Texas Roadhouse, Inc. Announces Fourth Quarter 2012 Results and Increases Quarterly Dividend to $0.12 per Share
Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial
results for the 13 and 52 week periods ended December 25, 2012.
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Fourth Quarter
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Year to Date
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($000's)
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2012
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2011
|
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% Change
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2012
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2011
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% Change
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Total revenue
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309,531
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276,616
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12
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1,263,331
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1,109,226
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14
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Income from operations (1)
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22,075
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18,210
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21
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110,458
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95,239
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16
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Net income (1)
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13,924
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12,297
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13
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71,170
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63,964
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11
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Diluted EPS (1)
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$0.19
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$0.17
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12
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$1.00
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$0.88
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13
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(1) 2012 YTD includes a charge related to a legal settlement
discussed below.
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Results for the fourth quarter included:
-
Comparable restaurant sales increased 4.4% at company restaurants and
4.5% at franchise restaurants;
-
Seven company and two franchise restaurants were opened;
-
Restaurant margins, as a percentage of restaurant sales, increased 74
basis points to 17.6%;
-
Diluted earnings per share increased 12% to $0.19 from $0.17 in the
prior year; and
-
The Company repurchased 1,786,855 shares of its common stock for a
total purchase price of $29.4 million.
Results year-to-date included:
-
Comparable restaurant sales increased 4.7% at company restaurants and
5.3% at franchise restaurants;
-
25 company and two franchise restaurants were opened;
-
Restaurant margins, as a percentage of restaurant sales, increased 37
basis points to 18.4%;
-
As previously disclosed, the Company recorded a one-time, pre-tax
charge of $5.0 million ($3.1 million after-tax) in the first quarter
of 2012 for a legal settlement, which had a $0.04 impact on diluted
earnings per share;
-
Before the previously disclosed first quarter charge, diluted earnings
per share increased 17% to $1.04 from $0.88 in the prior year; and
-
In the fourth quarter, the Company repurchased 1,786,855 shares of its
common stock for a total purchase price of $29.4 million.
Kent Taylor, Chief Executive Officer of Texas Roadhouse, commented, “We
were very pleased to have finished 2012 on a strong note, with
double-digit revenue and earnings per share growth. Despite the consumer
and inflationary challenges, we achieved our third consecutive year of
positive same-store sales growth and another year of increased store
level profitability. In addition, our strong balance sheet and healthy
cash flows enabled us to return $54 million of excess capital to
shareholders through share repurchases and quarterly dividend payments.
While we anticipate further commodity inflation in 2013, we believe our
brand is well-positioned for future growth and feel confident about
increasing our new restaurant growth for the third consecutive year.”
Franchise Acquisition
Effective December 25, 2012, the Company acquired two franchise
restaurants in Illinois for an aggregate purchase price of $4.3 million.
The purchase price was paid in cash. The acquisition did not have a net
revenue or accretive impact in 2012 as it occurred on the last day of
the Company’s 2012 fiscal year.
2013 Outlook
The Company reported that comparable restaurant sales at company
restaurants for the first 55 days of its fiscal 2013 increased
approximately 2.2% compared to the prior year period. Additionally, the
Company announced that it implemented a menu price increase of
approximately 2.0% across its restaurants in December 2012.
Management is providing the following expectations for 2013:
-
Positive comparable restaurant sales growth;
-
Approximately 28 company restaurant openings;
-
Food cost inflation of 6.0% to 7.0%;
-
An income tax rate of approximately 31.0%, which is lower than the
prior year rate of 32.8% primarily as a result of the reinstatement of
certain federal tax credits at the beginning of 2013; and
-
Total capital expenditures of $100.0 to $105.0 million.
Cash Dividend Payment
On February 14, 2013, the Company’s Board of Directors authorized the
payment of a quarterly cash dividend of $0.12 per share of common stock.
This payment, which will be distributed on March 29, 2013 to
shareholders of record at the close of business on March 13, 2013,
represents a 33% increase from the cash dividend of $0.09 per share of
common stock declared during each quarter of 2012.
Conference Call
The Company is hosting a conference call today, February 19, 2013, at
5:00 p.m. Eastern Time to discuss these results. The dial-in number is
(888) 710-4022 or (913) 312-1406 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 5918054 as the pass code. There will be a
simultaneous Web cast conducted at www.texasroadhouse.com.
About the Company
Texas Roadhouse is a casual dining concept that first opened in 1993 and
today operates over 390 restaurants system-wide in 47 states and two
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 the Company's control such as weather, natural
disasters, disease outbreaks, epidemics or pandemics impacting the
Company's customers or food supplies; acts of war or terrorism and other
factors disclosed from time to time in the Company's filings with the
U.S. Securities and Exchange Commission. Investors should take such
risks into account when making investment decisions. Stockholders 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.
