dollars increased 6.4% to $232.8 million from $218.7 million in the prior year, and restaurant margin, as a percentage of restaurant and other sales, decreased 76 basis points to 18.7% primarily due to higher labor costs;
  • General and administrative expenses decreased primarily due to a pre-tax charge of $14.9 million ($9.2 million after-tax), or $0.13 per diluted share, recorded in the first quarter of 2017, related to the settlement of a legal matter, which was partially offset by higher costs associated with our annual managing partner conference in 2018;
  • Our income tax rate decreased to 14.2% from 27.2% in the prior year period primarily due to the impact of new tax legislation; and
  • 14 company restaurants, including four Bubba's 33 restaurants, and three international franchise restaurants were opened.

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, "Our top-line results for the second quarter were strong with double-digit revenue growth, including 5.7% comparable restaurant sales growth. We are pleased with the consistency of our traffic gains this year and the continued strength headed into the third quarter."

Taylor continued, "On the development front, with 14 company restaurants opened in the first half of 2018, we are on track to open 27 or 28 restaurants for the year. We continue to fund our new restaurant growth through internal cash flow, while also returning excess capital to our shareholders through dividends, further driving shareholder value."

2018 Outlook

Comparable restaurant sales at company restaurants for the first four weeks of our third quarter of fiscal 2018 increased approximately 4.7% compared to the prior year period.

Management updated the following expectations for 2018:

  • 27 or 28 company restaurant openings, including up to five Bubba's 33 restaurants; and
  • An income tax rate of 14.0% to 15.0%.
  • Management reiterated the following expectations for 2018:
  • Positive comparable restaurant sales growth;
  • Commodity cost inflation of approximately 1.0%;
  • Mid-single digit growth in labor dollars per store week, excluding the impact of higher guest counts; and
  • Total capital expenditures of approximately $165.0 million to $175.0 million.

Non-GAAP Measures

We prepare our consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). Within our press release, we make reference to restaurant margin (in dollars and as a percentage of sales). Restaurant margin represents restaurant and other sales less restaurant-level operating costs, including cost of sales, 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, we exclude 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. We also exclude depreciation and amortization expense, substantially all of which relates to restaurant-level assets, as it represents a non-cash charge for the investment in our restaurants. We also exclude impairment and closure expense, as we believe 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 our industry. A reconciliation of income from operations to restaurant margin is included in the accompanying financial tables.

Conference Call

Texas Roadhouse is hosting a conference call today, July 30, 2018 at 5:00 p.m. Eastern Time to discuss these results. The dial-in number is (866) 548-4713 or (323) 794-2093 for international calls. A replay of the call will be available for one week following the conference call. To access the replay, please dial (844) 512-2921 or (412) 317-6671 for international calls, and use 2736628 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 has grown to over 565 restaurants system-wide in 49 states and eight 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 Texas Roadhouse. 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; 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.

Contacts:

Tonya Robinson
Investor Relations
(502) 515-7269

Travis Doster
Media
(502) 638-5457

 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13 Weeks Ended

 

26 Weeks Ended

 

 

 

June 26, 2018

 

June 27, 2017

 

June 26, 2018

 

June 27, 2017

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

Restaurant and other sales

$

624,073

 

 

 

$

562,160

 

 

$

1,246,475

 

 

 

$

1,125,480

 

 

Franchise royalties and fees

 

5,164

 

 

 

 

4,102

 

 

 

10,467

 

 

 

 

8,468

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

629,237

 

 

 

 

566,262

 

 

 

1,256,942

 

 

 

 

1,133,948

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

204,048

 

 

 

 

185,171

 

 

 

406,834

 

 

 

 

369,364

 

 

 

Labor

 

199,647

 

 

 

 

174,585

 

 

 

395,677

 

 

 

 

344,932

 

 

 

Rent

 

12,119

 

 

 

 

11,112

 

 

 

23,970

 

 

 

