Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 28, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-50972 Texas Roadhouse, Inc. (Exact name of registrant specified in its charter) Delaware 20-1083890 (State or other jurisd ...

Texas Roadhouse, Inc. (NASDAQ:TXRH) Q2 2022 Earnings Conference Call July 28, 2022 5:00 PM ET Company Participants Tonya Robinson - Chief Financial Officer Jerry Morgan - Chief Executive Officer Conference Call Participants Brian Bittner - Oppenheimer Jared Garber - Goldman Sachs David Tarantino - Baird Chris O’Cull - Stifel Jeffrey Bernstein - Barclays Peter Saleh - BTIG Eric Gonzalez - KeyBanc Chris Carril - RBC Capital Markets David Palmer - Evercore John Glass - Morgan Stanley Lauren Silberman - Credit ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201%20%E2%80%94%20Financial%20Statements%20%28Unaudited%29%20%E2%80%94%20Texas%20Roadhouse%2C%20Inc.%20and%20Subsidiaries) This section presents the unaudited condensed consolidated financial statements for the 13-week periods ended March 29, 2022, and March 30, 2021 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased slightly to **$2.44 billion** from **$2.51 billion**, primarily due to reduced cash and receivables Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 29, 2022 | December 28, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $325,723 | $335,645 | | Total current assets | $425,987 | $563,525 | | Total assets | $2,437,320 | $2,511,952 | | **Liabilities & Equity** | | | | Deferred revenue-gift cards | $221,479 | $300,657 | | Total current liabilities | $541,774 | $602,144 | | Long-term debt | $100,000 | $100,000 | | Total liabilities | $1,402,061 | $1,438,468 | | Total equity | $1,035,259 | $1,073,484 | [Condensed Consolidated Statements of Income and Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Total revenues increased **23.3%** to **$987.5 million**, with net income rising to **$75.2 million** and diluted EPS to **$1.08** Q1 2022 vs Q1 2021 Income Statement (in thousands, except per share data) | Metric | 13 Weeks Ended March 29, 2022 | 13 Weeks Ended March 30, 2021 | | :--- | :--- | :--- | | Total revenue | $987,486 | $800,629 | | Income from operations | $90,138 | $80,927 | | Net income attributable to Texas Roadhouse, Inc. | $75,202 | $64,150 | | Diluted EPS | $1.08 | $0.91 | | Cash dividends declared per share | $0.46 | $— | [Condensed Consolidated Statement of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Stockholders%27%20Equity) Stockholders' equity decreased to **$1.04 billion**, primarily due to **$84.7 million** in stock repurchases and **$31.8 million** in dividends - Key activities affecting stockholders' equity in Q1 2022 included net income of **$75.2 million**, dividend payments of **$31.8 million**, and common stock repurchases totaling **$84.7 million**[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated **$187.8 million** cash, while investing and financing used **$73.3 million** and **$124.4 million**, respectively Cash Flow Summary (in thousands) | Activity | 13 Weeks Ended March 29, 2022 | 13 Weeks Ended March 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $187,769 | $178,013 | | Net cash used in investing activities | ($73,278) | ($36,474) | | Net cash used in financing activities | ($124,413) | ($9,048) | | Net (decrease) increase in cash | ($9,922) | $132,491 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, debt, revenue, acquisitions, and restaurant operations, including **576** owned and **96** franchised restaurants - As of March 29, 2022, the company owned and operated **576** restaurants and franchised **96**, with all domestic locations operating without COVID-19 restrictions, unlike the prior year period[19](index=19&type=chunk)[21](index=21&type=chunk) - The company had **$100.0 million** outstanding on its revolving credit facility as of March 29, 2022, with a weighted-average interest rate of **1.20%**[31](index=31&type=chunk)[32](index=32&type=chunk) - On December 29, 2021, the company acquired seven franchised Texas Roadhouse restaurants for a total purchase price of **$26.4 million**[39](index=39&type=chunk) - The Board approved a new stock repurchase program for up to **$300.0 million** on March 17, 2022, with **1,060,618** shares repurchased for **$84.7 million** in Q1 2022[52](index=52&type=chunk)[53](index=53&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202%20%E2%80%94%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 financial results, highlighting **23.3%** revenue growth and **16.0%** comparable sales growth amid inflation [Q1 2022 Financial