Texas Roadhouse, Inc. and Subsidiaries
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Condensed Consolidated Statements of Income
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(in thousands, except per share data)
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(unaudited)
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13 Weeks Ended
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52 Weeks Ended
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December 25,
2012
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December 27,
2011
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December 25,
2012
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December 27,
2011
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Revenue:
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Restaurant sales
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$
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306,775
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$
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274,192
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$
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1,252,358
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$
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1,099,475
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Franchise royalties and fees
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2,756
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2,424
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10,973
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9,751
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Total revenue
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309,531
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276,616
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1,263,331
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1,109,226
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Costs and expenses:
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Restaurant operating costs (excluding depreciation and
amortization shown separately below):
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Cost of sales
|
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|
104,170
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|
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|
92,634
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|
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423,615
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|
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|
367,385
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Labor
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|
89,674
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|
81,682
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367,763
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|
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|
326,233
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Rent
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|
6,677
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|
|
|
5,997
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|
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25,797
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|
23,150
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Other operating
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|
52,351
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47,742
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|
204,318
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|
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|
184,073
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Pre-opening
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|
3,576
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|
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|
4,121
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|
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|
12,399
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|
|
|
11,534
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Depreciation and amortization
|
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|
11,996
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|
|
|
10,985
|
|
|
|
46,717
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|
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|
42,709
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|
Impairment and closure
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1,561
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|
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|
1,142
|
|
|
|
1,624
|
|
|
|
1,201
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|
General and administrative
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17,451
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|
14,103
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70,640
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57,702
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Total costs and expenses
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|
287,456
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258,406
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1,152,873
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1,013,987
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Income from operations
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|
22,075
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|
18,210
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110,458
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95,239
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|
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Interest expense, net
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|
|
571
|
|
|
|
637
|
|
|
|
2,347
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|
|
|
2,413
|
Equity income from investments in unconsolidated affiliates
|
|
|
125
|
|
|
|
95
|
|
|
|
428
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|
|
|
366
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|
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|
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|
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Income before taxes
|
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21,629
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|
|
|
17,668
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|
|
|
108,539
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|
|
|
93,192
|
Provision for income taxes
|
|
|
6,923
|
|
|
|
4,831
|
|
|
|
34,738
|
|
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|
26,765
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Net income including noncontrolling interests (1)
|
|
$
|
14,706
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|
|
$
|
12,837
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|
|
$
|
73,801
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|
|
$
|
66,427
|
Less: Net income attributable to noncontrolling interests
|
|
|
782
|
|
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|
540
|
|
|
|
2,631
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|
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|
2,463
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Net income attributable to Texas Roadhouse, Inc. and subsidiaries
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|
$
|
13,924
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|
|
$
|
12,297
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|
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$
|
71,170
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|
|
$
|
63,964
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Net income per common share attributable to Texas Roadhouse, Inc.
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and subsidiaries:
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|
|
|
|
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Basic
|
|
$
|
0.20
|
|
|
$
|
0.18
|
|
|
$
|
1.02
|
|
|
$
|
0.90
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Diluted
|
|
$
|
0.19
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|
|
$
|
0.17
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|
|
$
|
1.00
|
|
|
$
|
0.88
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|
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|
Weighted average shares outstanding:
|
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|
|
|
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|
|
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Basic
|
|
|
70,097
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|
|
|
69,214
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|
|
|
70,026
|
|
|
|
70,829
|
|
Diluted
|
|
|
71,509
|
|
|
|
70,463
|
|
|
|
71,485
|
|
|
|
72,278
|
|
|
|
|
|
|
|
|
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(1) Results for the 52 weeks ended December 25, 2012 include a $5.0
million charge, before the statutory income tax rate, relating to
the settlement of a legal matter. The settlement is included in
general and administrative costs.
