Texas Roadhouse, Inc. Announces Fourth Quarter 2018 Results
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Texas Roadhouse, Inc. Announces Fourth Quarter 2018 Results

Increases Quarterly Dividend 20% to $0.30 per Share

LOUISVILLE, Ky. - Feb. 19, 2019 // GLOBE NEWSWIRE // - Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 25, 2018.

 

Fourth Quarter

Year to Date

($000's)

2018

 

2017

 

% Change

2018

2017

% Change

 

 

 

 

 

 

 

 

 

Total revenue

$

 605,912

 

$

 545,076

 

11.2%

$

 2,457,449

 

$

 2,219,531

10.7%

Income from operations

33,207

 

37,459

 

(11.4%)

187,789

186,206

0.9%

Net income

30,332

 

28,618

 

6.0%

158,225

131,526

20.3%

Diluted EPS

$

  0.42

 

$

  0.40

 

5.4%

$

  2.20

 

$

  1.84

19.6%

 

Results for the fourth quarter included the following highlights:

  • Comparable restaurant sales increased 5.6% at company restaurants and 4.8% at domestic franchise restaurants;
  • Restaurant margin, as a percentage of restaurant and other sales, decreased 112 basis points to 15.9%, primarily due to higher labor costs. Restaurant margin dollars increased 3.7% to $95.6 million from $92.2 million in the prior year;
  • Our income tax rate decreased to 5.8% from 19.8% in the prior year primarily due to the impact of new tax legislation;
  • Diluted earnings per share increased 5.4% to $0.42 from $0.40 in the prior year primarily due to higher revenue and lower income tax expense partially offset by higher labor costs and higher general and administrative expenses; and
  • Eleven company restaurants, including one Bubba's 33, and one international franchise restaurant were opened.

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

  • Comparable restaurant sales increased 5.4% at company restaurants and 4.3% at domestic franchise restaurants;
  • Restaurant margin, as a percentage of restaurant and other sales, decreased 104 basis points to 17.4%, primarily due to higher labor costs. Restaurant margin dollars increased 4.4% to $424.2 million from $406.4 million in the prior year;
  • Our income tax rate decreased to 12.9% from 26.1% in the prior year primarily due to the impact of new tax legislation;
  • Diluted earnings per share increased 19.6% to $2.20 from $1.84 in the prior year primarily due to higher revenue and lower income tax expense partially offset by higher labor costs. In addition, we overlapped a pre-tax charge of $14.9 million ($9.2 million after-tax), or $0.13 per diluted share, in the first quarter of 2017, related to the settlement of a legal matter; and
  • 28 company restaurants, including five Bubba's 33, and five international franchise restaurants were opened.

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, "We finished the year strong, with double digit revenue growth for both the fourth quarter and full year. This represented the 36th consecutive quarter of positive comparable restaurant sales, with growth of 5.6% driven by increased traffic. In addition, our solid balance sheet and healthy cashflow allowed us to open 28 company restaurants this year, while also increasing our quarterly cash dividend to $0.30 per share which is our sixth straight year of increasing our dividends by double digits."

Taylor continued, "Looking ahead to 2019, our development pipeline is in great shape as we expect to open 25 to 30 company restaurants and as many as eight franchise restaurants. While we expect to face continued cost pressures in the near term, we remain excited about the top-line momentum that our operators have generated."

2019 Outlook

Comparable restaurant sales at company restaurants for the first 54 days of our first quarter of fiscal 2019 increased approximately 6.0% compared to the prior year period, including a positive impact of approximately 1.3% related to the calendar shift of the New Year's holiday.

Management updated the following expectations for 2019:

  • Positive comparable restaurant sales growth including a menu price increase of approximately 1.5% to be implemented at the beginning of our second quarter;
  • An income tax rate of approximately 15.0%; and
  • Total capital expenditures of approximately $210 million to $220 million.
  • Management reiterated the following expectations for 2019:
  • 25 to 30 company restaurant openings, including as many as four Bubba's 33 restaurants;
  • Commodity cost inflation of approximately 1.0% to 2.0%; and
  • Mid-single digit growth in labor dollars per store week, excluding the impact of higher guest counts.

