– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Increases Quarterly Dividend by 15% to $0.46 per Share
LOUISVILLE, Ky., Feb. 22, 2022 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 weeks ended December 28, 2021.
Financial Results
Financial results for the 13 and 52 weeks ended December 28, 2021 and December 29, 2020, and 14 and 53 weeks ended December 31, 2019 were as follows:
| Fourth Quarter | |||||||||||||||||
| ($000's) | % change | ||||||||||||||||
| 2021 | 2020 | 2019 | vs. 2020 | vs. 2019 | |||||||||||||
| Total revenue | $ | 895,586 | $ | 637,989 | $ | 725,238 | 40.4 | % | 23.5 | % | |||||||
| Income from operations | 64,839 | 20,396 | 53,411 | 217.9 | % | 21.4 | % | ||||||||||
| Net income | 53,058 | 19,549 | 42,686 | 171.4 | % | 24.3 | % | ||||||||||
| Diluted earnings per share | $ | 0.76 | $ | 0.28 | $ | 0.61 | 171.7 | % | 24.1 | % | |||||||
| Year to Date | |||||||||||||||||
| % change | |||||||||||||||||
| 2021 | 2020 | 2019 | vs. 2020 | vs. 2019 | |||||||||||||
| Total revenue | $ | 3,463,946 | $ | 2,398,123 | $ | 2,756,163 | 44.4 | % | 25.7 | % | |||||||
| Income from operations | 297,192 | 23,844 | 212,023 | 1146.4 | % | 40.2 | % | ||||||||||
| Net income | 245,294 | 31,255 | 174,452 | 684.8 | % | 40.6 | % | ||||||||||
| Diluted earnings per share | $ | 3.50 | $ | 0.45 | $ | 2.46 | 682.5 | % | 42.2 | % | |||||||
Note: The 53rd week in 2019 resulted in additional revenue of $59.5 million and diluted earnings per share of $0.10 to $0.11.
Results for the fourth quarter included the following:
Results for the year-to-date period included the following highlights:
Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc. commented, “We had a historic year in terms of the number of guests that we served and the operating results that we generated. This is all due to the hard work and commitment of our operators and their ability to continue to deliver on our legendary standards in these challenging times. Looking ahead, I am excited about the leadership that we have in place throughout the organization and their ability to keep growing and developing all of our brands.”
Morgan continued, “Our strong cashflow generation allowed us to continue opening new stores as well as getting back to our normal strategy of quarterly cash dividends and share repurchases. In addition, we repaid a significant portion of our outstanding debt during the year. As we transition into 2022, we are well positioned to continue to grow sales, build new restaurants and handle the current inflationary environment.”
_____________________________1 Comparable restaurant sales reflect the change in year-over-year sales for restaurants open a full 18 months before the beginning of the period measured for comparison to 2020 and for restaurants open a full 30 months before the beginning of the period measured for comparison to 2019.
Franchise acquisitions
On December 29, 2021, the first day of the 2022 fiscal year, the Company completed the acquisition of seven franchise restaurants in South Carolina and Georgia for an aggregate purchase price of approximately $27 million.
Comparable restaurant sales at company restaurants for the first seven weeks of our first quarter of fiscal 2022 increased 20.6% compared to 2021.
Management updated the following expectations for 2022:
Management reiterated the following expectations for 2022:
Cash Dividend Payment
On February 17, 2022, our Board of Directors authorized the payment of a quarterly cash dividend of $0.46 per share of common stock. This payment will be distributed on March 25, 2022, to shareholders of record at the close of business on March 9, 2022.
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, Inc. is hosting a conference call today, February 22, 2022, at 5:00 p.m. Eastern Time to discuss these results. The call will be webcast live from the investor relations portion of the Company's website at www.texasroadhouse.com. Listeners may also access the call by dialing (888) 440-5667 or (646) 960-0476 for international calls and referencing the Texas Roadhouse, Inc. Fourth Quarter 2021 Earnings. A replay of the call will be available until March 3, 2022, by dialing (800) 770-2030 or (647) 362-9199 for international calls.
About the Company
Texas Roadhouse, Inc. is a growing restaurant company operating predominantly in the casual dining segment that first opened in 1993 and today has grown to over 660 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 pandemic, including reinstated dining room capacity restrictions or closures, 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; labor or supply chain shortages or limited availability of staff to meet our business standards; 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 29, 2020. 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.
