Texas Roadhouse, Inc. Announces Fourth Quarter 2020 Results and Provides Business Update
February 18 2021 - 4:01PM
Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial
results for the 13 and 52 week periods ended December 29, 2020 and
provided a business update in response to the continued COVID-19
pandemic.
|
|
Fourth Quarter |
|
Year to Date |
|
($000's) |
|
|
2020 |
|
|
2019 |
|
% Change |
|
|
2020 |
|
|
2019 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue |
|
$ |
637,989 |
|
$ |
725,238 |
|
(12.0 |
%) |
|
$ |
2,398,123 |
|
$ |
2,756,163 |
|
(13.0 |
%) |
|
Income from operations |
|
|
20,396 |
|
|
53,411 |
|
(61.8 |
%) |
|
|
23,844 |
|
|
212,023 |
|
(88.8 |
%) |
|
Net
income |
|
|
19,549 |
|
|
42,686 |
|
(54.2 |
%) |
|
|
31,255 |
|
|
174,452 |
|
(82.1 |
%) |
|
Diluted
earnings per share |
|
$ |
0.28 |
|
$ |
0.61 |
|
(54.3 |
%) |
|
$ |
0.45 |
|
$ |
2.46 |
|
(81.8 |
%) |
|
Note: Fourth quarter and full year 2020 results
include 13 and 52 weeks, respectively, compared to 14 and 53 weeks
in the fourth quarter and full year of 2019, respectively.
Results for the fourth quarter included the
following:
- Total revenue was negatively
impacted by lapping the $59.5 million benefit of the 14th week in
2019, which represented 7.9% of the decrease in total revenue for
the quarter. Diluted earnings per share in the prior year quarter
benefitted by $0.10 to $0.11 as a result of the 14th week;
- For the October, November, and
December periods, comparable restaurant sales at domestic company
restaurants increased 0.8%, decreased 6.3%, and decreased 18.2%,
respectively. Sales during the period were negatively impacted by
dining room closures and capacity restrictions throughout the
country. For the quarter, comparable restaurant sales decreased
8.9% at domestic company restaurants and decreased 11.2% at
domestic franchise restaurants;
- Nine company restaurants, including
one Jaggers restaurant, our fast-casual concept, were opened and
two franchise restaurants were opened;
- Restaurant margin, as a percentage
of restaurant and other sales, was 13.3% and restaurant margin
dollars were $84.1 million. Restaurant margin was impacted by a
decrease in comparable restaurant sales and higher costs related to
the pandemic. These costs included $0.5 million of
costs incurred for relief pay and enhanced benefits for hourly
restaurant employees, net of employee retention payroll tax credits
of $2.5 million; and,
- The Company ended the quarter with
debt of $240.0 million and $363.2 million of cash on hand.
Results for the year-to-date period included the
following:
- Comparable restaurant sales
decreased 14.2% at domestic company restaurants and 15.5% at
domestic franchise restaurants;
- 22 company restaurants, including
three Bubba’s 33 restaurants and one Jaggers restaurant, were
opened and four franchise restaurants were opened. One company
restaurant and two international franchise restaurants were
closed;
- Restaurant margin, as a percentage
of restaurant and other sales, was 11.2% and restaurant margin
dollars were $265.6 million. Restaurant margin was impacted by a
decrease in comparable restaurant sales and higher costs related to
the pandemic. These costs included $13.2 million of costs incurred
for relief pay and enhanced benefits for hourly restaurant
employees, net of employee retention payroll tax credits of $7.0
million; and,
- The Company repurchased 252,409
shares of common stock for $12.6 million, the last of which
occurred on March 17th. No proceeds from the revolving credit
facility were utilized to repurchase shares.
Kent Taylor, Chief Executive Officer of Texas
Roadhouse, Inc., commented, “This past year has been without
question the most challenging I’ve ever experienced in the
restaurant business. Despite these challenges, our
operators quickly adapted and found ways to continue to serve our
guests, many times in ways they never had before. This sustained
our cashflows at a level that allowed us to continue to grow by
opening 22 restaurants during the year. While we expect continued
headwinds in the first half of 2021, we remain well-positioned for
future growth.”
Business Update
For the quarter, the Company continued to
operate under various capacity restrictions in the dining rooms
along with enhanced To-Go, which included a curbside and/or
drive-up operating model, as permitted by local guidelines.