|
Texas Roadhouse, Inc. and Subsidiaries
|
Condensed Consolidated Balance Sheets
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(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
December 25,
2012
|
|
|
December 27,
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
81,746
|
|
|
$
|
78,777
|
Other current assets
|
|
|
|
40,726
|
|
|
|
33,197
|
Property and equipment, net
|
|
|
|
531,654
|
|
|
|
497,217
|
Goodwill
|
|
|
|
113,435
|
|
|
|
110,946
|
Intangible assets, net
|
|
|
|
9,264
|
|
|
|
9,042
|
Other assets
|
|
|
|
14,429
|
|
|
|
11,491
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
791,254
|
|
|
$
|
740,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
|
|
|
|
|
|
and obligations under capital leases
|
|
|
|
338
|
|
|
|
304
|
Other current liabilities
|
|
|
|
158,324
|
|
|
|
136,068
|
Long-term debt and obligations under
|
|
|
|
|
|
|
|
capital leases, excluding current maturities
|
|
|
|
51,264
|
|
|
|
61,601
|
Other liabilities
|
|
|
|
50,591
|
|
|
|
46,875
|
Texas Roadhouse, Inc. and subsidiaries stockholders' equity
|
|
|
|
525,084
|
|
|
|
491,904
|
Noncontrolling interests
|
|
|
|
5,653
|
|
|
|
3,918
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
$
|
791,254
|
|
|
$
|
740,670
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries
|
Condensed Consolidated Statements of Cash Flows
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 Weeks Ended
|
|
|
|
|
December 25,
2012
|
|
|
December 27,
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
Net income including noncontrolling interests
|
|
$
|
73,801
|
|
|
|
$
|
66,427
|
|
Adjustments to reconcile net income to net cash provided by
operating activities
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
46,717
|
|
|
|
|
42,709
|
|
|
Share-based compensation expense
|
|
|
13,193
|
|
|
|
|
10,525
|
|
|
Other noncash adjustments
|
|
|
2,116
|
|
|
|
|
3,728
|
|
Change in working capital
|
|
|
10,113
|
|
|
|
|
15,125
|
|
|
|
Net cash provided by operating activities
|
|
|
145,940
|
|
|
|
|
138,514
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Capital expenditures - property and equipment
|
|
|
(84,879
|
)
|
|
|
|
(81,758
|
)
|
Acquisitions of franchise restaurants, net of cash acquired
|
|
|
(4,297
|
)
|
|
|
|
-
|
|
Proceeds from sale of property and equipment, including insurance
proceeds
|
|
|
1,128
|
|
|
|
|
188
|
|
|
|
Net cash used in investing activities
|
|
|
(88,048
|
)
|
|
|
|
(81,570
|
)
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
(Repayments) of revolving credit facility, net
|
|
|
(10,000
|
)
|
|
|
|
10,000
|
|
Repurchase shares of common stock
|
|
|
(29,421
|
)
|
|
|
|
(59,147
|
)
|
Dividends paid
|
|
|
(24,486
|
)
|
|
|
|
(17,012
|
)
|
Other financing activities
|
|
|
8,984
|
|
|
|
|
1,738
|
|
|
|
Net cash used in financing activities
|
|
|
(54,923
|
)
|
|
|
|
(64,421
|
)
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
2,969
|
|
|
|
|
(7,477
|
)
|
Cash and cash equivalents - beginning of year
|
|
|
78,777
|
|
|
|
|
86,254
|
|
Cash and cash equivalents - end of year
|
|
$
|
81,746
|
|
|
|
$
|
78,777
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries
|
Supplemental Financial and Operating Information
|
($ amounts in thousands, except weekly sales by group)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
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|
|
Change
|
|
|
|
|
Year to Date
|
|
|
|
Change
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
|
vs LY
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
vs LY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant openings
|
|
|
|
|
|
|
|
|
|
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|
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|
Company - Texas Roadhouse
|
|
|
7
|
|
|
|
|
10
|
|
|
|
(3
|
)
|
|
|
|
|
|
25
|
|
|
|
|
|
20
|
|
|
|
5
|
|
|
|
|
Company - Aspen Creek
|
|
|
0
|
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
0
|
|
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
Franchise - Texas Roadhouse
|
|
|
2
|
|
|
|
|
0
|
|
|
|
2
|
|
|
|
|
|
|
2
|
|
|
|
|
|
1
|
|
|
|
1
|
|
|
|
|
Total
|
|
|
9
|
|
|