Investor RelationsMichael 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 Weeks Ended | 52 Weeks Ended | ||||||||||||||||
| December 28, 2021 | December 29, 2020 | December 28, 2021 | December 29, 2020 | ||||||||||||||
| Revenue: | |||||||||||||||||
| Restaurant and other sales | $ | 889,052 | $ | 633,032 | $ | 3,439,176 | $ | 2,380,177 | |||||||||
| Franchise royalties and fees | 6,534 | 4,957 | 24,770 | 17,946 | |||||||||||||
| Total revenue | 895,586 | 637,989 | 3,463,946 | 2,398,123 | |||||||||||||
| Costs and expenses: | |||||||||||||||||
| Restaurant operating costs (excluding depreciation and amortization shown separately below): | |||||||||||||||||
| Food and beverage | 311,478 | 205,117 | 1,156,628 | 780,646 | |||||||||||||
| Labor | 290,227 | 222,788 | 1,123,003 | 875,764 | |||||||||||||
| Rent | 15,508 | 13,956 | 60,005 | 54,401 | |||||||||||||
| Other operating | 131,054 | 107,111 | 517,808 | 403,726 | |||||||||||||
| Pre-opening | 7,008 | 5,803 | 24,335 | 20,099 | |||||||||||||
| Depreciation and amortization | 32,615 | 30,443 | 126,761 | 117,877 | |||||||||||||
| Impairment and closure, net | 184 | 1,392 | 734 | 2,263 | |||||||||||||
| General and administrative | 42,673 | 30,983 | 157,480 | 119,503 | |||||||||||||
| Total costs and expenses | 830,747 | 617,593 | 3,166,754 | 2,374,279 | |||||||||||||
| Income from operations | 64,839 | 20,396 | 297,192 | 23,844 | |||||||||||||
| Interest expense, net | 624 | 1,490 | 3,663 | 4,091 | |||||||||||||
| Equity (loss) income from investments in unconsolidated affiliates | (925 | ) | 97 | (637 | ) | (500 | ) | ||||||||||
| Income before taxes | 63,290 | 19,003 | 292,892 | 19,253 | |||||||||||||
| Income tax expense (benefit) | 8,547 | (1,673 | ) | 39,578 | (15,672 | ) | |||||||||||
| Net income including noncontrolling interests | 54,743 | 20,676 | 253,314 | 34,925 | |||||||||||||
| Less: Net income attributable to noncontrolling interests | 1,685 | 1,127 | 8,020 | 3,670 | |||||||||||||
| Net income attributable to Texas Roadhouse, Inc. and subsidiaries | $ | 53,058 | $ | 19,549 | $ | 245,294 | $ | 31,255 | |||||||||
| Net income per common share attributable to Texas Roadhouse, Inc. | |||||||||||||||||
| and subsidiaries: | |||||||||||||||||
| Basic | $ | 0.76 | $ | 0.28 | $ | 3.52 | $ | 0.45 | |||||||||
| Diluted | $ | 0.76 | $ | 0.28 | $ | 3.50 | $ | 0.45 | |||||||||
| Weighted average shares outstanding: | |||||||||||||||||
| Basic | 69,601 | 69,525 | 69,709 | 69,438 | |||||||||||||
| Diluted | 69,969 | 70,052 | 70,098 | 69,893 | |||||||||||||
| Cash dividends declared per share | $ | 0.40 | $ - | $ | 1.20 | $ | 0.36 | ||||||||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| December 28, 2021 | December 29, 2020 | |||||||
| Cash and cash equivalents | $ | 335,645 | $ | 363,155 | ||||
| Other current assets, net | 227,880 | 147,496 | ||||||
| Property and equipment, net | 1,162,441 | 1,088,623 | ||||||
| Operating lease right-of-use assets, net | 578,413 | 530,625 | ||||||
| Goodwill | 127,001 | 127,001 | ||||||
| Intangible assets, net | 1,520 | 2,271 | ||||||
| Other assets | 79,052 | 65,990 | ||||||
| Total assets | $ | 2,511,952 | $ | 2,325,161 | ||||
| Current maturities of long-term debt | - | 50,000 | ||||||
| Other current liabilities | 602,144 | 456,318 | ||||||
| Operating lease liabilities, net of current portion | 622,892 | 572,171 | ||||||
| Long-term debt, excluding current maturities | 100,000 | 190,000 | ||||||
| Other liabilities | 113,432 | 113,621 | ||||||
| Texas Roadhouse, Inc. and subsidiaries stockholders' equity | 1,058,124 | 927,505 | ||||||
| Noncontrolling interests | 15,360 | 15,546 | ||||||
| Total liabilities and equity | $ | 2,511,952 | $ | 2,325,161 | ||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| (in thousands) | ||||||||||
| (unaudited) | ||||||||||
| 52 Weeks Ended | ||||||||||
| December 28, 2021 | December 29, 2020 | |||||||||
| Cash flows from operating activities: | ||||||||||
| Net income including noncontrolling interests | $ | 253,314 | $ | 34,925 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||
| Depreciation and amortization | 126,761 | 117,877 | ||||||||
| Share-based compensation expense | 38,139 | 29,431 | ||||||||
| Deferred income taxes | 8,896 | (19,932 | ) | |||||||
| Other noncash adjustments, net | 5,555 | 6,262 | ||||||||
| Change in working capital | 36,161 | 61,875 | ||||||||
| Net cash provided by operating activities | 468,826 | 230,438 | ||||||||