Cash Dividend Payment

On February 13, 2019, our Board of Directors authorized the payment of a quarterly cash dividend of $0.30 per share of common stock. This payment, which will be distributed on March 29, 2019 to shareholders of record at the close of business on March 13, 2019, represents a 20% increase from the cash dividend of $0.25 per share of common stock declared during each quarter of 2018. Since the inception of our dividend program in 2011, our cash dividend per share of common stock has increased an average of 18.0% per year.

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, February 19, 2019 at 5:00 p.m. Eastern Time to discuss these results. The dial-in number is (877) 699-0953 or (647) 689-5456 for international calls. A replay of the call will be available for one week following the conference call. To access the replay, please dial (800) 585-8367 or (416) 621-4642 for international calls, and use 9984178 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 580 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 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

 

 

52 Weeks Ended

 

 

December 25,

2018

 

 

December 26,

2017

 

 

December 25,

2018

 

 

December 26,

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant and other sales 

$

 600,936

 

 

 

$

 541,196

 

 

$

 2,437,115

 

 

 

$

 2,203,017

 

Franchise royalties and fees

  4,976

 

 

 

  3,880

 

 

  20,334

 

 

 

  16,514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

  605,912

 

 

 

  545,076

 

 

  2,457,449

 

 

 

  2,219,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

  196,476

 

 

 

  175,688

 

 

  795,300

 

 

 

  721,550

 

Labor

  200,086

 

 

 

  173,258

 

 

  793,384

 

 

 

  687,545

 

Rent

  12,491

 

 

 

  11,569

 

 

  48,791

 

 

 

  44,807

 

Other operating

  96,295

 

 

 

  88,526

 

 

  375,477

 

 

 

  342,702

 

Pre-opening

  5,522

 

 

 

  4,972

 

 

  19,051

 

 

 

  19,274

 

Depreciation and amortization 

  25,724

 

 

 

  24,263

 

 

  101,216

 

 

 

  93,499

 

Impairment and closure

  150

 

 

 

  641

 

 

  278

 

 

 

  654

 

General and administrative

  35,961

 

 

 

  28,700

 

 

  136,163

 

 

 

  123,294

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total costs and expenses

  572,705

 

 

 

  507,617

 

 

  2,269,660

 

 

 

  2,033,325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

  33,207

 

 

 

  37,459

 

 

  187,789

 

 

 

  186,206

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest (income) expense, net

  (219

)

 

 

  366

 

 

  591

 

 

 

  1,577

 

Equity income from investments in unconsolidated affiliates

  (203

)

 

 

  (339

)

 

  (1,353

)

 

 

  (1,488

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

  33,629

 

 

 

  37,432

 

 

  188,551

 

 

 

  186,117

 

Provision for income taxes

  1,936

 

 

 

  7,422

 

 

  24,257

 

 

 

  48,581

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

  31,693

 

 

 

  30,010

 

 

  164,294

 

 

 

  137,536

 

Less: Net income attributable to noncontrolling interests

  1,361

 

 

 

  1,392

 

 

  6,069

 

 

 

  6,010

 

Net income attributable to Texas Roadhouse, Inc. and subsidiaries

$

  30,332

 

 

 

$

  28,618

 

 

$

  158,225

 

 

 

$

  131,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

  0.42

 

 

 

$

  0.40

 

 

$

  2.21

 

 

 

$

  1.85

 

Diluted

$

  0.42

 

 

 

$

  0.40

 

 

$

  2.20

 

 

 

$

  1.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

  71,584

 

 

 

  71,138

 

 

  71,467

 

 

 

  70,989

 

Diluted

  72,182

 

 

 

  71,753

 

 

  71,964

 

 

 

  71,527

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

$

  0.25

 

 

 

$

  0.21

 

 

$

  1.00

 

 

 

$

  0.84

 

 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

 

 

December 25, 2018

 

December 26, 2017

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

  210,125

 

 

$

  150,918

 

Other current assets, net

 

  134,894

 

 

  106,163

 

Property and equipment, net

 

  956,676

 

 

  912,147

 

Goodwill

 

  123,220

 

 