 

21,981

 

 

 

Other operating

 

94,858

 

 

 

 

84,837

 

 

 

187,236

 

 

 

 

170,497

 

 

Pre-opening

 

4,107

 

 

 

 

5,014

 

 

 

9,151

 

 

 

 

9,754

 

 

Depreciation and amortization

 

25,165

 

 

 

 

23,106

 

 

 

49,649

 

 

 

 

45,702

 

 

Impairment and closure

 

22

 

 

 

 

-

 

 

 

108

 

 

 

 

11

 

 

General and administrative

 

35,004

 

 

 

 

28,223

 

 

 

65,179

 

 

 

 

68,471

 

 

 

 

 

 

 

 

 

 

 

 

 

Total costs and expenses

 

574,970

 

 

 

 

512,048

 

 

 

1,137,804

 

 

 

 

1,030,712

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

54,267

 

 

 

 

54,214

 

 

 

119,138

 

 

 

 

103,236

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

283

 

 

 

 

379

 

 

 

642

 

 

 

 

711

 

Equity income from investments in

 

 

 

 

 

 

 

 

 

 

unconsolidated affiliates

 

(445

)

 

 

 

(470

)

 

 

(769

)

 

 

 

(790

)

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

54,429

 

 

 

 

54,305

 

 

 

119,265

 

 

 

 

103,315

 

Provision for income taxes

 

8,466

 

 

 

 

15,126

 

 

 

16,923

 

 

 

 

28,113

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

45,963

 

 

 

 

39,179

 

 

 

102,342

 

 

 

 

75,202

 

Less: Net income attributable to noncontrolling interests

 

1,736

 

 

 

 

1,598

 

 

 

3,574

 

 

 

 

3,308

 

Net income attributable to Texas Roadhouse, Inc. and subsidiaries

$

44,227

 

 

 

$

37,581

 

 

$

98,768

 

 

 

$

71,894

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

and subsidiaries:

 

 

 

 

 

 

 

 

 

 

Basic

$

0.62

 

 

 

$

0.53

 

 

$

1.38

 

 

 

$

1.01

 

 

Diluted

$

0.62

 

 

 

$

0.53

 

 

$

1.37

 

 

 

$

1.01

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

Basic

 

71,445

 

 

 

 

70,973

 

 

 

71,389

 

 

 

 

70,876

 

 

Diluted

 

71,897

 

 

 

 

71,437

 

 

 

71,853

 

 

 

 

71,398

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

$

0.25

 

 

 

$

0.21

 

 

$

0.50

 

 

 

$

0.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 26, 2018

 

December 26, 2017

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

154,353

 

 

$

150,918

Other current assets, net

 

 

62,446

 

 

 

106,163

Property and equipment, net

 

 

928,765

 

 

 

912,147

Goodwill

 

 

121,040

 

 

 

121,040

Intangible assets, net

 

 

2,329

 

 

 

2,700

Other assets

 

 

42,660

 

 

 

37,655

 

 

 

 

 

 

Total assets

 

$

1,311,593

 

 

$

1,330,623

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

10

 

 

 

9

Other current liabilities

 

 

280,382

 

 

 

329,989

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

 

1,976

 

 

 

51,981

Other liabilities, net

 

 

107,627

 

 

 

97,253

Texas Roadhouse, Inc. and subsidiaries stockholders' equity

 

 

908,049

 

 

 

839,079

Noncontrolling interests

 

 

13,549

 

 

 

12,312

 

 

 

 

 

 

Total liabilities and equity

 

$

1,311,593

 

 

$

1,330,623

 

 

 

 

 

 

 

 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

 

26 Weeks Ended

 

 

June 26, 2018

 

June 27, 2017

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

Net income including noncontrolling interests

 

$

102,342

 

 

 

$

75,202

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

49,649

 

 

 

 

45,702

 

 

Share-based compensation expense

 

 

15,856

 

 

 

 