| Cash flows from investing activities: | ||||||||||
| Capital expenditures - property and equipment | (200,692 | ) | (154,401 | ) | ||||||
| Acquisition of franchise restaurants, net of cash acquired | - | (10,580 | ) | |||||||
| Proceeds from sale of property and equipment | - | 1,709 | ||||||||
| Proceeds from sale leaseback transactions | 5,588 | 2,167 | ||||||||
| Net cash used in investing activities | (195,104 | ) | (161,105 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| (Payments on) proceeds from revolving credit facility, net | (140,000 | ) | 240,000 | |||||||
| Repurchase of shares of common stock | (51,634 | ) | (12,621 | ) | ||||||
| Dividends paid | (83,658 | ) | (24,989 | ) | ||||||
| Other financing activities, net | (25,940 | ) | (16,447 | ) | ||||||
| Net cash (used in) provided by financing activities | (301,232 | ) | 185,943 | |||||||
| Net (decrease) increase in cash and cash equivalents | (27,510 | ) | 255,276 | |||||||
| Cash and cash equivalents - beginning of period | 363,155 | 107,879 | ||||||||
| Cash and cash equivalents - end of period | $ | 335,645 | $ | 363,155 | ||||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||||||
| Reconciliation of Income from Operations to Restaurant Margin | ||||||||||||
| (in thousands) | ||||||||||||
| (unaudited) | ||||||||||||
| 13 & 14 Weeks Ended | ||||||||||||
| December 28, 2021 | December 29, 2020 | December 31, 2019 | ||||||||||
| Income from operations | $ | 64,839 | $ | 20,396 | $ | 53,411 | ||||||
| Less: | ||||||||||||
| Franchise royalties and fees | 6,534 | 4,957 | 5,781 | |||||||||
| Add: | ||||||||||||
| Pre-opening | 7,008 | 5,803 | 7,355 | |||||||||
| Depreciation and amortization | 32,615 | 30,443 | 30,970 | |||||||||
| Impairment and closure, net | 184 | 1,392 | (1,293 | ) | ||||||||
| General and administrative | 42,673 | 30,983 | 38,221 | |||||||||
| Restaurant margin | $ | 140,785 | $ | 84,060 | $ | 122,883 | ||||||
| Restaurant margin (as a percentage of restaurant and other sales) | 15.8 | % | 13.3 | % | 17.1 | % | ||||||
| 52 & 53 Weeks Ended | ||||||||||||
| December 28, 2021 | December 29, 2020 | December 31, 2019 | ||||||||||
| Income from operations | $ | 297,192 | $ | 23,844 | $ | 212,023 | ||||||
| Less: | ||||||||||||
| Franchise royalties and fees | 24,770 | 17,946 | 21,986 | |||||||||
| Add: | ||||||||||||
| Pre-opening | 24,335 | 20,099 | 20,156 | |||||||||
| Depreciation and amortization | 126,761 | 117,877 | 115,544 | |||||||||
| Impairment and closure, net | 734 | 2,263 | (899 | ) | ||||||||
| General and administrative | 157,480 | 119,503 | 149,389 | |||||||||
| Restaurant margin | $ | 581,732 | $ | 265,640 | $ | 474,227 | ||||||
| Restaurant margin (as a percentage of restaurant and other sales) | 16.9 | % | 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 | |||||||||||||
| 2021 | 2020 | vs 2020 | 2021 | 2020 | vs 2020 | |||||||||||
| Restaurant openings | ||||||||||||||||
| Company - Texas Roadhouse | 9 | 8 | 1 | 23 | 18 | 5 | ||||||||||
| Company - Bubba's 33 | 1 | 0 | 1 | 5 | 3 | 2 | ||||||||||
| Company - Jaggers | 1 | 1 | 0 | 1 | 1 | 0 | ||||||||||
| Franchise - Texas Roadhouse - U.S. | 1 | 1 | 0 | 1 | 2 | (1) | ||||||||||
| Franchise - Texas Roadhouse - International | 1 | 1 | 0 | 3 | 2 | 1 | ||||||||||
| Total | 13 | 11 | 2 | 33 | 26 | 7 | ||||||||||
| Restaurants open at the end of the quarter | ||||||||||||||||
| Company - Texas Roadhouse | 526 | 503 | 23 | |||||||||||||
| Company - Bubba's 33 | 36 | 31 | 5 | |||||||||||||
| Company - Jaggers | 4 | 3 | 1 | |||||||||||||
| Franchise - Texas Roadhouse - U.S. | 70 | 69 | 1 | |||||||||||||
| Franchise - Texas Roadhouse - International | 31 | 28 | 3 | |||||||||||||
| Total | 667 | 634 | 33 | |||||||||||||
| Fourth Quarter | Change | Change | ||||||||||||||
| 2021 | 2020 | 2019 | vs 2020 | vs 2019 | ||||||||||||
| Company restaurants (all concepts) | ||||||||||||||||
| Restaurant and other sales | $ | 889,052 | $ | 633,032 | $ | 719,457 | 40.4 | % | 23.6 | % | ||||||
| Store weeks | 7,288 | 6,908 | 7,118 | 5.5 | % | 2.4 | % | |||||||||
| Comparable restaurant sales (1) | 33.1 | % | (8.9 | )% | 4.4 | % | ||||||||||
| Restaurant operating costs (as a % of restaurant and other sales) | ||||||||||||||||
| Food and beverage costs | 35.0 | % | 32.4 | % | 32.4 | % | 263 | bps | 262 | bps | ||||||
| Labor | 32.6 | % | 35.2 | % | 33.1 | % | (255 | )bps | (42 | )bps | ||||||
| Rent | 1.7 | % | 2.2 | % | 1.9 | % | (46 | )bps | (11 | )bps | ||||||