Highlights](index=29&type=section&id=Q1%202022%20Financial%20Highlights) Q1 2022 revenue grew **23.3%** to **$987.5 million**, with restaurant margin percentage declining to **16.4%** due to inflation Q1 2022 Key Performance Indicators | Metric | Q1 2022 | Q1 2021 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $987.5M | $800.6M | +23.3% | | Net Income | $75.2M | $64.2M | +17.2% | | Diluted EPS | $1.08 | $0.91 | +18.5% | | Comparable Restaurant Sales | 16.0% | 18.5% | N/A | | Restaurant Margin % | 16.4% | 18.6% | -2.2 p.p. | [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Operations saw **23.4%** sales growth from traffic and average check, but **17.0%** commodity and labor inflation pressured profitability Comparable Restaurant Sales Growth Drivers (Q1 2022 vs Q1 2021) | Component | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Guest traffic counts | 7.0% | 13.0% | | Per person average check | 9.0% | 5.5% | | **Total Comp Sales Growth** | **16.0%** | **18.5%** | - Menu price increases of approximately **4.2%** (Oct 2021) and **1.75%** (Apr 2021) contributed to higher average checks, with an additional **3.2%** increase implemented in April 2022[127](index=127&type=chunk) - Food and beverage costs rose to **34.4%** of sales from **31.6%** year-over-year, driven by **17.0%** commodity inflation, primarily in protein costs, with **12%** to **14%** commodity inflation expected for the full year 2022[132](index=132&type=chunk)[133](index=133&type=chunk) - Restaurant labor costs increased to **32.8%** of sales from **32.5%** year-over-year due to wage pressures and increased staffing for dining rooms, with approximately **7%** labor inflation anticipated for 2022[134](index=134&type=chunk)[135](index=135&type=chunk) [Segment Information](index=37&type=section&id=Segment%20Information) Both Texas Roadhouse and Bubba's 33 segments reported margin dollar growth but percentage declines due to inflation Restaurant Margin by Segment (in thousands) | Segment | Margin $ (Q1 2022) | Margin % (Q1 2022) | Margin $ (Q1 2021) | Margin % (Q1 2021) | | :--- | :--- | :--- | :--- | :--- | | Texas Roadhouse | $153,468 | 16.5% | $141,112 | 18.6% | | Bubba's 33 | $7,794 | 15.2% | $6,003 | 16.8% | | Other | ($79) | (2.6%) | $459 | 17.4% | | **Total** | **$161,183** | **16.4%** | **$147,574** | **18.6%** | [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity remains strong with **$187.8 million** cash from operations, **$230.0 million** capital expenditures planned, and capital returned to shareholders - Expects capital expenditures of approximately **$230.0 million** in 2022, with plans to open around **25** Texas Roadhouse and Bubba's 33 company restaurants[158](index=158&type=chunk) - In Q1 2022, the company used **$124.4 million** in financing activities, primarily for share repurchases (**$84.7 million**) and dividend payments (**$31.8 million**)[159](index=159&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) - As of March 29, 2022, **$295.0 million** remained available under the authorized stock repurchase program[161](index=161&type=chunk) - The company had **$100.0 million** outstanding on its revolving credit facility with **$189.1 million** of availability as of March 29, 2022[167](index=167&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203%20%E2%80%94%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate changes and commodity price volatility, particularly for beef, without hedging - A hypothetical one-percentage-point increase in interest rates would increase estimated annual interest expense by **$1.0 million**[171](index=171&type=chunk) - The company does not use financial instruments to hedge commodity prices, instead relying on contracts of one year or less, which exposes it to price volatility[172](index=172&type=chunk) - The beef supply is highly dependent on four vendors, posing a business risk if these vendors cannot fulfill their obligations[173](index=173&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204%20%E2%80%94%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective with no significant changes to internal control - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[175](index=175&type=chunk) - No significant changes to internal control over financial reporting occurred during Q1 2022[176](index=176&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=46&type=section&id=Item%201%20%E2%80%94%20Legal%20Proceedings) The company is involved in ordinary course litigation, none of which is expected to have a material adverse effect - The company is not party to any litigation that it believes could