PART I - FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the thirteen weeks ended April 4, 2023, highlighting a **9.1%** revenue increase to **$866.1 million** and a rise in net income to **$28.1 million** [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of April 4, 2023, total assets were **$2.74 billion**, liabilities **$2.44 billion**, and stockholders' equity **$299.8 million**, reflecting slight changes from the fiscal year start | Balance Sheet Highlights | April 4, 2023 (in thousands USD) | January 3, 2023 (in thousands USD) | | :--- | :--- | :--- | | **Total Assets** | **$2,742,488** | **$2,775,220** | | Cash and cash equivalents | $116,164 | $114,777 | | Total current assets | $313,636 | $345,768 | | **Total Liabilities** | **$2,442,649** | **$2,483,217** | | Long-term debt | $468,536 | $468,032 | | Total current liabilities | $626,695 | $656,678 | | **Total Stockholders' Equity** | **$299,839** | **$292,003** | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Revenues for the thirteen weeks ended April 4, 2023, increased **9.1%** to **$866.1 million**, with net income rising to **$28.1 million** and diluted EPS to **$0.56** | Income Statement Highlights | Thirteen Weeks Ended April 4, 2023 (in thousands USD) | Thirteen Weeks Ended March 29, 2022 (in thousands USD) | | :--- | :--- | :--- | | **Revenues** | **$866,114** | **$793,710** | | Income from operations | $33,926 | $28,321 | | **Net Income** | **$28,050** | **$23,163** | | **Diluted EPS** | **$0.56** | **$0.45** | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity increased from **$292.0 million** to **$299.8 million** in Q1 2023, driven by net income and offset by dividends and share repurchases - Declared a cash dividend of **$0.27 per share**, totaling **$13.9 million**[17](index=17&type=chunk) - Purchased treasury stock for **$12.4 million** during the quarter[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated **$65.0 million** in cash, while investing and financing activities used **$38.2 million** and **$25.6 million** respectively, resulting in a net cash increase of **$1.4 million** | Cash Flow Activity | Thirteen Weeks Ended April 4, 2023 (in thousands USD) | | :--- | :--- | | Cash provided by operating activities | $65,035 | | Cash used in investing activities | $(38,162) | | Cash used in financing activities | $(25,558) | | **Net change in cash and cash equivalents** | **$1,387** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, macroeconomic impacts, long-term debt including a **$400 million** revolver and **$345 million** convertible notes, segment performance, and legal contingencies - Operating results in fiscal 2023 continue to be impacted by supply chain challenges and significant commodity and wage inflation[26](index=26&type=chunk) - As of April 4, 2023, **$130.0 million** was outstanding under the Revolver Facility, with **$238.5 million** in net availability for borrowings[38](index=38&type=chunk) - The company has **$345.0 million** in aggregate principal of 0.375% convertible senior notes due 2026[41](index=41&type=chunk)[48](index=48&type=chunk) Segment Revenues (Q1 2023) | Segment Revenues (Q1 2023) | Revenue (in thousands USD) | | :--- | :--- | | The Cheesecake Factory restaurants | $656,000 | | North Italia | $63,303 | | Other FRC | $68,640 | | Other | $78,171 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial results, including a **9.1%** revenue increase, comparable sales growth, cost fluctuations, and strategic priorities, projecting fiscal 2023 revenues of approximately **$3.55 billion** [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q1 2023 revenues rose **9.1%** to **$866.1 million**, driven by comparable sales growth, with labor costs decreasing to **36.0%** and adjusted diluted EPS increasing to **$0.61** - Total revenues increased **9.1%** to **$866.1 million** for Q1 2023[92](index=92&type=chunk) Comparable Sales Growth (Q1 2023 vs Q1 2022) | Comparable Sales Growth (Q1 2023 vs Q1 2022) | Increase | | :--- | :--- | | The Cheesecake Factory | 5.7% | | North Italia | ~9% | - Labor expenses as a percentage of revenue decreased from **37.3%** to **36.0%** year-over-year, primarily due to menu pricing leverage[97](index=97&type=chunk) - Adjusted diluted net income per share increased to **$0.61** from **$0.47** in the prior-year quarter[105](index=105&type=chunk) [Fiscal 2023 Outlook](index=25&type=section&id=Fiscal%202023%20Outlook) Fiscal 2023 outlook projects total revenues of approximately **$3.55 billion**, with plans to open 20-22 new restaurants