| Other operating | 14.7 | % | 16.9 | % | 15.6 | % | (218 | )bps | (84 | )bps | ||||||
| Total | 84.2 | % | 86.7 | % | 82.9 | % | (256 | )bps | 124 | bps | ||||||
| Restaurant margin | 15.8 | % | 13.3 | % | 17.1 | % | 256 | bps | (124 | )bps | ||||||
| Restaurant margin ($ in thousands) | $ | 140,785 | $ | 84,060 | $ | 122,883 | 67.5 | % | 14.6 | % | ||||||
| Restaurant margin $/Store week | $ | 19,318 | $ | 12,169 | $ | 17,264 | 58.7 | % | 11.9 | % | ||||||
| Texas Roadhouse restaurants only: | ||||||||||||||||
| Store weeks | 6,779 | 6,476 | 6,714 | 4.7 | % | 1.0 | % | |||||||||
| Comparable restaurant sales (1) | 33.3 | % | (9.0 | )% | 4.3 | % | ||||||||||
| Average unit volume (2) | $ | 1,606 | $ | 1,208 | $ | 1,336 | 32.9 | % | 20.2 | % | ||||||
| Weekly sales by group: | ||||||||||||||||
| Comparable restaurants (489, 470, and 448 units) | $ | 123,860 | $ | 93,530 | $ | 102,824 | ||||||||||
| Average unit volume restaurants (2) (16, 19, and 21 units) | $ | 113,657 | $ | 78,402 | $ | 94,379 | ||||||||||
| Restaurants less than 6 months old (21, 14, and 15 units) | $ | 130,295 | $ | 90,994 | $ | 106,328 | ||||||||||
| Bubba's 33 restaurants only: | ||||||||||||||||
| Store weeks | 463 | 403 | 377 | 15.0 | % | 23.0 | % | |||||||||
| Comparable restaurant sales (1) | 30.8 | % | (7.8 | )% | 5.7 | % | ||||||||||
| Average unit volume (2) | $ | 1,279 | $ | 989 | $ | 1,093 | 29.3 | % | 17.0 | % | ||||||
| Weekly sales by group: | ||||||||||||||||
| Comparable restaurants (29, 25, and 21 units) | $ | 99,465 | $ | 77,534 | $ | 86,549 | ||||||||||
| Average unit volume restaurants (2) (3, 4, and 4 units) | $ | 87,844 | $ | 66,892 | $ | 71,122 | ||||||||||
| Restaurants less than 6 months old (4, 2, and 3 units) | $ | 136,579 | $ | 48,997 | $ | 76,778 | ||||||||||
| Franchise restaurants | ||||||||||||||||
| Franchise royalties and fees | $ | 6,534 | $ | 4,957 | $ | 5,781 | 31.8 | % | 13.0 | % | ||||||
| Store weeks | 1,301 | 1,260 | 1,330 | 3.2 | % | (2.2 | )% | |||||||||
| Comparable restaurant sales (1) | 30.6 | % | (10.7 | )% | 3.0 | % | ||||||||||
| U.S. franchise restaurants only: | ||||||||||||||||
| Comparable restaurant sales (1) | 34.8 | % | (11.2 | )% | 3.4 | % | ||||||||||
| Average unit volume (2) | $ | 1,658 | $ | 1,242 | $ | 1,387 | 33.5 | % | 19.5 | % | ||||||
| (1) Comparable restaurant sales reflect the change in year-over-year sales for restaurants open a full 18 months before the beginning of the period, excluding sales from restaurants permanently closed during the period. | ||||||||||||||||
| (2) Average unit volume includes sales from restaurants open for a full six months before the beginning of the period, excluding sales from restaurants permanently closed during the period. For comparative purposes, Q4 2019 was adjusted to include 13 and 52 weeks, respectively. | ||||||||||||||||
| Amounts may not foot due to rounding. | ||||||||||||||||
Увеличивает квартальные дивиденды на 15% до 0,46 доллара на акцию.
ЛУИСВИЛЬ, Кентукки, 22 февраля 2022 г. (GLOBE NEWSWIRE) — Texas Roadhouse, Inc. (NasdaqGS: TXRH) сегодня объявила финансовые результаты за 13 и 52 недели, закончившиеся 28 декабря 2021 г.
Финансовый результат
Финансовые результаты за 13 и 52 недели, закончившиеся 28 декабря 2021 г. и 29 декабря 2020 г., а также за 14 и 53 недели, закончившиеся 31 декабря 2019 г., были следующими:
| Fourth Quarter | |||||||||||||||||
| ($000's) | % change | ||||||||||||||||
| 2021 | 2020 | 2019 | vs. 2020 | vs. 2019 | |||||||||||||
| Total revenue | $ | 895,586 | $ | 637,989 | $ | 725,238 | 40.4 | % | 23.5 | % | |||||||
| Income from operations | 64,839 | 20,396 | 53,411 | 217.9 | % | 21.4 | % | ||||||||||
| Net income | 53,058 | 19,549 | 42,686 | 171.4 | % | 24.3 | % | ||||||||||
| Diluted earnings per share | $ | 0.76 | $ | 0.28 | $ | 0.61 | 171.7 | % | 24.1 | % | |||||||
| Year to Date | |||||||||||||||||
| % change | |||||||||||||||||
| 2021 | 2020 | 2019 | vs. 2020 | vs. 2019 | |||||||||||||
| Total revenue | $ | 3,463,946 | $ | 2,398,123 | $ | 2,756,163 | 44.4 | % | 25.7 | % | |||||||
| Income from operations | 297,192 | 23,844 | 212,023 | 1146.4 | % | 40.2 | % | ||||||||||
| Net income | 245,294 | 31,255 | 174,452 | 684.8 | % | 40.6 | % | ||||||||||
| Diluted earnings per share | $ | 3.50 | $ | 0.45 | $ | 2.46 | 682.5 | % | 42.2 | % | |||||||
Примечание. 53-я неделя 2019 года привела к получению дополнительной выручки в размере 59,5 млн долларов США и разводненной прибыли на акцию с 0,10 до 0,11 долларов США.