12,365

 

 

Other noncash adjustments, net

 

 

7,076

 

 

 

 

(1,842

)

Change in working capital

 

 

(9,816

)

 

 

 

(3,119

)

 

 

Net cash provided by operating activities

 

 

165,107

 

 

 

 

128,308

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Capital expenditures - property and equipment

 

 

(66,718

)

 

 

 

(73,637

)

Acquisition of franchise restaurants, net of cash acquired

 

 

-

 

 

 

 

(16,528

)

 

 

Net cash used in investing activities

 

 

(66,718

)

 

 

 

(90,165

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Principal payments on long-term debt and capital lease obligation

 

 

(50,004

)

 

 

 

(81

)

Dividends paid

 

 

(32,798

)

 

 

 

(28,308

)

Other financing activities, net

 

 

(12,152

)

 

 

 

(6,190

)

 

 

Net cash used in financing activities

 

 

(94,954

)

 

 

 

(34,579

)

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 

3,435

 

 

 

 

3,564

 

Cash and cash equivalents - beginning of period

 

 

150,918

 

 

 

 

112,944

 

Cash and cash equivalents - end of period

 

$

154,353

 

 

 

$

116,508

 

 

 

 

 

 

 

 

 

Texas Roadhouse, Inc. and Subsidiaries

Reconciliation of Income from Operations to Restaurant Margin

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

13 Weeks Ended

 

26 Weeks Ended

 

 

June 26, 2018

 

June 27, 2017

 

June 26, 2018

 

June 27, 2017

 

 

 

 

 

 

 

 

 

Income from operations

 

$

54,267

 

 

$

54,214

 

 

$

119,138

 

 

$

103,236

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

Franchise royalties and fees

 

 

5,164

 

 

 

4,102

 

 

 

10,467

 

 

 

8,468

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

Pre-opening

 

 

4,107

 

 

 

5,014

 

 

 

9,151

 

 

 

9,754

 

Depreciation and amortization

 

 

25,165

 

 

 

23,106

 

 

 

49,649

 

 

 

45,702

 

Impairment and closure

 

 

22

 

 

 

-

 

 

 

108

 

 

 

11

 

General and administrative

 

 

35,004

 

 

 

28,223

 

 

 

65,179

 

 

 

68,471

 

 

 

 

 

 

 

 

 

 

Restaurant margin

 

$

113,401

 

 

$

106,455

 

 

$

232,758

 

 

$

218,706

 

 

 

 

 

 

 

 

 

 

Restaurant margin (as a percentage of restaurant and other sales)

 

 

18.2

%

 

 

18.9

%

 

 

18.7

%

 

 

19.4

%

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

2018

 

2017

 

vs LY

 

 

2018

 

2017

 

vs LY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant openings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

4

 

5

 

(1)

 

 

10

 

11

 

(1)

 

 

Company - Bubba's 33

3

 

2

 

1

 

 

4

 

2

 

2

 

 

Company - Other

0

 

0

 

0

 

 

0

 

0

 

0

 

 

Franchise - Texas Roadhouse - U.S.

0

 

0

 

0

 

 

0

 

1

 

(1)

 

 

Franchise - Texas Roadhouse - International

1

 

0

 

1

 

 

3

 

1

 

2

 

 

Total

8

 

7

 

1

 

 

17

 

15

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant acquisitions/dispositions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

0

 

0

 

0

 

 

0

 

4

 

(4)

 

 

Franchise - Texas Roadhouse

0

 

0

 

0

 

 

0

 

(4)

 

4

 

 

Total

0

 

0

 

0

 

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants open at the end of the quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

450

 

428

 

22

 

 

 

 

 

 

 

 

 

Company - Bubba's 33

24

 

18

 

6

 

 

 

 

 

 

 

 

 

Company - Other

2

 

2

 

0

 

 

 

 

 

 

 

 

 

Franchise - Texas Roadhouse - U.S.