Comparable restaurant sales during the fourth quarter were impacted
by dining room closures at a number of company restaurants. At the
beginning of the quarter, nearly all company restaurants had their
dining rooms open under various limited capacity restrictions. At
the end of the quarter, 82% of company restaurants had their dining
rooms open. By period, the comparable restaurant sales, average
weekly sales, and To-Go sales for all company restaurants were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
October |
|
November |
|
December |
|
Q4 2020 |
|
All
restaurants |
|
|
|
|
|
|
|
|
|
Comparable restaurant sales |
|
|
0.8 |
% |
|
|
(6.3 |
%) |
|
|
(18.2 |
%) |
|
|
(8.9 |
%) |
|
Average
weekly sales |
|
$ |
98,797 |
|
|
$ |
93,946 |
|
|
$ |
84,184 |
|
|
$ |
91,644 |
|
|
To-Go sales
as a % of average weekly sales |
|
|
20.0 |
% |
|
|
22.4 |
% |
|
|
26.5 |
% |
|
|
23.1 |
% |
|
Number of
restaurants - end of period |
|
|
528 |
|
|
|
533 |
|
|
|
537 |
|
|
|
537 |
|
|
|
|
|
|
|
|
|
|
|
|
Limited
capacity restaurants (1) |
|
|
|
|
|
|
|
|
|
Comparable
restaurant sales |
|
|
1.1 |
% |
|
|
(3.4 |
%) |
|
|
(9.1 |
%) |
|
|
(4.0 |
%) |
|
Average
weekly sales |
|
$ |
99,139 |
|
|
$ |
96,841 |
|
|
$ |
93,894 |
|
|
$ |
96,568 |
|
|
To-Go sales
as a % of average weekly sales |
|
|
19.9 |
% |
|
|
21.1 |
% |
|
|
21.4 |
% |
|
|
20.8 |
% |
|
Number of
restaurants - end of period |
|
|
519 |
|
|
|
452 |
|
|
|
440 |
|
|
|
440 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes the full
weekly sales for all restaurants with dining rooms re-opened at
limited capacity as of the end of a week and excludes those
restaurants that were operating as To-Go or outdoor dining
only. |
|
|
|
|
|
|
|
|
|
|
|
For the fourth quarter, the Company’s cash on
hand position increased approximately $34.5 million due to
operating cashflows and working capital inflows, partially offset
by cash used for capital expenditures. In addition, the Company
acquired two franchise locations for a total purchase price of
$10.6 million. As of the end of the year, the Company had opened 22
company restaurants across all concepts and an additional ten
company restaurants were under construction. For the
January period and the first seven weeks of the first quarter of
fiscal 2021, the comparable restaurant sales, average weekly sales,
and To-Go sales for all company restaurants were as follows:
|
|
|
|
|
|
|
|
|
|
|
First 7 weeks |
|
|
January |
|
|
Q1 2021 |
All
restaurants |
|
|
|
|
|
Comparable restaurant sales |
|
|
(0.3 |
%) |
|
|
|
(2.0 |
%) |
Average
weekly sales |
|
$ |
105,595 |
|
|
|
$ |
105,505 |
|
To-Go sales
as a % of average weekly sales |
|
|
25.9 |
% |
|
|
|
24.8 |
% |
Number of
restaurants - end of period |
|
|
537 |
|
|
|
|
538 |
|
|
|
|
|
|
|
Limited
capacity restaurants (1) |
|
|
|
|
|
Comparable
restaurant sales |
|
|
3.8 |
% |
|
|
|
0.3 |
% |
Average
weekly sales |
|
$ |
110,587 |
|
|
|
$ |
108,374 |
|
To-Go sales
as a % of average weekly sales |
|
|
23.7 |
% |
|
|
|
23.4 |
% |
Number of
restaurants - end of period |
|
|
504 |
|
|
|
|
530 |
|
|
|
|
|
|
|
(1) Includes the full
weekly sales for all restaurants with dining rooms re-opened at
limited capacity as of the end of a week and excludes those
restaurants that were operating as To-Go or outdoor dining
only. |
|
|
|
|
|
|
2021 Outlook
As previously announced, due to the uncertainty
surrounding the pandemic, the Company had not yet provided a
financial outlook for the fiscal year ending December 28, 2021.
However, based on improved cashflow and stabilizing operations at
company restaurants, the Company is providing the following
expectations for 2021:
- 25 to 30 company restaurant
openings across all concepts;
- Store week growth of 4.0% to
5.0%;
- Commodity cost inflation of
approximately 3.0%; and
- Total capital expenditures of $210
million to $220 million.