|
|
10
|
|
|
|
(1
|
)
|
|
|
|
|
|
27
|
|
|
|
|
|
21
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
|
2
|
|
|
|
|
0
|
|
|
|
2
|
|
|
|
|
|
|
2
|
|
|
|
|
|
0
|
|
|
|
2
|
|
|
|
|
|
Franchise
|
|
|
(2
|
)
|
|
|
|
0
|
|
|
|
(2
|
)
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
0
|
|
|
|
(2
|
)
|
|
|
|
|
Total
|
|
|
0
|
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
0
|
|
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant closures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse
|
|
|
0
|
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
0
|
|
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
Company - Aspen Creek
|
|
|
(1
|
)
|
|
|
|
0
|
|
|
|
(1
|
)
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
0
|
|
|
|
(1
|
)
|
|
|
|
Franchise - Texas Roadhouse
|
|
|
0
|
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
0
|
|
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
Total
|
|
|
(1
|
)
|
|
|
|
0
|
|
|
|
(1
|
)
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
0
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants open at the end of the quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse
|
|
|
318
|
|
|
|
|
291
|
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Aspen Creek
|
|
|
2
|
|
|
|
|
3
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise - Texas Roadhouse
|
|
|
72
|
|
|
|
|
72
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
392
|
|
|
|
|
366
|
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-owned restaurants
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant sales
|
|
$
|
306,775
|
|
|
|
$
|
274,192
|
|
|
|
11.9
|
|
|
%
|
|
|
$
|
1,252,358
|
|
|
|
|
$
|
1,099,475
|
|
|
|
13.9
|
|
|
%
|
|
Store weeks
|
|
|
4,082
|
|
|
|
|
3,755
|
|
|
|
8.7
|
|
|
%
|
|
|
|
15,936
|
|
|
|
|
|
14,573
|
|
|
|
9.4
|
|
|
%
|
|
Comparable restaurant sales growth (1)
|
|
|
4.4
|
|
%
|
|
|
5.6
|
|
%
|
|
|
|
|
|
|
|
4.7
|
|
|
%
|
|
|
4.7
|
|
%
|
|
|
|
|
|
Texas Roadhouse restaurants only:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant sales growth (1)
|
|
|
4.3
|
|
%
|
|
|
5.6
|
|
%
|
|
|
|
|
|
|
|
4.7
|
|
|
%
|
|
|
4.8
|
|
%
|
|
|
|
|
|
|
Average unit volume (2)
|
|
$
|
978
|
|
|
|
$
|
945
|
|
|
|
3.5
|
|
|
%
|
|
|
$
|
4,085
|
|
|
|
|
$
|
3,917
|
|
|
|
4.3
|
|
|
%
|
|
|
Weekly sales by group:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurants (273 units)
|
|
$
|
75,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average unit volume restaurants (26 units)
|
|
$
|
68,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants less than 6 months old (17 units)
|
|
$
|
77,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (as a % of restaurant sales) (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
34.0
|
|
%
|
|
|
33.8
|
|
%
|
|
17
|
|
|
bps
|
|
|
|
33.8
|
|
|
%
|
|
|
33.4
|
|
%
|
|
41
|
|
|
bps
|
Labor
|
|
|
29.2
|
|
%
|
|
|
29.8
|
|
%
|
|
(56
|
)
|
|
bps
|
|
|
|
29.4
|
|
|
%
|
|
|
29.7
|
|
%
|
|
(31
|
)
|
|
bps
|
Rent
|
|
|
2.2
|
|
%
|
|
|
2.2
|
|
%
|
|
(1
|
)
|
|
bps
|
|
|
|
2.1
|
|
|
%
|
|
|
2.1
|
|
%
|
|
(5
|
)
|
|
bps
|
Other operating
|
|
|
17.1
|
|
%
|
|
|
17.4
|
|
%
|
|
(35
|
)
|
|
bps
|
|
|
|
16.3
|
|
|
%
|
|
|
16.7
|
|
%
|
|
(43
|
)
|
|
bps
|
Total
|
|
|
82.4
|
|
%
|
|
|
83.2
|
|
%
|
|
(74
|
)
|
|
bps
|
|
|
|
81.6
|
|
|
%
|
|
|
81.9
|
|
%
|
|
(37
|
)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margins (4)
|
|
|
17.6
|
|
%
|
|
|
16.8
|
|
%
|
|
74
|
|
|
bps
|
|
|
|
18.4
|
|
|
%
|
|
|
18.1
|
|
%
|
|
37
|
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise-owned restaurants
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise royalties and fees
|
|
$
|
2,756
|
|
|
|
$
|
2,424
|
|
|
|
13.7
|
|
|
%
|
|
|
$
|
10,973
|
|
|
|
|
$
|
9,751
|
|
|
|
12.5
|
|
|
%
|
|
Store weeks
|
|
|
954
|
|
|
|
|
936
|
|
|
|
1.9
|
|
|
%
|
|
|
|
3,762
|
|
|
|
|
|
3,709
|
|
|
|
1.4
|
|
|
%
|
|
Comparable restaurant sales growth (1)
|
|
|
4.5
|
|
%
|
|
|
5.7
|
|
%
|
|
|
|
|
|
|
|
5.3
|
|
|
%
|
|
|
4.3
|
|
%
|
|
|
|
|
|
Average unit volume (2)
|
|
$
|
1,000
|
|
|
|
$
|
927
|
|
|
|
7.9
|
|
|
%
|
|
|
$
|
4,042
|
|
|
|
|
$
|
3,831
|
|
|
|
5.5
