Texas Roadhouse, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Texas Roadhouse, Inc. has filed its 2023 10-K report detailing financial performance and operational segments.</b>

AI Summary

Texas Roadhouse, Inc. (TXRH) filed a Annual Report (10-K) with the SEC on February 23, 2024. Texas Roadhouse, Inc. filed its annual report on Form 10-K for the fiscal year ended December 26, 2023. The filing covers financial data and operational details for the period. Key financial statement members such as Retained Earnings, Parent, and Noncontrolling Interest are detailed for fiscal years 2020 through 2023. Information regarding Common Stock, Performance Shares, and Restricted Stock Units is provided for relevant periods. Segment reporting includes data for Texas Roadhouse, Other Segment, and Bubba's 33 for fiscal years 2021 and 2022.

Why It Matters

For investors and stakeholders tracking Texas Roadhouse, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Texas Roadhouse's financial health and operational structure for the fiscal year 2023, crucial for investors to assess performance and future outlook. The detailed segment reporting and executive compensation information within the filing offer insights into the company's strategic focus and management's incentives.

Risk Assessment

Risk Level: — Texas Roadhouse, Inc. shows moderate risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and segment performance in the 10-K to understand Texas Roadhouse's operational strengths and areas for potential growth.

Revenue Breakdown

Key Numbers

• 2023-12-26 — Fiscal Year End (Conformed period of report)
• 2024-02-23 — Filing Date (As of date)
• 66789464 — Total Revenue (Previous Year) (Implied from filing values)
• 66973311 — Total Revenue (Current Year) (Implied from filing values)

Key Players & Entities

• Texas Roadhouse, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-23 (date) — Filing date
• Louisville, KY (location) — Business address
• TXRH (ticker) — Ticker symbol

FAQ

Key Dates

• 2023-12-26: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.001 — h registered Common Stock , par value $0.001 per share TXRH NASDAQ Global Select
• $109.32 — 191 based on the closing stock price of $109.32 on the Nasdaq Global Select Market. T
• $7.9 million — ent for Texas Roadhouse restaurants was $7.9 million and $6.9 million, respectively. The inc
• $6.9 m — dhouse restaurants was $7.9 million and $6.9 million, respectively. The increase in ou
• $8.2 million — vestment for Bubba's 33 restaurants was $8.2 million and $7.8 million, respectively. The inc
• $7.8 m — a's 33 restaurants was $8.2 million and $7.8 million, respectively. The increase in ou
• $8.5 million — o be opened in 2024 to be approximately $8.5 million. 7 Table of Contents Existing Rest

Filing Documents

• txrh-20231226x10k.htm (10-K) — 2723KB
• txrh-20231226xex10d4.htm (EX-10.4) — 22KB
• txrh-20231226xex10d5.htm (EX-10.5) — 26KB
• txrh-20231226xex10d36.htm (EX-10.36) — 156KB
• txrh-20231226xex21d1.htm (EX-21.1) — 47KB
• txrh-20231226xex23d1.htm (EX-23.1) — 2KB
• txrh-20231226xex31d1.htm (EX-31.1) — 12KB
• txrh-20231226xex31d2.htm (EX-31.2) — 12KB
• txrh-20231226xex31d3.htm (EX-31.3) — 12KB
• txrh-20231226xex32d1.htm (EX-32.1) — 14KB
• txrh-20231226xex97.htm (EX-97) — 44KB
• txrh-20231226x10k002.jpg (GRAPHIC) — 68KB
• 0001558370-24-001595.txt (&nbsp;) — 10999KB
• txrh-20231226.xsd (EX-101.SCH) — 62KB
• txrh-20231226_cal.xml (EX-101.CAL) — 81KB
• txrh-20231226_def.xml (EX-101.DEF) — 272KB
• txrh-20231226_lab.xml (EX-101.LAB) — 610KB
• txrh-20231226_pre.xml (EX-101.PRE) — 458KB
• txrh-20231226x10k_htm.xml (XML) — 1835KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 30 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6. Reserved 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 50 Item 9A.

Controls and Procedures

Controls and Procedures 51 Item 9B. Other Information 52 Item 9C . Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 52 PART III Item 10. Directors, Executive Officers and Corporate Governance 52 Item 11.

Executive Compensation

Executive Compensation 52 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 52 Item 13. Certain Relationships and Related Transactions, and Director Independence 53 Item 14. Principal Accountant Fees and Services 53 PART IV Item 15. Exhibit and Financial Statement Schedules 54 Item 16. Form 10-K Summary 57

Signatures

Signatures 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS From time to time, in periodic reports and oral statements and in this Annual Report on Form 10-K, we present statements about future events and expectations that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward- looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward- looking statements. In addition to the other factors discussed under "Risk Factors" elsewhere in this report, factors that could contribute to these differences include, but are not limited to: our ability to successfully execute our growth strategies; our ability to successfully open new restaurants, acquire franchise restaurants and/or execute other strategic initiatives; our ability to increase and/or maintain dine-in and to-go sales as well as profits at our existing restaurants; our ability to integrate the franchise or other restaurants which we acquire or develop; the continued service of key management personnel; the impact of health epidemics or pandemics on our business including restrictions or regulations on our operations; health, dietary and other concerns about our food products; our ability to attract, motivate and retain qualified employees; the impact of federal, state or local government laws and regulations relating to our employees and the sale of food and alcoholic beverages; the impact of litigation, including remedial actions, payment of damages and expen

BUSINESS

ITEM 1. BUSINESS Texas Roadhouse, Inc. (the "Company," "we," "our" and/or "us" ) was incorporated under the laws of the state of Delaware in 2004. The principal executive office is located in Louisville, Kentucky. Introduction The Company is a growing restaurant company operating predominantly in the casual dining segment. Our late founder, W. Kent Taylor, started the business in 1993 with the opening of the first Texas Roadhouse restaurant in Clarksville, Indiana. Since then, we have grown to three concepts with 741 restaurants in 49 states and ten foreign countries. Our mission statement is "Legendary Food, Legendary Service ." Our operating strategy is designed to position each of our casual dining restaurants as the local hometown favorite for a broad segment of consumers seeking high quality, affordable meals served with friendly, attentive service. As of December 26, 2023, we owned and operated 635 restaurants and franchised an additional 58 domestic restaurants and 48 international restaurants. Restaurant Concepts Of the 635 restaurants we owned and operated at the end of 2023, we operated 582 as Texas Roadhouse restaurants, 45 as Bubba's 33 restaurants and eight as Jaggers restaurants. Texas Roadhouse is a moderately priced, full-service, casual dining restaurant concept offering an assortment of specially seasoned and aged steaks hand- cut daily on the premises and cooked to order over open grills. In addition to steaks, we also offer our guests a selection of ribs, seafood, chicken, pork chops, pulled pork and vegetable plates, and an assortment of hamburgers, salads and sandwiches. The majority of our entres include two made-from-scratch side items, and we offer all our dine-in guests free roasted in-shell peanuts and fresh baked yeast rolls. Bubba's 33 is a moderately priced, full-service, casual dining restaurant concept featuring scratch-made food for all with a little rock 'n' roll, ice-cold beer and signature drinks. Our menu features bu