To the extent that state and local guidelines
begin to significantly reduce capacity and/or re-close dining
rooms, the Company could pull back on development and reduce
capital spend accordingly.
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 is hosting a conference call
today, February 18, 2021 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 6659886 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 630 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/Coronavirus outbreak 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; 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 31, 2019 and in the Current Report on Form 8-K
filed on February 18, 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 Michael
Bailen(502) 515-7298
MediaTravis Doster(502) 638-5457
Texas
Roadhouse, Inc. and Subsidiaries |
|
Condensed
Consolidated Statements of Income |
|
(in
thousands, except per share data) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 and 14 Weeks Ended |
|
52 and 53 Weeks Ended |
|
|
|
|
December 29, 2020 |
|
December 31, 2019 |
|
December 29, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Restaurant and other sales |
$
633,032 |
|
|
$
719,457 |
|
$
2,380,177 |
|
|
$
2,734,177 |
|
|
Franchise royalties and fees |
4,957 |
|
|
5,781 |
|
17,946 |
|
|
21,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
637,989 |
|
|
725,238 |
|
2,398,123 |
|
|
2,756,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating
costs (excluding depreciation and amortization shown separately
below): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and
beverage |
205,117 |
|
|
233,221 |
|
780,646 |
|
|
883,357 |
|
|
|
Labor |
222,788 |
|
|
237,902 |
|
875,764 |
|
|
905,614 |
|
|
|
Rent |
13,956 |
|
|
13,358 |
|
54,401 |
|
|
52,531 |
|
|
|
Other
operating |
107,111 |
|
|
112,093 |
|
403,726 |
|
|
418,448 |
|
|
Pre-opening |
5,803 |
|
|
7,355 |
|
20,099 |
|
|
20,156 |
|
|
Depreciation and amortization |
30,443 |
|
|
30,970 |
|
117,877 |
|
|
115,544 |
|
|
Impairment and closure, net |
1,392 |
|
|
(1,293) |
|
2,263 |
|
|
(899) |
|
|
General and administrative |
30,983 |
|
|
38,221 |
|
119,503 |
|
|
149,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses |
617,593 |
|
|
671,827 |
|
2,374,279 |
|
|
2,544,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
20,396 |
|
|
53,411 |
|
23,844 |
|
|
212,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (income), net |
1,490 |
|
|
12 |
|
4,091 |
|
|
(1,514) |
|
Equity income (loss) from investments in |
|
|
|
|
|
|
|
|
|
|
|
unconsolidated affiliates |
97 |
|
|
278 |
|
(500) |
|
|
378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
19,003 |
|
|
53,677 |
|
19,253 |
|
|
213,915 |
|
Income tax (benefit) expense |
(1,673) |
|
|
9,066 |
|
(15,672) |
|
|
32,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interests |
20,676 |
|
|
44,611 |
|
34,925 |
|
|
181,518 |
|
Less: Net income attributable to noncontrolling interests |
1,127 |
|
|
1,925 |
|
3,670 |
|
|
7,066 |
|
Net income attributable to Texas Roadhouse, Inc. and
subsidiaries |
$ 19,549 |
|
|
$ 42,686 |
|
$ 31,255 |
|
|
$ 174,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share attributable to Texas Roadhouse,
Inc. |
|
|
|
|
|
|
|
|
|
|
and subsidiaries: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ 0.28 |
|
|
$ 0.61 |
|
$ 0.45 |
|
|
$ 2.47 |
|
|
Diluted |
$ 0.28 |
|
|
$ 0.61 |
|
$ 0.45 |
|
|
$ 2.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
69,525 |
|
|
69,431 |
|
69,438 |
|
|
70,509 |
|
|
Diluted |
70,052 |
|
|
69,888 |
|
69,893 |
|
|
70,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share |
$ - |
|
|
$ 0.30 |
|
$ 0.36 |
|
|
$ 1.20 |