have a material adverse effect on its business[179](index=179&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A%20%E2%80%94%20Risk%20Factors) No material changes were reported from the risk factors previously disclosed in the 2021 Form 10-K - No material changes from the risk factors disclosed in the 2021 Form 10-K were reported[180](index=180&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202%20%E2%80%94%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) A new **$300.0 million** stock repurchase program was approved, with **$84.7 million** in shares repurchased during Q1 2022 Share Repurchases in Q1 2022 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Dec 29 to Jan 25 | 177,420 | $85.26 | | Jan 26 to Feb 22 | 123,198 | $85.18 | | Feb 23 to Mar 29 | 760,000 | $77.74 | | **Total** | **1,060,618** | **N/A** | - A new stock repurchase program for up to **$300.0 million** was approved on March 17, 2022, replacing a prior program[181](index=181&type=chunk) [Item 3. Defaults Upon Senior Securities](index=46&type=section&id=Item%203%20%E2%80%94%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - None[183](index=183&type=chunk) [Item 4. Mine Safety Disclosures](index=46&type=section&id=Item%204%20%E2%80%94%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[184](index=184&type=chunk) [Item 5. Other Information](index=48&type=section&id=Item%205%20%E2%80%94%20Other%20Information) No other material information was reported - None[185](index=185&type=chunk) [Item 6. Exhibits](index=48&type=section&id=Item%206%20%E2%80%94%20Exhibits) This section lists all exhibits filed with the report, including required certifications and XBRL data files - Exhibits filed include certifications by the Principal Executive Officer and Principal Financial Officer, as well as XBRL data files[186](index=186&type=chunk)

Texas Roadhouse, Inc. (NASDAQ:TXRH) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET Company Participants Tonya Robinson - Chief Financial Officer Gerald Morgan - President and Chief Executive Officer Conference Call Participants Christopher O'Cull - Stifel, Nicolaus & Company, Inc. Brian Harbour - Morgan Stanley David Tarantino - Robert W. Baird & Co. David Palmer - Evercore ISI Dennis Geiger - UBS Peter Saleh - BTIG, LLC Brett Levy - MKM Partners Jeffrey Farmer - Gordon Haskett Andy Barish - Jeffer ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 28, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-50972 Texas Roadhouse, Inc. (Exact name of registrant specified in its charter) Delaware (State or other jurisdicti ...

Texas Roadhouse, Inc. (NASDAQ:TXRH) Q4 2021 Earnings Conference Call February 22, 2022 5:00 PM ET Company Participants Tonya Robinson - Chief Financial Officer Jerry Morgan - Chief Executive Officer Conference Call Participants Brian Bittner - Oppenheimer David Tarantino - Baird Dennis Geiger - UBS Lauren Silberman - Credit Suisse Jeff Priester - Barclays Chris O'Cull - Stifel John Glass - Morgan Stanley Brian Mullan - Deutsche Bank Brett Levy - MKM Partners Andrew Strelzik - BMO John Ivankoe - JPMorgan Pet ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial information for Texas Roadhouse, Inc., including financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures [Item 1 — Financial Statements (Unaudited)](index=3&type=section&id=Item%201%20%E2%80%94%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Texas Roadhouse, Inc. as of September 28, 2021, and for the 13 and 39-week periods then ended, including the Balance Sheets, Statements of Income, Statement of Stockholders' Equity, and Statements of Cash Flows, along with accompanying notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 28, 2021, total assets increased to **$2.44 billion** from **$2.33 billion** at year-end 2020, driven by higher cash and property and equipment, while total liabilities slightly decreased to **$1.36 billion**, primarily due to a reduction in deferred revenue from gift cards and repayment of the current portion of long-term debt, and total equity grew to **$1.08 billion** from **$943.1 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | September 28, 2021 | December 29, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $537,915 | $510,651 | | **Total Assets** | $2,442,553 | $2,325,161 | | **Total Current Liabilities** | $443,854 | $506,318 | | **Total Liabilities** | $1,361,946 | $1,382,110 | | **Total Equity** | $1,080,607 | $943,051 | [Condensed Consolidated Statements of Income and Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) For the third quarter of 2021, total revenues increased **37.7%** year-over-year to **$868.9 million**, and net income attributable to the company rose to **$52.6 million** from **$29.2 million** in Q3 2020, while for the 39-week period, revenues grew **45.9%** to **$2.57 billion**, with net income reaching **$192.2 million**, a significant recovery from **$11.7 million** in the prior-year period, and diluted EPS for Q3 2021 was **$0.75**, up from **$0.42** Income Statement Summary (in thousands, except per share data) | Metric | Q3 2021 (13 Weeks) | Q3 2020 (13 Weeks) | YTD 2021 (39 Weeks) | YTD 2020 (39 Weeks) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $868,943 | $631,185 | $2,568,360 | $1,760,134 | | **Income from Operations** | $61,698 | $34,976 | $232,353 | $3,448 | | **Net Income Attributable to Company** | $52,606 | $29,230 | $192,236 | $11,706 | | **Diluted EPS** | $0.75 | $0.42 | $2.74 | $0.17 | | **Cash Dividends Declared per Share** | $0.40 | $— | $0.80 | $0.36 | [Condensed Consolidated Statement of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Stockholders'%20Equity) For the 39 weeks ended September 28, 2021, total stockholders' equity increased from **$943.1 million** to **$1.08 billion**, primarily driven by net income of **$198.6 million**, partially offset by dividend payments of **$55.8 million** and common stock repurchases of **$14.7 million** - Key changes in stockholders' equity for the 39 weeks ended September 28, 2021 include: - Net income: **+$192.2 million** - Dividends declared: **-$55.8 million** - Repurchase of common stock: **-$14.7 million** - Share-based compensation: **+$30.8 million**[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the 39 weeks ended September 28, 2021, net cash from operating activities was **$348.7 million**, a significant increase from **$146.0 million** in the prior year period, driven by higher net income, while net cash used in investing activities was **$133.4 million**, mainly for capital expenditures, and net cash used in financing activities was **$141.9 million**, reflecting debt repayment, dividend payments, and share repurchases, in contrast to net cash provided by financing activities in 2020 Cash Flow Summary (in thousands) | Activity | 39 Weeks Ended Sep 28, 2021 | 39 Weeks Ended Sep 29, 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $348,709 | $146,035 | | **Net cash used in investing activities** | ($133,413) | ($115,322) | | **Net cash (used in) provided by financing activities** | ($141,888) | $190,044 | | **Net increase in cash and cash equivalents** | $73,408 | $220,757 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed information supporting the financial statements, covering topics such as the basis of presentation, COVID-19 uncertainties, accounting policies, long-term debt amendments, revenue recognition, income taxes, commitments, share-based compensation, and the stock repurchase program, with the company operating **555** company restaurants and franchising **99** additional restaurants as of September 28, 2021 - As of September 28, 2021, the company owned and operated **555** restaurants and franchised an additional **99** restaurants, an increase from **526** company-owned and **97** franchised restaurants as of September 29, 2020[20](index=20&type=chunk)[21](index=21&type=chunk) - On May 4, 2021, the company amended its revolving credit facility, increasing borrowing capacity to **$300.0 million** (with an option for an additional **$200.0 million**) and extending the maturity to May 1, 2026, with **$50.0 million** of an incremental facility repaid as part of the amendment[30](index=30&type=chunk)[32](index=32&type=chunk) - The effective tax rate for the 39 weeks ended September 28, 2021 was **13.5%**, compared to a non-meaningful rate in the prior year period heavily impacted by tax credits on near break-even pre-tax income[39](index=39&type=chunk) - For the 39 weeks ended September 28, 2021, the company repurchased **161,034** shares of common stock for **$14.7 million**, with **$133.1 million** remaining available under the stock repurchase program as of September 28, 2021[61](index=61&type=chunk) [Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202%20%E2%80%94%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for Q3 2021, highlighting a strong recovery from the COVID-19 pandemic with significant revenue and net income growth driven by increased comparable restaurant sales and the full reopening of dining rooms, while addressing ongoing challenges such as commodity cost inflation, particularly in beef, and a competitive labor market, with long-term strategies focusing on restaurant