  121,040

 

Intangible assets, net

 

  1,959

 

 

  2,700

 

Other assets

 

  42,402

 

 

  37,655

 

 

 

 

 

 

 

 

Total assets

 

$

  1,469,276

 

 

$

  1,330,623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

  385,142

 

 

  329,998

 

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

  2,081

 

 

  51,981

 

Other liabilities, net

 

  121,345

 

 

  97,253

 

Texas Roadhouse, Inc. and subsidiaries stockholders' equity

 

  945,569

 

 

  839,079

 

Noncontrolling interests 

 

  15,139

 

 

  12,312

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

  1,469,276

 

 

$

 1,330,623

 

 

 

 

 

 

 

 

 

 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52 Weeks Ended

 

 

 

 

 

 

 

 

 

December 25, 2018

 

December 26, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

Net income including noncontrolling interests

 

$

  164,294

 

 

$

  137,536

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

 

 

 

 

 

 

Depreciation and amortization

 

  101,216

 

 

  93,499

 

Share-based compensation expense

 

  33,983

 

 

  26,934

 

Other noncash adjustments, net

 

  18,726

 

 

  438

Change in working capital

 

  34,649

 

 

  27,966

 

 

Net cash provided by operating activities

 

  352,868

 

 

  286,373

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Capital expenditures - property and equipment

 

  (155,980)

 

 

  (161,628)

Acquisition of franchise restaurants, net of cash acquired

 

  (2,165)

 

 

  (16,528)

 

 

Net cash used in investing activities

 

  (158,145)

 

 

  (178,156)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Principal payments on long-term debt and capital lease obligation

 

  (50,000)

 

 

  (558)

Dividends paid

 

  (68,550)

 

 

  (58,154)

Other financing activities, net

 

  (16,966)

 

 

  (11,531)

 

 

Net cash used in financing activities

 

  (135,516)

 

 

  (70,243)

 

 

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

  59,207

 

 

  37,974

Cash and cash equivalents - beginning of period

 

  150,918

 

 

  112,944

Cash and cash equivalents - end of period

 

$

  210,125

 

 

$

  150,918

 

Texas Roadhouse, Inc. and Subsidiaries

Reconciliation of Income from Operations to Restaurant Margin

(in thousands)

(unaudited)

 

  

 

 

13 Weeks Ended

 

52 Weeks Ended

 

 

December 25, 2018

 

December 26, 2017

 

December 25, 2018

 

December 26, 2017

 

 

 

 

 

 

 

 

 

Income from operations

 

$

  33,207

 

$

  37,459

 

$

 187,789

 

$

 186,206

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

Franchise royalties and fees

 

  4,976

 

  3,880

 

  20,334

 

  16,514

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

Pre-opening

 

  5,522

 

  4,972

 

  19,051

 

  19,274

Depreciation and amortization

 

  25,724

 

  24,263

 

  101,216

 

  93,499

Impairment and closure

 

  150

 

  641

 

  278

 

  654

General and administrative

 

  35,961

 

  28,700

 

  136,163

 

  123,294

 

 

 

 

 

 

 

 

 

Restaurant margin

 

$

  95,588

 

$

  92,155

 

$

 424,163

 

$

 406,413

 

 

 

 

 

 

 

 

 

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

 

15.9%

 

17.0%

 

17.4%

 

18.4%

 

Texas Roadhouse, Inc. and Subsidiaries

Supplemental Financial and Operating Information

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

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Change

 

 

Year to Date

 

Change

 

 

 

 

2018

 

2017

 

vs LY

 

 

2018

 

2017

 

vs LY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant openings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

10

 

7

 

3

 

 

23

 

23

 

0

 

 

Company - Bubba's 33

1

 

0

 

1

 

 

5

 

4

 

1

 

 

Company - Other

0

 

0

 

0

 

 

0

 

0

 

0

 

 

Franchise - Texas Roadhouse - U.S.