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
Condensed
Consolidated Balance Sheets |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 29, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$
363,155 |
|
|
$
107,879 |
|
|
Other current assets, net |
|
147,496 |
|
|
140,020 |
|
|
Property and equipment, net |
|
1,088,623 |
|
|
1,056,563 |
|
|
Operating lease right-of-use assets, net |
|
530,625 |
|
|
499,801 |
|
|
Goodwill |
|
127,001 |
|
|
124,748 |
|
|
Intangible assets, net |
|
2,271 |
|
|
1,234 |
|
|
Other assets |
|
65,990 |
|
|
53,320 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ 2,325,161 |
|
|
$ 1,983,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
50,000 |
|
|
- |
|
|
Other current liabilities |
|
456,318 |
|
|
417,220 |
|
|
Operating lease liabilities, net of current portion |
|
572,171 |
|
|
538,710 |
|
|
Long-term debt, excluding current maturities |
|
190,000 |
|
|
- |
|
|
Other liabilities |
|
113,621 |
|
|
96,466 |
|
|
Texas Roadhouse, Inc. and subsidiaries stockholders' equity |
|
927,505 |
|
|
915,994 |
|
|
Noncontrolling interests |
|
15,546 |
|
|
15,175 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ 2,325,161 |
|
|
$ 1,983,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
|
Condensed
Consolidated Statements of Cash Flows |
|
(in
thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 and 53 Weeks Ended |
|
|
|
|
|
December 29, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net income including noncontrolling interests |
|
$
34,925 |
|
|
$
181,518 |
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
|
|
|
Depreciation and amortization |
|
117,877 |
|
|
115,544 |
|
|
Share-based compensation expense |
|
29,431 |
|
|
35,500 |
|
|
Deferred income taxes |
|
(19,932) |
|
|
6,335 |
|
|
Other noncash adjustments, net |
|
6,262 |
|
|
6,039 |
|
Change in working capital |
|
61,875 |
|
|
29,362 |
|
|
|
Net cash
provided by operating activities |
|
230,438 |
|
|
374,298 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Capital expenditures - property and equipment |
|
(154,401) |
|
|
(214,340) |
|
Acquisition of franchise restaurants, net of cash acquired |
|
(10,580) |
|
|
(1,536) |
|
Proceeds from sale of property and equipment |
|
1,709 |
|
|
1,056 |
|
Proceeds from sale leaseback transaction |
|
2,167 |
|
|
- |
|
|
|
Net cash
used in investing activities |
|
(161,105) |
|
|
(214,820) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Proceeds from revolving credit facility |
|
240,000 |
|
|
- |
|
Repurchase of shares of common stock |
|
(12,621) |
|
|
(139,849) |
|
Dividends paid |
|
(24,989) |
|
|
(102,366) |
|
Other financing activities, net |
|
(16,447) |
|
|
(19,509) |
|
|
|
Net cash
provided by (used in) financing activities |
|
185,943 |
|
|
(261,724) |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents |
|
255,276 |
|
|
(102,246) |
|
Cash and cash equivalents - beginning of period |
|
107,879 |
|
|
210,125 |
|
Cash and cash equivalents - end of period |
|
$ 363,155 |
|
|
$ 107,879 |
|
|
|
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
Reconciliation of Income from Operations to Restaurant
Margin |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
13 and 14 Weeks Ended |
|
52 and 53 Weeks Ended |
|
|
December 29, 2020 |
|
December 31, 2019 |
|
December 29, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
Income from operations |
|
$ |
20,396 |
|
|
$ |
53,411 |
|
|
$ |
23,844 |
|
|
$ |
212,023 |
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Franchise
royalties and fees |
|
|
4,957 |
|
|
|
5,781 |
|
|
|
17,946 |
|
|
|
21,986 |
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
Pre-opening |
|
|