70

 

70

 

0

 

 

 

 

 

 

 

 

 

Franchise - Texas Roadhouse - International

20

 

14

 

6

 

 

 

 

 

 

 

 

 

Total

566

 

532

 

34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company restaurants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant and other sales

$

624,073

 

$

562,160

 

11.0

 

 

$

1,246,475

 

$

1,125,480

 

 

10.8 

 

Store weeks

 

6,142

 

 

5,775

 

6.4

 

 

 

12,190

 

 

11,456

 

 

6.4 

 

Comparable restaurant sales growth (1)

 

5.7

%

 

4.0

%

 

 

 

5.3

%

 

3.6

%

 

 

 

Texas Roadhouse restaurants only:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurant sales growth (1)

 

5.6

%

 

4.1

%

 

 

 

5.2

%

 

3.7

%

 

 

 

 

Average unit volume (2)

$

1,338

 

$

1,274

 

5.0

 

 

$

2,696

 

$

2,575

 

 

4.7 

 

 

Weekly sales by group:

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurants (412 units)

$

103,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average unit volume restaurants (21 units) (3)

$

91,973

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants less than 6 months old (17 units)

$

105,386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant operating costs (as a % of restaurant and other sales)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

32.7

%

 

32.9

%

(24) 

bps

 

32.6

%

 

32.8

%

 

(18) 

bps

Labor

 

32.0

%

 

31.1

%

93 

bps

 

31.7

%

 

30.6

%

 

110 

bps

Rent

 

 

1.9

%

 

2.0

%

(3) 

bps

 

1.9

%

 

2.0

%

 

(3) 

bps

Other operating

 

15.2

%

 

15.1

%

11 

bps

 

15.0

%

 

15.1

%

 

(13) 

bps

Total

 

81.8

%

 

81.1

%

77 

bps

 

81.3

%

 

80.6

%

 

76 

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin

 

18.2

%

 

18.9

%

(77) 

bps

 

18.7

%

 

19.4

%

 

(76) 

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin ($ in thousands)

$

113,401

 

$

106,455

 

6.5 

 

$

232,758

 

$

218,706

 

 

6.4 

 

Restaurant margin $/Store week

$

18,463

 

$

18,434

 

0.2 

 

$

19,094

 

$

19,091

 

 

0.0 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise restaurants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise royalties and fees

$

5,164

 

$

4,102

 

25.9 

 

$

10,467

 

$

8,468

 

 

23.6 

 

Store weeks

 

1,164

 

 

1,092

 

6.6 

 

 

2,303

 

 

2,172

 

 

6.1 

%

 

Comparable restaurant sales growth (1)

 

1.9

%

 

2.9

%

 

 

 

1.9

%

 

3.0

%

 

 

 

U.S. franchise restaurants only:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurant sales growth (1)

 

3.9

%

 

3.6

%

 

 

 

4.0

%

 

3.8

%

 

 

 

 

Average unit volume (2)

$

1,373

 

$

1,321

 

4.0 

 

$

2,771

 

$

2,644

 

 

4.8 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-opening expense

$

4,107

 

$

5,014

 

(18.1) 

 

$

9,151

 

$

9,754

 

 

(6.2) 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

$

25,165

 

$

23,106

 

8.9 

 

$

49,649

 

$

45,702

 

 

8.6 

 

As a % of revenue

 

4.0

%

 

4.1

%

(8) 

bps

 

3.9

%

 

4.0

%

 

(8) 

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

$

35,004

 

$

28,223

 

24.0 

%

 

$

65,179

 

$

68,471

 

 

(4.8) 

%

 

As a % of revenue

 

5.6

%

 

5.0

%

58 

bps

 

5.2

%

 

6.0

%

 

(85) 

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 and up to 18 months before the beginning of the period measured.

Amounts may not foot due to rounding.

SOURCE Texas Roadhouse, Inc

###

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