Итоги четвертого квартала следующие:
Результаты за период с начала года включали следующие основные моменты:
Джерри Морган, главный исполнительный директор Texas Roadhouse, Inc., прокомментировал: «У нас был исторический год с точки зрения количества обслуженных гостей и достигнутых нами операционных результатов. Все это благодаря напряженной работе и самоотверженности наших операторов, а также их способности продолжать соответствовать нашим легендарным стандартам в эти трудные времена. Забегая вперед, я воодушевлен лидерством, которое у нас есть во всей организации, и их способностью продолжать расти и развивать все наши бренды».
Морган продолжил: «Наш сильный денежный поток позволил нам продолжить открытие новых магазинов, а также вернуться к нашей обычной стратегии ежеквартальных денежных дивидендов и обратного выкупа акций. Кроме того, в течение года мы погасили значительную часть нашего непогашенного долга. По мере того, как мы переходим к 2022 году, у нас есть хорошие возможности для дальнейшего роста продаж, строительства новых ресторанов и преодоления текущей инфляционной среды».
_____________________________1 Сопоставимые продажи ресторанов отражают изменение годовых продаж ресторанов, открытых за полные 18 месяцев до начала периода, измеряемого для сравнения с 2020 годом, и ресторанов, открытых за полные 30 месяцев до начала периода, измеряемого для сравнения с 2020 годом. 2019.
Приобретение франшизы
29 декабря 2021 года, в первый день 2022 финансового года, Компания завершила сделку по приобретению семи франчайзинговых ресторанов в Южной Каролине и Джорджии на общую сумму покупки около 27 миллионов долларов.
Сопоставимые продажи в ресторанах компании за первые семь недель первого квартала 2022 финансового года выросли на 20,6% по сравнению с 2021 годом.
Руководство обновило следующие ожидания на 2022 год:
Руководство подтвердило следующие ожидания на 2022 год:
Выплата дивидендов наличными
17 февраля 2022 года наш Совет директоров санкционировал выплату ежеквартальных денежных дивидендов в размере 0,46 доллара США на одну обыкновенную акцию. Этот платеж будет выплачен 25 марта 2022 г. зарегистрированным акционерам на момент закрытия рабочего дня 9 марта 2022 г.
Показатели, не предусмотренные GAAP
Компания готовит консолидированную финансовую отчетность в соответствии с общепринятыми принципами бухгалтерского учета США («GAAP»). В пресс-релизе Компания ссылается на ресторанную маржу (в долларах и в процентах от ресторанных и прочих продаж). Маржа ресторана представляет собой ресторанные и другие продажи за вычетом операционных расходов на уровне ресторана, включая расходы на еду и напитки, рабочую силу, аренду и другие операционные расходы. Маржа ресторана не должна рассматриваться отдельно или как альтернатива доходам от операционной деятельности. Этот показатель, не относящийся к GAAP, не является показателем общей эффективности и прибыльности компании, поскольку этот показатель не начисляется непосредственно в пользу акционеров из-за характера исключенных затрат. Маржа ресторана широко считается полезным показателем для оценки операционной эффективности и производительности на уровне ресторана. При расчете маржи ресторана Компания исключает определенные расходы, не связанные с рестораном, которые поддерживают операционную деятельность, в том числе расходы на подготовку к открытию, а также общие и административные расходы, но не оказывают прямого влияния на операционную эффективность и производительность ресторана. Компания также исключает расходы на износ и амортизацию, практически все из которых относятся к активам на уровне ресторана, поскольку они представляют собой неденежные затраты на инвестиции в рестораны. Компания также исключает расходы на обесценение и закрытие, так как считает, что это обеспечивает более четкое представление о текущей операционной деятельности и более полезное сравнение с результатами предыдущего периода. Представленная маржа ресторана может быть несопоставима с другими аналогичными показателями других компаний отрасли. Сверка доходов от операций с маржой ресторана включена в прилагаемые финансовые таблицы.
Групповой звонок
Texas Roadhouse, Inc. проводит телефонную конференцию сегодня, 22 февраля 2022 г., в 17:00 по восточному поясному времени, чтобы обсудить эти результаты. Конференция будет транслироваться в прямом эфире из отдела по связям с инвесторами на веб-сайте Компании по адресу www.texasroadhouse.com. Слушатели также могут получить доступ к вызову, набрав (888) 440-5667 или (646) 960-0476 для международных звонков и сославшись на прибыль Texas Roadhouse, Inc. за четвертый квартал 2021 года. Повтор звонка будет доступен до 3 марта 2022 года по телефону (800) 770-2030 или (647) 362-9199 для международных звонков.
О компании
Texas Roadhouse, Inc. — это растущая ресторанная компания, работающая преимущественно в сегменте неформальных ресторанов, которая впервые открылась в 1993 году и на сегодняшний день насчитывает более 660 ресторанов по всей системе в 49 штатах и десяти зарубежных странах. Для получения дополнительной информации посетите веб-сайт компании www.texasroadhouse.com.