expansion, improving profitability, and returning capital to shareholders through reinstated dividends and share repurchases - All domestic company and franchise locations were operating without restriction as of September 28, 2021, a significant improvement from the limited capacity restrictions in place as of September 29, 2020[64](index=64&type=chunk) - The company is experiencing significant commodity cost inflation, primarily for beef, and expects this trend to continue, also facing challenges in attracting and retaining employees in a competitive job market, leading to increased labor costs[66](index=66&type=chunk)[68](index=68&type=chunk) - Long-term strategies include expanding the restaurant base with **26-29** new company restaurants planned for 2021, maintaining profitability despite inflation, leveraging infrastructure, and returning capital to shareholders[75](index=75&type=chunk)[76](index=76&type=chunk)[82](index=82&type=chunk)[86](index=86&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q3 2021 revenue grew **37.7%** to **$862.8 million**, driven by a **30.2%** increase in comparable restaurant sales and a **5.2%** increase in store weeks, with restaurant margin improving to **15.7%** from **14.5%** in Q3 2020 due to sales leverage despite a **13.9%** increase in commodity inflation, and labor costs as a percentage of sales decreased due to higher average unit volumes, offsetting wage rate pressures Key Operating Metrics (Company Restaurants) | Metric | Q3 2021 | Q3 2020 | 2021 YTD | 2020 YTD | | :--- | :--- | :--- | :--- | :--- | | Increase in store weeks | 5.2% | 4.6% | 4.8% | 4.7% | | Comparable restaurant sales | 30.2% | (6.3)% | 39.5% | (16.0)% | | Guest traffic count growth | 23.6% | N/A | 29.1% | N/A | - Food and beverage costs rose to **34.6%** of sales in Q3 2021 from **32.1%** in Q3 2020, driven by **13.9%** commodity inflation, primarily in beef costs, with the company expecting approximately **10%** commodity inflation for the full year 2021[132](index=132&type=chunk)[133](index=133&type=chunk) - Labor costs as a percentage of sales decreased to **33.2%** in Q3 2021 from **34.7%** in Q3 2020, as sales leverage from higher volumes offset increased wage rates and labor market pressures, with the company anticipating continued wage inflation of approximately **6%** in 2022[134](index=134&type=chunk)[138](index=138&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity remains strong, with cash and cash equivalents increasing by **$73.4 million** year-to-date to **$436.6 million**, operating activities generating **$348.7 million** in cash, and capital expenditures expected to be approximately **$200.0 million** for 2021, while the company reinstated its quarterly dividend at **$0.40** per share and resumed its stock repurchase program, and the revolving credit facility was amended, increasing capacity to **$300 million** and extending the maturity to 2026 Year-to-Date Capital Expenditures (in thousands) | Category | 2021 YTD | 2020 YTD | | :--- | :--- | :--- | | New company restaurants | $79,200 | $55,081 | | Refurbishment or expansion | $50,154 | $37,222 | | **Total capital expenditures** | **$139,001** | **$117,521** | - The quarterly cash dividend was reinstated at **$0.40** per share on April 28, 2021, after being suspended in March 2020, with total dividends paid in YTD 2021 amounting to **$55.8 million**[158](index=158&type=chunk) - The share repurchase program was resumed on August 2, 2021, with the company repurchasing **$14.7 million** of its common stock during YTD 2021, and **$133.1 million** remaining authorized for repurchases as of September 28, 2021[159](index=159&type=chunk) [Item 3 — Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203%20%E2%80%94%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from changes in interest rates on its variable-rate debt and fluctuations in commodity prices, with a one-percentage-point increase in interest rates estimated to increase annual interest expense by **$1.9 million** as of September 28, 2021, and faces price volatility for key commodities, particularly beef, relying heavily on three main beef suppliers, which poses a business risk - The company had **$190.0 million** in variable-rate debt outstanding as of September 28, 2021, and a hypothetical **1%** increase in interest rates would increase annual interest expense by **$1.9 million**[172](index=172&type=chunk)[173](index=173&type=chunk) - The company is subject to unpredictable price volatility for commodities and does not currently use financial instruments to hedge prices, with its beef supply