and Q2 2023 revenues between **$870 million** and **$890 million** - Anticipates total revenue for fiscal 2023 to be approximately **$3.55 billion**[106](index=106&type=chunk) - Plans to open **20 to 22 new restaurants** in fiscal 2023, with capital expenditures of **$165 million to $175 million**[107](index=107&type=chunk) - Expects total revenues for Q2 2023 to be approximately **$870 million to $890 million**[108](index=108&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) Primary liquidity source is cash from operations (**$65.0 million** in Q1 2023), with key uses including capital expenditures, dividends, and share repurchases, supported by a **$400 million** revolving credit facility - Cash provided by operating activities increased to **$65.0 million** in Q1 2023 from **$33.5 million** in Q1 2022[111](index=111&type=chunk)[112](index=112&type=chunk) - As of April 4, 2023, **$130.0 million** was outstanding on the Revolver Facility, with **$238.5 million** in net availability[115](index=115&type=chunk) - Repurchased **0.3 million shares** for **$12.4 million** and paid **$13.2 million** in common stock dividends during Q1 2023[117](index=117&type=chunk)[118](index=118&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company discusses market risks from commodity price volatility, interest rate changes on variable-rate debt, and investment fluctuations, noting a hypothetical **1%** interest rate rise would increase annual interest expense by **$1.3 million** - Commodity price volatility remains a key risk, with ongoing inflation above historical levels; a hypothetical **1%** increase in food costs would have negatively impacted cost of sales by **$2.1 million** in Q1 2023[124](index=124&type=chunk)[126](index=126&type=chunk) - The company is exposed to interest rate risk on its Loan Agreement; a hypothetical **1%** rise in interest rates would increase annual interest expense by **$1.3 million**[127](index=127&type=chunk) - Market risk exists for investments supporting non-qualified plans; a hypothetical **10%** decline in market value would reduce net income by **$2.1 million** due to tax impact[127](index=127&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of April 4, 2023, with no material changes to internal control over financial reporting identified during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level as of April 4, 2023[128](index=128&type=chunk) - No material changes in internal control over financial reporting were identified during the quarter[129](index=129&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) Note 7 details a tentatively settled wage citation case and two new class-action complaints filed in February 2023 regarding alleged improper website visitor tracking - A 2018 wage citation case has reached a tentative settlement, with an immaterial amount reserved by the company[51](index=51&type=chunk) - Two class-action lawsuits were filed in February 2023 alleging privacy and wiretapping violations due to website tracking, which the company intends to vigorously defend[52](index=52&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were identified from the Annual Report on Form 10-K for the fiscal year ended January 3, 2023 - The company refers to its Annual Report on Form 10-K for a description of risk factors, indicating no material changes during the quarter[132](index=132&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2023, the company repurchased **341,000 shares**, including **204,000** under a public plan for **$12.4 million** and **137,188** for tax obligations Share Repurchase Activity (Q1 2023) | Share Repurchase Activity (Q1 2023) | Shares (in thousands of shares) | Average Price Paid per Share | | :--- | :--- | :--- | | Total Shares Purchased | 341 | - | | Purchased as Part of Public Plan | 204 | - | | Withheld for Tax Obligations | 137 | - | - The company repurchased **0.3 million shares** at a cost of **$12.4 million** during Q1 2023 under its publicly announced plan[135](index=135&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and iXBRL formatted financial statements - Lists all exhibits filed with the report, including CEO/CFO certifications and iXBRL data files[137](index=137&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 3, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-20574 THE CHEESECAKE FACTORY INCORPORATED (Exact name of registrant as specified in its charter) Delaware 51-0340466 (State or other jurisdiction (I.R.S. Employer o ...

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