Прогнозные заявления
Некоторые заявления в этом выпуске являются заявлениями прогнозного характера по смыслу Раздела 27A Закона о ценных бумагах и Раздела 21E Закона о ценных бумагах и биржах 1934 года с поправками. Эти заявления включают, помимо прочего, заявления, связанные с потенциальным воздействием пандемии COVID-19, в том числе восстановление ограничений на вместимость или закрытие столовых, а также другие неисторические заявления. Такие заявления основаны на текущих убеждениях и ожиданиях руководства Texas Roadhouse. Фактические результаты могут существенно отличаться от тех, которые содержатся в прогнозных заявлениях, в зависимости от ряда факторов, включая, помимо прочего, неподконтрольные ей условия, такие как погода, стихийные бедствия, вспышки заболеваний, эпидемии или пандемии, влияющие на клиентов или запасы продуктов питания; нехватка рабочей силы или цепочки поставок или ограниченная доступность персонала для соблюдения наших бизнес-стандартов; проблемы безопасности пищевых продуктов и болезней пищевого происхождения; и другие факторы, время от времени раскрываемые в документах, поданных в Комиссию по ценным бумагам и биржам США. Соответственно, существуют или будут важные факторы, которые могут привести к тому, что фактические результаты или результаты будут существенно отличаться от тех, которые указаны в этих заявлениях. Эти факторы включают, но не ограничиваются теми, которые описаны в разделе «Часть I — Пункт 1А. Факторы риска» годового отчета по форме 10-K за финансовый год, закончившийся 29 декабря 2020 года. Эти факторы не следует рассматривать как исчерпывающие, и их следует рассматривать вместе с другими документами, поданными в Комиссию по ценным бумагам и биржам. Инвесторы должны учитывать такие риски при принятии инвестиционных решений. Акционеров и других читателей предупреждают, чтобы они не слишком полагались на эти прогнозные заявления, которые действительны только на дату, когда они были сделаны. Компания не берет на себя никаких обязательств по обновлению каких-либо прогнозных заявлений, за исключением случаев, предусмотренных применимым законодательством.
Связи с инвесторамиМайкл Бейлен(502) 515-7298
МедиаТрэвис Достер(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 28, 2021 | December 29, 2020 | December 28, 2021 | December 29, 2020 | ||||||||||||||
| Revenue: | |||||||||||||||||
| Restaurant and other sales | $ | 889,052 | $ | 633,032 | $ | 3,439,176 | $ | 2,380,177 | |||||||||
| Franchise royalties and fees | 6,534 | 4,957 | 24,770 | 17,946 | |||||||||||||
| Total revenue | 895,586 | 637,989 | 3,463,946 | 2,398,123 | |||||||||||||
| Costs and expenses: | |||||||||||||||||
| Restaurant operating costs (excluding depreciation and amortization shown separately below): | |||||||||||||||||
| Food and beverage | 311,478 | 205,117 | 1,156,628 | 780,646 | |||||||||||||
| Labor | 290,227 | 222,788 | 1,123,003 | 875,764 | |||||||||||||
| Rent | 15,508 | 13,956 | 60,005 | 54,401 | |||||||||||||
| Other operating | 131,054 | 107,111 | 517,808 | 403,726 | |||||||||||||
| Pre-opening | 7,008 | 5,803 | 24,335 | 20,099 | |||||||||||||
| Depreciation and amortization | 32,615 | 30,443 | 126,761 | 117,877 | |||||||||||||
| Impairment and closure, net | 184 | 1,392 | 734 | 2,263 | |||||||||||||
| General and administrative | 42,673 | 30,983 | 157,480 | 119,503 | |||||||||||||
| Total costs and expenses | 830,747 | 617,593 | 3,166,754 | 2,374,279 | |||||||||||||
| Income from operations | 64,839 | 20,396 | 297,192 | 23,844 | |||||||||||||
| Interest expense, net | 624 | 1,490 | 3,663 | 4,091 | |||||||||||||
| Equity (loss) income from investments in unconsolidated affiliates | (925 | ) | 97 | (637 | ) | (500 | ) | ||||||||||
| Income before taxes | 63,290 | 19,003 | 292,892 | 19,253 | |||||||||||||
| Income tax expense (benefit) | 8,547 | (1,673 | ) | 39,578 | (15,672 | ) | |||||||||||
| Net income including noncontrolling interests | 54,743 | 20,676 | 253,314 | 34,925 | |||||||||||||
| Less: Net income attributable to noncontrolling interests | 1,685 | 1,127 | 8,020 | 3,670 | |||||||||||||
| Net income attributable to Texas Roadhouse, Inc. and subsidiaries | $ | 53,058 | $ | 19,549 | $ | 245,294 | $ | 31,255 | |||||||||
| Net income per common share attributable to Texas Roadhouse, Inc. | |||||||||||||||||
| and subsidiaries: | |||||||||||||||||
| Basic | $ | 0.76 | $ | 0.28 | $ | 3.52 | $ | 0.45 | |||||||||
| Diluted | $ | 0.76 | $ | 0.28 | $ | 3.50 | $ | 0.45 | |||||||||
| Weighted average shares outstanding: | |||||||||||||||||
| Basic | 69,601 | 69,525 | 69,709 | 69,438 | |||||||||||||
| Diluted | 69,969 | 70,052 | 70,098 | 69,893 | |||||||||||||