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expense
|
|
$
|
3,576
|
|
|
|
$
|
4,121
|
|
|
|
(13.2
|
)
|
|
%
|
|
|
$
|
12,399
|
|
|
|
|
$
|
11,534
|
|
|
|
7.5
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
$
|
11,996
|
|
|
|
$
|
10,985
|
|
|
|
9.2
|
|
|
%
|
|
|
$
|
46,717
|
|
|
|
|
$
|
42,709
|
|
|
|
9.4
|
|
|
%
|
|
As a % of revenue
|
|
|
3.9
|
|
%
|
|
|
4.0
|
|
%
|
|
(10
|
)
|
|
bps
|
|
|
|
3.7
|
|
|
%
|
|
|
3.9
|
|
%
|
|
(15
|
)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses (5)
|
|
$
|
17,451
|
|
|
|
$
|
14,103
|
|
|
|
23.7
|
|
|
%
|
|
|
$
|
70,640
|
|
|
|
|
$
|
57,702
|
|
|
|
22.4
|
|
|
%
|
|
As a % of revenue
|
|
|
5.6
|
|
%
|
|
|
5.1
|
|
%
|
|
54
|
|
|
bps
|
|
|
|
5.6
|
|
|
%
|
|
|
5.2
|
|
%
|
|
39
|
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Comparable restaurant sales growth includes sales from domestic
restaurants open 18 months as of the beginning of the measurement
period, excluding sales from restaurants closed during the period.
|
(2) Average unit volume includes sales from domestic Texas Roadhouse
restaurants open six months as of the beginning of the measurement
period, excluding sales from restaurants closed during the period.
|
(3) Depreciation and amortization expense, substantially all of
which relates to restaurant-level assets, is excluded from
restaurant operating costs and is shown separately as it represents
a non-cash charge for the investment in our restaurants.
|
(4) Restaurant margins represent 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 generally
accepted accounting principles ("GAAP") and should not be considered
in isolation, or as an alternative, to income from operations or
other similarly titled measures of other companies.
|
(5) Results for the 52 weeks ended December 25, 2012 include a $5.0
million pre-tax charge for the settlement of a legal matter.
|
|
Amounts may not foot due to rounding.
|
|
Texas Roadhouse, Inc. and Subsidiaries
|
Reconciliation of GAAP and Non-GAAP Information
|
(in thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
In addition to the results provided in accordance with U.S.
Generally Accepted Accounting Principles ("GAAP") throughout this
document, the Company has provided non-GAAP measurements which
present operating results on a basis before the impact of a
settlement of a legal matter. This item is described in detail
throughout this document.
|
|
|
|
|
|
|
The Company used earnings before the impact of the legal
settlement as a key performance measure of results of operations
for purposes of evaluating performance internally. This non-GAAP
measurement is not intended to replace the presentation of our
financial results in accordance with GAAP. Rather, the Company
believes that the presentation of results before the legal
settlement provides additional information to facilitate the
comparison of past and present operations, excluding items that
the Company does not believe are indicative of our ongoing
operations in the 52 weeks ended December 25, 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 52 weeks Ended
|
|
|
December 25, 2012
|
|
December 27, 2011
|
Net income attributable to Texas Roadhouse, Inc. and subsidiaries,
excluding settlement charge
|
|
$
|
74,232
|
|
|
$
|
63,964
|
|
Amount reserved for settlement of a legal matter, net of tax (1)
|
|
$
|
(3,062
|
)
|
|
$
|
-
|
|
Net income attributable to Texas Roadhouse, Inc. and subsidiaries
|
|
$
|
71,170
|
|
|
$
|
63,964
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding
|
|
|
71,485
|
|
|
|
72,278
|
|
|
|
|
|
|
|
Diluted earnings per share, excluding settlement charge
|
|
$
|
1.04
|
|
|
$
|
0.88
|
|
Impact of settlement charge on diluted earnings per share
|
|
$
|
(0.04
|
)
|
|
$
|
-
|
|
Diluted earnings per share
|
|
$
|
1.00
|
|
|
$
|
0.88
|
|
|
|
|
|
|
|
(1) Amount reserved in the first quarter of fiscal 2012 for the
settlement of a legal matter was $5.0 million before the statutory
income tax rate. The settlement amount was included in general and
administrative costs on the Company's Condensed Consolidated
Statements of Income and Comprehensive Income.
|