5,803 |
|
|
|
7,355 |
|
|
|
20,099 |
|
|
|
20,156 |
|
Depreciation
and amortization |
|
|
30,443 |
|
|
|
30,970 |
|
|
|
117,877 |
|
|
|
115,544 |
|
Impairment
and closure, net |
|
|
1,392 |
|
|
|
(1,293 |
) |
|
|
2,263 |
|
|
|
(899 |
) |
General and
administrative |
|
|
30,983 |
|
|
|
38,221 |
|
|
|
119,503 |
|
|
|
149,389 |
|
|
|
|
|
|
|
|
|
|
Restaurant
margin |
|
$ |
84,060 |
|
|
$ |
122,883 |
|
|
$ |
265,640 |
|
|
$ |
474,227 |
|
|
|
|
|
|
|
|
|
|
Restaurant
margin (as a percentage of restaurant and other sales) |
|
|
13.3 |
% |
|
|
17.1 |
% |
|
|
11.2 |
% |
|
|
17.3 |
% |
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
vs LY |
|
|
|
2020 |
|
|
|
2019 |
|
|
vs LY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant openings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
8 |
|
|
|
9 |
|
|
(1 |
) |
|
|
|
18 |
|
|
|
19 |
|
|
(1 |
) |
|
|
|
|
|
|
Company - Bubba's 33 |
|
0 |
|
|
|
2 |
|
|
(2 |
) |
|
|
|
3 |
|
|
|
3 |
|
|
0 |
|
|
|
|
|
|
|
Company - Jaggers |
|
1 |
|
|
|
0 |
|
|
1 |
|
|
|
|
1 |
|
|
|
0 |
|
|
1 |
|
|
|
|
|
|
|
Franchise - Texas Roadhouse - U.S. |
|
1 |
|
|
|
0 |
|
|
1 |
|
|
|
|
2 |
|
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
Franchise - Texas Roadhouse - International |
|
1 |
|
|
|
3 |
|
|
(2 |
) |
|
|
|
2 |
|
|
|
8 |
|
|
(6 |
) |
|
|
|
|
|
|
Total |
|
11 |
|
|
|
14 |
|
|
(3 |
) |
|
|
|
26 |
|
|
|
31 |
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant acquisitions/dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
2 |
|
|
|
1 |
|
|
1 |
|
|
|
|
2 |
|
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
Franchise |
|
(2 |
) |
|
|
(1 |
) |
|
(1 |
) |
|
|
|
(2 |
) |
|
|
(1 |
) |
|
(1 |
) |
|
|
|
|
|
|
|
Total |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant closures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
(1 |
) |
|
|
0 |
|
|
(1 |
) |
|
|
|
|
|
|
Company - Bubba's 33 |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
|
|
|
Company - Jaggers |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
|
|
|
Franchise - Texas Roadhouse - International |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
(2 |
) |
|
|
(2 |
) |
|
0 |
|
|
|
|
|
|
|
Total |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
(3 |
) |
|
|
(2 |
) |
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants open at the end of the quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
503 |
|
|
|
484 |
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Bubba's 33 |
|
31 |
|
|
|
28 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Jaggers |
|
3 |
|
|
|
2 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise - Texas Roadhouse - U.S. |
|
69 |
|
|
|
69 |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise - Texas Roadhouse - International |
|
28 |
|
|
|
28 |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
634 |
|
|
|
611 |
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant and other sales |
$ |
633,032 |
|
|
$ |
719,457 |
|
|
(12.0 |
) |
% |
|
$ |
2,380,177 |
|
|
$ |
2,734,177 |
|
|
(12.9 |
) |
% |
|
|
|
|
|
Store weeks |
|
6,908 |
|
|
|
7,118 |
|
|
(3.0 |
) |
% |
|
|
27,181 |
|
|
|
26,473 |
|
|
2.7 |
|
% |
|
|
|
|
|
Comparable restaurant sales (1) |
|
(8.9 |
) |
% |
|
4.4 |
|
% |
|
|
|
|
(14.2 |
) |
% |
|
4.7 |
|
% |
|
|
|
|
|
|
|
Texas Roadhouse restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
restaurant sales (1) |
|
(9.0 |
) |
% |
|
4.3 |
|
% |
|
|
|
|
(14.1 |
) |
% |
|
4.6 |
|
% |
|
|
|
|
|
|
|
|
Average unit
volume (2) |
$ |
1,208 |
|
|
$ |
1,435 |
|
|
(15.8 |
) |
% |
|
$ |
4,649 |
|
|
$ |
5,555 |
|
|
(16.3 |
) |
% |
|
|
|
|
|
|
Average unit
volume, as adjusted (3) |
$ |
1,208 |
|
|
$ |
1,336 |
|
|
(9.5 |