| Cash dividends declared per share | $ | 0.40 | $ - | $ | 1.20 | $ | 0.36 | ||||||||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| December 28, 2021 | December 29, 2020 | |||||||
| Cash and cash equivalents | $ | 335,645 | $ | 363,155 | ||||
| Other current assets, net | 227,880 | 147,496 | ||||||
| Property and equipment, net | 1,162,441 | 1,088,623 | ||||||
| Operating lease right-of-use assets, net | 578,413 | 530,625 | ||||||
| Goodwill | 127,001 | 127,001 | ||||||
| Intangible assets, net | 1,520 | 2,271 | ||||||
| Other assets | 79,052 | 65,990 | ||||||
| Total assets | $ | 2,511,952 | $ | 2,325,161 | ||||
| Current maturities of long-term debt | - | 50,000 | ||||||
| Other current liabilities | 602,144 | 456,318 | ||||||
| Operating lease liabilities, net of current portion | 622,892 | 572,171 | ||||||
| Long-term debt, excluding current maturities | 100,000 | 190,000 | ||||||
| Other liabilities | 113,432 | 113,621 | ||||||
| Texas Roadhouse, Inc. and subsidiaries stockholders' equity | 1,058,124 | 927,505 | ||||||
| Noncontrolling interests | 15,360 | 15,546 | ||||||
| Total liabilities and equity | $ | 2,511,952 | $ | 2,325,161 | ||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| (in thousands) | ||||||||||
| (unaudited) | ||||||||||
| 52 Weeks Ended | ||||||||||
| December 28, 2021 | December 29, 2020 | |||||||||
| Cash flows from operating activities: | ||||||||||
| Net income including noncontrolling interests | $ | 253,314 | $ | 34,925 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||
| Depreciation and amortization | 126,761 | 117,877 | ||||||||
| Share-based compensation expense | 38,139 | 29,431 | ||||||||
| Deferred income taxes | 8,896 | (19,932 | ) | |||||||
| Other noncash adjustments, net | 5,555 | 6,262 | ||||||||
| Change in working capital | 36,161 | 61,875 | ||||||||
| Net cash provided by operating activities | 468,826 | 230,438 | ||||||||
| Cash flows from investing activities: | ||||||||||
| Capital expenditures - property and equipment | (200,692 | ) | (154,401 | ) | ||||||
| Acquisition of franchise restaurants, net of cash acquired | - | (10,580 | ) | |||||||
| Proceeds from sale of property and equipment | - | 1,709 | ||||||||
| Proceeds from sale leaseback transactions | 5,588 | 2,167 | ||||||||
| Net cash used in investing activities | (195,104 | ) | (161,105 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| (Payments on) proceeds from revolving credit facility, net | (140,000 | ) | 240,000 | |||||||
| Repurchase of shares of common stock | (51,634 | ) | (12,621 | ) | ||||||
| Dividends paid | (83,658 | ) | (24,989 | ) | ||||||
| Other financing activities, net | (25,940 | ) | (16,447 | ) | ||||||
| Net cash (used in) provided by financing activities | (301,232 | ) | 185,943 | |||||||
| Net (decrease) increase in cash and cash equivalents | (27,510 | ) | 255,276 | |||||||
| Cash and cash equivalents - beginning of period | 363,155 | 107,879 | ||||||||
| Cash and cash equivalents - end of period | $ | 335,645 | $ | 363,155 | ||||||
| Texas Roadhouse, Inc. and Subsidiaries | ||||||||||||
| Reconciliation of Income from Operations to Restaurant Margin | ||||||||||||
| (in thousands) | ||||||||||||
| (unaudited) | ||||||||||||
| 13 & 14 Weeks Ended | ||||||||||||
| December 28, 2021 | December 29, 2020 | December 31, 2019 | ||||||||||
| Income from operations | $ | 64,839 | $ | 20,396 | $ | 53,411 | ||||||
| Less: | ||||||||||||
| Franchise royalties and fees | 6,534 | 4,957 | 5,781 | |||||||||
| Add: | ||||||||||||
| Pre-opening | 7,008 | 5,803 | 7,355 | |||||||||
| Depreciation and amortization | 32,615 | 30,443 | 30,970 | |||||||||
| Impairment and closure, net | 184 | 1,392 | (1,293 | ) | ||||||||
| General and administrative | 42,673 | 30,983 | 38,221 | |||||||||
| Restaurant margin | $ | 140,785 | $ | 84,060 | $ | 122,883 | ||||||
| Restaurant margin (as a percentage of restaurant and other sales) | 15.8 | % | 13.3 | % | 17.1 | % | ||||||
| 52 & 53 Weeks Ended | ||||||||||||
| December 28, 2021 | December 29, 2020 | December 31, 2019 | ||||||||||
| Income from operations | $ | 297,192 | $ | 23,844 | $ | 212,023 | ||||||
| Less: | ||||||||||||
| Franchise royalties and fees | 24,770 | 17,946 | 21,986 | |||||||||
| Add: | ||||||||||||
| Pre-opening | 24,335 | 20,099 | 20,156 | |||||||||
| Depreciation and amortization | 126,761 | 117,877 | 115,544 | |||||||||
| Impairment and closure, net | 734 | 2,263 | (899 | ) | ||||||||
| General and administrative | 157,480 | 119,503 | 149,389 | |||||||||
| Restaurant margin | $ | 581,732 | $ | 265,640 | $ | 474,227 | ||||||