0

 

0

 

0

 

 

0

 

1

 

(1)

 

 

Franchise - Texas Roadhouse - International

1

 

2

 

(1)

 

 

5

 

4

 

1

 

 

Total

12

 

9

 

3

 

 

33

 

32

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant acquisitions/dispositions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

1

 

0

 

1

 

 

1

 

4

 

(3)

 

 

Franchise - Texas Roadhouse

(1)

 

0

 

(1)

 

 

(1)

 

(4)

 

3

 

 

Total

0

 

0

 

0

 

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants open at the end of the quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

464

 

440

 

24

 

 

 

 

 

 

 

 

 

Company - Bubba's 33

25

 

20

 

5

 

 

 

 

 

 

 

 

 

Company - Other

2

 

2

 

0

 

 

 

 

 

 

 

 

 

Franchise - Texas Roadhouse - U.S.

69

 

70

 

(1)

 

 

 

 

 

 

 

 

 

Franchise - Texas Roadhouse - International

22

 

17

 

5

 

 

 

 

 

 

 

 

 

Total

582

 

549

 

33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company restaurants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant and other sales

$

600,936

 

$

541,196

 

  11.0

%

$

2,437,115

 

$

 2,203,017

 

  10.6

%

 

Store weeks

6,307

 

5,950

 

  6.0

%

24,693

 

23,274

 

  6.1

%

 

Comparable restaurant sales growth (1)

5.6

%

5.8

%

 

 

5.4

%

4.5

%

 

 

Texas Roadhouse restaurants only:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurant sales growth (1)

5.6

%

5.9

%

 

 

5.4

%

4.5

%

 

 

 

Average unit volume (2)

$

  1,252

 

$

  1,193

 

  5.0

%

$

  5,211

 

$

  4,973

 

  4.8

%

 

 

Weekly sales by group:

 

 

 

 

 

 

 

 

 

 

 

  Comparable restaurants (424 units)

$

  96,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Average unit volume restaurants (23 units) (3)

$

  85,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Restaurants less than 6 months old (17 units)

$

 104,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

32.7

%

32.5

%

  23

bps

32.6

%

32.8

%

  (12)

bps

Labor

33.3

%

32.0

%

  128

bps

32.6

%

31.2

%

  134

bps

Rent

 

2.1

%

2.1

%

  (6)

bps

2.0

%

2.0

%

  (3)

bps

Other operating 

16.0

%

16.4

%

  (33)

bps

15.4

%

15.6

%

  (15)

bps

Total 

84.1

%

83.0

%

  112

bps

82.6

%

81.6

%

  104

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin

15.9

%

17.0

%

  (112)

bps

17.4

%

18.4

%

  (104)

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin ($ in thousands)

$

  95,588

 

$

 92,155

 

  3.7

%

$

  424,163

 

$

  406,413

 

  4.4

%

 

Restaurant margin $/Store week

$

  15,156

 

$

 15,488

 

  (2.1)

%

$

  17,177

 

$

  17,462

 

  (1.6)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise restaurants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise royalties and fees

$

  4,976

 

$

  3,880

 

  28.2

%

$

  20,334

 

$

  16,514

 

  23.1

%

 

Store weeks

1,192

 

1,117

 

  6.7

%

4,670

 

4,381

 

  6.6

%

 

Comparable restaurant sales growth (1)

2.7

%

2.9

%

 

 

2.2

%

2.9

%

 

 

U.S. franchise restaurants only:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurant sales growth (1)

4.8

%

4.7

%

 

 

4.3

%

4.2

%

 

 

 

Average unit volume (2)

$

  1,284

 

$

  1,226

 

  4.8

%

$

  5,338

 

$

  5,077

 

  5.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-opening expense

$

  5,522

 

$

  4,972

 

  11.1

%

$

  19,051

 

$

  19,274

 

  (1.2)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization 

$

  25,724

 

$

 24,263

 

  6.0

%

$

  101,216

 

$

  93,499

 

  8.3

%

 

As a % of revenue 

4.2

%

4.5

%

  (21)

bps

4.1

%

4.2

%

  (9)

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses 

$

  35,961

 

$

 28,700

 

  25.3

%

$

  136,163

 

$

  123,294

 

  10.4

%

 

As a % of revenue

5.9

%

5.3

%

  67

bps

5.5

%

5.6

%

  (1)

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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