) |
% |
|
$ |
4,649 |
|
|
$ |
5,427 |
|
|
(14.3 |
) |
% |
|
|
|
|
|
|
Weekly sales
by group: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurants (470 units) |
$ |
93,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average unit volume restaurants (19 units) (4) |
$ |
78,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants less than 6 months old (14 units) |
$ |
90,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (as a % of restaurant and other
sales) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and beverage costs |
|
32.4 |
|
% |
|
32.4 |
|
% |
(1 |
) |
bps |
|
32.8 |
|
% |
|
32.3 |
|
% |
49 |
|
bps |
|
|
|
Labor |
|
35.2 |
|
% |
|
33.1 |
|
% |
213 |
|
bps |
|
36.8 |
|
% |
|
33.1 |
|
% |
367 |
|
bps |
|
|
|
Rent |
|
2.2 |
|
% |
|
1.9 |
|
% |
35 |
|
bps |
|
2.3 |
|
% |
|
1.9 |
|
% |
36 |
|
bps |
|
|
|
Other operating |
|
16.9 |
|
% |
|
15.6 |
|
% |
134 |
|
bps |
|
17.0 |
|
% |
|
15.3 |
|
% |
166 |
|
bps |
|
|
|
Total |
|
86.7 |
|
% |
|
82.9 |
|
% |
380 |
|
bps |
|
88.8 |
|
% |
|
82.7 |
|
% |
618 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin |
|
13.3 |
|
% |
|
17.1 |
|
% |
(380 |
) |
bps |
|
11.2 |
|
% |
|
17.3 |
|
% |
(618 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin ($ in thousands) |
$ |
84,060 |
|
|
$ |
122,883 |
|
|
(31.6 |
) |
% |
|
$ |
265,640 |
|
|
$ |
474,227 |
|
|
(44.0 |
) |
% |
|
|
|
|
|
Restaurant margin $/Store week |
$ |
12,169 |
|
|
$ |
17,264 |
|
|
(29.5 |
) |
% |
|
$ |
9,773 |
|
|
$ |
17,914 |
|
|
(45.4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise royalties and fees |
$ |
4,957 |
|
|
$ |
5,781 |
|
|
(14.3 |
) |
% |
|
$ |
17,946 |
|
|
$ |
21,986 |
|
|
(18.4 |
) |
% |
|
|
|
|
|
Store weeks |
|
1,260 |
|
|
|
1,330 |
|
|
(5.2 |
) |
% |
|
|
5,048 |
|
|
|
4,953 |
|
|
1.9 |
|
% |
|
|
|
|
|
Comparable restaurant sales (1) |
|
(10.7 |
) |
% |
|
3.0 |
|
% |
|
|
|
|
(17.3 |
) |
% |
|
3.0 |
|
% |
|
|
|
|
|
|
|
U.S. franchise restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
restaurant sales (1) |
|
(11.2 |
) |
% |
|
3.4 |
|
% |
|
|
|
|
(15.5 |
) |
% |
|
3.8 |
|
% |
|
|
|
|
|
|
|
|
Average unit
volume (2) |
$ |
1,242 |
|
|
$ |
1,491 |
|
|
(16.7 |
) |
% |
|
$ |
4,779 |
|
|
$ |
5,749 |
|
|
(16.9 |
) |
% |
|
|
|
|
|
|
Average unit
volume, as adjusted (3) |
$ |
1,242 |
|
|
$ |
1,387 |
|
|
(10.5 |
) |
% |
|
$ |
4,779 |
|
|
$ |
5,617 |
|
|
(14.9 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expense |
$ |
5,803 |
|
|
$ |
7,355 |
|
|
(21.1 |
) |
% |
|
$ |
20,099 |
|
|
$ |
20,156 |
|
|
(0.3 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
30,443 |
|
|
$ |
30,970 |
|
|
(1.7 |
) |
% |
|
$ |
117,877 |
|
|
$ |
115,544 |
|
|
2.0 |
|
% |
|
|
|
|
|
As a % of revenue |
|
4.8 |
|
% |
|
4.3 |
|
% |
50 |
|
bps |
|
4.9 |
|
% |
|
4.2 |
|
% |
72 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
$ |
30,983 |
|
|
$ |
38,221 |
|
|
(18.9 |
) |
% |
|
$ |
119,503 |
|
|
$ |
149,389 |
|
|
(20.0 |
) |
% |
|
|
|
|
|
As a % of revenue |
|
4.9 |
|
% |
|
5.3 |
|
% |
(41 |
) |
bps |
|
5.0 |
|
% |
|
5.4 |
|
% |
(44 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Comparable
restaurant sales 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 permanently
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 sales from restaurants permanently closed during the
period. Q4 2020 and 2020 YTD include 13 and 52 weeks, respectively,
while Q4 2019 and 2019 YTD include 14 and 53 weeks,
respectively. |
|
|
|
(3) For comparative
purposes, Q4 2019 and 2019 YTD were adjusted to include 13 and 52
weeks, respectively. |
|
|
|
(4) 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. |
|
|
|
|
|
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