| Restaurant margin (as a percentage of restaurant and other sales) | 16.9 | % | 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 | |||||||||||||
| 2021 | 2020 | vs 2020 | 2021 | 2020 | vs 2020 | |||||||||||
| Restaurant openings | ||||||||||||||||
| Company - Texas Roadhouse | 9 | 8 | 1 | 23 | 18 | 5 | ||||||||||
| Company - Bubba's 33 | 1 | 0 | 1 | 5 | 3 | 2 | ||||||||||
| Company - Jaggers | 1 | 1 | 0 | 1 | 1 | 0 | ||||||||||
| Franchise - Texas Roadhouse - U.S. | 1 | 1 | 0 | 1 | 2 | (1) | ||||||||||
| Franchise - Texas Roadhouse - International | 1 | 1 | 0 | 3 | 2 | 1 | ||||||||||
| Total | 13 | 11 | 2 | 33 | 26 | 7 | ||||||||||
| Restaurants open at the end of the quarter | ||||||||||||||||
| Company - Texas Roadhouse | 526 | 503 | 23 | |||||||||||||
| Company - Bubba's 33 | 36 | 31 | 5 | |||||||||||||
| Company - Jaggers | 4 | 3 | 1 | |||||||||||||
| Franchise - Texas Roadhouse - U.S. | 70 | 69 | 1 | |||||||||||||
| Franchise - Texas Roadhouse - International | 31 | 28 | 3 | |||||||||||||
| Total | 667 | 634 | 33 | |||||||||||||
| Fourth Quarter | Change | Change | ||||||||||||||
| 2021 | 2020 | 2019 | vs 2020 | vs 2019 | ||||||||||||
| Company restaurants (all concepts) | ||||||||||||||||
| Restaurant and other sales | $ | 889,052 | $ | 633,032 | $ | 719,457 | 40.4 | % | 23.6 | % | ||||||
| Store weeks | 7,288 | 6,908 | 7,118 | 5.5 | % | 2.4 | % | |||||||||
| Comparable restaurant sales (1) | 33.1 | % | (8.9 | )% | 4.4 | % | ||||||||||
| Restaurant operating costs (as a % of restaurant and other sales) | ||||||||||||||||
| Food and beverage costs | 35.0 | % | 32.4 | % | 32.4 | % | 263 | bps | 262 | bps | ||||||
| Labor | 32.6 | % | 35.2 | % | 33.1 | % | (255 | )bps | (42 | )bps | ||||||
| Rent | 1.7 | % | 2.2 | % | 1.9 | % | (46 | )bps | (11 | )bps | ||||||
| Other operating | 14.7 | % | 16.9 | % | 15.6 | % | (218 | )bps | (84 | )bps | ||||||
| Total | 84.2 | % | 86.7 | % | 82.9 | % | (256 | )bps | 124 | bps | ||||||
| Restaurant margin | 15.8 | % | 13.3 | % | 17.1 | % | 256 | bps | (124 | )bps | ||||||
| Restaurant margin ($ in thousands) | $ | 140,785 | $ | 84,060 | $ | 122,883 | 67.5 | % | 14.6 | % | ||||||
| Restaurant margin $/Store week | $ | 19,318 | $ | 12,169 | $ | 17,264 | 58.7 | % | 11.9 | % | ||||||
| Texas Roadhouse restaurants only: | ||||||||||||||||
| Store weeks | 6,779 | 6,476 | 6,714 | 4.7 | % | 1.0 | % | |||||||||
| Comparable restaurant sales (1) | 33.3 | % | (9.0 | )% | 4.3 | % | ||||||||||
| Average unit volume (2) | $ | 1,606 | $ | 1,208 | $ | 1,336 | 32.9 | % | 20.2 | % | ||||||
| Weekly sales by group: | ||||||||||||||||
| Comparable restaurants (489, 470, and 448 units) | $ | 123,860 | $ | 93,530 | $ | 102,824 | ||||||||||
| Average unit volume restaurants (2) (16, 19, and 21 units) | $ | 113,657 | $ | 78,402 | $ | 94,379 | ||||||||||
| Restaurants less than 6 months old (21, 14, and 15 units) | $ | 130,295 | $ | 90,994 | $ | 106,328 | ||||||||||
| Bubba's 33 restaurants only: | ||||||||||||||||
| Store weeks | 463 | 403 | 377 | 15.0 | % | 23.0 | % | |||||||||
| Comparable restaurant sales (1) | 30.8 | % | (7.8 | )% | 5.7 | % | ||||||||||
| Average unit volume (2) | $ | 1,279 | $ | 989 | $ | 1,093 | 29.3 | % | 17.0 | % | ||||||
| Weekly sales by group: | ||||||||||||||||
| Comparable restaurants (29, 25, and 21 units) | $ | 99,465 | $ | 77,534 | $ | 86,549 | ||||||||||
| Average unit volume restaurants (2) (3, 4, and 4 units) | $ | 87,844 | $ | 66,892 | $ | 71,122 | ||||||||||
| Restaurants less than 6 months old (4, 2, and 3 units) | $ | 136,579 | $ | 48,997 | $ | 76,778 | ||||||||||
| Franchise restaurants | ||||||||||||||||
| Franchise royalties and fees | $ | 6,534 | $ | 4,957 | $ | 5,781 | 31.8 | % | 13.0 | % | ||||||
| Store weeks | 1,301 | 1,260 | 1,330 | 3.2 | % | (2.2 | )% | |||||||||
| Comparable restaurant sales (1) | 30.6 | % | (10.7 | )% | 3.0 | % | ||||||||||
| U.S. franchise restaurants only: | ||||||||||||||||
| Comparable restaurant sales (1) | 34.8 | % | (11.2 | )% | 3.4 | % | ||||||||||
| Average unit volume (2) | $ | 1,658 | $ | 1,242 | $ | 1,387 | 33.5 | % | 19.5 | % | ||||||
| (1) Comparable restaurant sales reflect the change in year-over-year sales for restaurants open a full 18 months before the beginning of the period, excluding sales from restaurants permanently closed during the period. | ||||||||||||||||
| (2) Average unit volume includes sales from restaurants open for a full six months before the beginning of the period, excluding sales from restaurants permanently closed during the period. For comparative purposes, Q4 2019 was adjusted to include 13 and 52 weeks, respectively. | ||||||||||||||||
| Amounts may not foot due to rounding. | ||||||||||||||||