highly dependent on three vendors, creating a concentration risk[174](index=174&type=chunk)[177](index=177&type=chunk) [Item 4 — Controls and Procedures](index=31&type=section&id=Item%204%20%E2%80%94%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of September 28, 2021, with no significant changes to the company's internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[178](index=178&type=chunk) - No significant changes in internal control over financial reporting occurred during the third quarter of 2021[179](index=179&type=chunk) [PART II. OTHER INFORMATION](index=32&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides additional information not covered in Part I, including legal proceedings, risk factors, equity sales, defaults, and exhibits [Item 1 — Legal Proceedings](index=32&type=section&id=Item%201%20%E2%80%94%20Legal%20Proceedings) The company is occasionally involved in ordinary course litigation, such as 'slip and fall' accidents and employment-related claims, none of which are expected to have a material adverse effect on the business - As of the report date, the company is not party to any litigation that it believes could have a material adverse effect on its business[182](index=182&type=chunk) [Item 1A — Risk Factors](index=32&type=section&id=Item%201A%20%E2%80%94%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 29, 2020 - No material changes to risk factors have occurred since the last Annual Report on Form 10-K[183](index=183&type=chunk) [Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202%20%E2%80%94%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company resumed its stock repurchase program on August 2, 2021, after suspending it in March 2020, repurchasing **161,034** shares for approximately **$14.7 million** during the third quarter of 2021, with **$133.1 million** remaining authorized for future repurchases as of September 28, 2021 Share Repurchases in Q3 2021 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | June 30 to July 27 | — | $— | | July 28 to August 24 | 84,635 | $90.11 | | August 25 to September 28 | 76,399 | $92.37 | | **Total** | **161,034** | **N/A** | - As of September 28, 2021, **$133.1 million** remained available for purchase under the company's stock repurchase program[184](index=184&type=chunk) [Item 3 — Defaults Upon Senior Securities](index=32&type=section&id=Item%203%20%E2%80%94%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - The company reports no defaults upon senior securities[186](index=186&type=chunk) [Item 4 — Mine Safety Disclosures](index=33&type=section&id=Item%204%20%E2%80%94%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company[187](index=187&type=chunk) [Item 5 — Other Information](index=33&type=section&id=Item%205%20%E2%80%94%20Other%20Information) The company reports no other information for this item - The company reports no other information for this item[188](index=188&type=chunk) [Item 6 — Exhibits](index=33&type=section&id=Item%206%20%E2%80%94%20Exhibits) This section lists the exhibits filed with the report, including CEO and CFO certifications pursuant to the Sarbanes-Oxley Act of 2002 and XBRL data files - Exhibits include certifications from the Principal Executive Officer and Principal Financial Officer under Sections 302 and 906 of the Sarbanes-Oxley Act[189](index=189&type=chunk)

Texas Roadhouse, Inc. (NASDAQ:TXRH) Q3 2021 Earnings Conference Call October 28, 2021 5:00 PM ET Company Participants Tonya Robinson - Chief Financial Officer Jerry Morgan - Chief Executive Officer Conference Call Participants Peter Saleh - BTIG Chris O'Cull - Stifel Nick Setyan - Wedbush Securities Drew North - Baird Eric Gonzalez - KeyBanc Jeff Farmer - Gordon Haskett James Rutherford - Stephens, Inc. Brian Vaccaro - Raymond James Jeff Priester - Barclays Michael Rothstein - Goldman Sachs Operator Good ev ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 29, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-50972 Texas Roadhouse, Inc. (Exact name of registrant specified in its charter) Delaware 20-1083890 (State or other jurisd ...

Texas Roadhouse, Inc. (NASDAQ:TXRH) Q2 2021 Earnings Conference Call July 29, 2021 5:00 PM ET Company Participants Tonya Robinson - Chief Financial Officer Jerry Morgan - Chief Executive Officer Conference Call Participants Jeffrey Bernstein - Barclays James Rutherford - Stephens Peter Saleh - BTIG David Tarantino - Baird Dennis Geiger - UBS Lauren Silberman - Credit Suisse John Glass - Morgan Stanley Brett Levy - MKM Partners Jeff Farmer - Gordon Haskett Jared Garber - Goldman Sachs Nick Setyan - Wedbush A ...