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 ...

Restaurant Operations - As of June 29, 2021, the company operates 647 restaurants across 49 states and ten foreign countries, including 548 company restaurants and 99 franchise restaurants[68]. - In 2021 YTD, the company opened 11 new company restaurants and plans to open 26 to 29 more across all concepts by the end of the year[74]. - The company has signed franchise and/or development agreements in nine countries, with a total of 30 restaurants operating internationally as of June 29, 2021[77]. - The company opened 11 new restaurants in 2021, including three Bubba's 33 locations, with plans to open 26 to 29 restaurants across all concepts by the end of the year[125]. Financial Performance - Total revenue increased by $422.4 million to $898.8 million in Q2 2021 compared to $476.4 million in Q2 2020, primarily due to an increase in average unit volumes and comparable restaurant sales[106]. - Net income increased by $109.0 million to $75.5 million in Q2 2021, compared to a net loss of $33.6 million in Q2 2020[108]. - Total revenue for Q2 2021 was $898.8 million, an increase of 88.6% compared to $476.4 million in Q2 2020[119]. - Restaurant and other sales increased by 50.6% year-to-date (YTD) 2021 compared to YTD 2020, reaching $1.7 billion[119]. - Net income attributable to Texas Roadhouse, Inc. was $75.5 million in Q2 2021, compared to a net loss of $33.6 million in Q2 2020[119]. Cost Management - The average capital investment for new Texas Roadhouse restaurants opened in 2021 is expected to be approximately $5.4 million, down from $6.3 million in 2020[75]. - Total costs and expenses for Q2 2021 were $809.1 million, which is 90.0% of total revenue, compared to 109.9% in Q2 2020[119]. - Food and beverage costs decreased to 33.1% of sales in Q2 2021 from 34.7% in Q2 2020, despite commodity inflation of approximately 6.5% in Q2 2021[128]. - Restaurant labor expenses decreased to 32.3% of sales in Q2 2021 from 41.1% in Q2 2020, aided by a higher guest check amount and employee retention payroll tax credits totaling $0.2 million for Q2 2021[130]. Shareholder Returns - The company suspended its quarterly cash dividend in March 2020 but reinstated it at $0.40 per share on April 28, 2021[84]. - As of June 29, 2021, $147.8 million remains authorized for stock repurchases, with the company expecting to resume repurchase activity in the second half of 2021[85]. - The company reinstated a quarterly cash dividend of $0.40 per share, totaling $27.9 million, marking the first dividend payment since the onset of the pandemic[152]. Employee Management - The company continues to face challenges in attracting and retaining restaurant-level employees due to a competitive job market, which may lead to increased labor costs[64]. - The company recorded $1.2 million related to the Employee Retention Credit in 2021, which is included in labor expenses[67]. Capital Expenditures - Capital expenditures totaled $85.1 million in 2021 YTD, with $48.3 million allocated for new company restaurants, compared to $31.5 million in 2020 YTD[147]. - The company expects capital expenditures to be approximately $200.0 million in 2021, planning to open 26 to 29 restaurants across all concepts[147]. Debt and Financing - The amended revolving credit facility has a borrowing capacity of up to $300.0 million, with an option to increase by an additional $200.0 million, extending the maturity date to May 1, 2026[154]. - As of June 29, 2021, the company had $190.0 million outstanding on the amended revolving credit facility with a weighted-average interest rate of 0.98%[161]. - The company was in compliance with all financial covenants as of June 29, 2021[161]. Market Conditions - The company has developed a hybrid operating model to enhance To-Go sales, which have increased over pre-pandemic levels, offsetting declines in dining room traffic[63]. - Comparable restaurant sales increased by 80.2% in Q2 2021, driven by a 58.6% growth in guest traffic and a 21.6% increase in average check[121]. - As of June 29, 2021, nearly all company restaurants were operating without restrictions, compared to limited capacity restrictions in the prior year[123]. Commodity and Supply Chain - The company employs various purchasing and pricing contract techniques to secure high-quality, low-cost ingredients, but is exposed to commodity price volatility[166]. - The beef supply is highly dependent on three vendors, and any inability of these vendors to fulfill obligations could lead to supply shortages or higher costs[170].

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 ...

Restaurant Operations - As of March 30, 2021, the company operates 637 restaurants across 49 states and ten foreign countries[72]. - In Q1 2021, the company opened three new restaurants and plans to open 25 to 30 company restaurants in 2021[79]. - The company has signed franchise agreements in nine countries in the Middle East and other regions, with 28 international restaurants currently operating[82]. - The company is evaluating opportunities for market expansion and has plans to open as many as six Texas Roadhouse restaurants internationally in 2021[79]. - The company opened 3 new restaurants in Q1 2021, bringing the total to 637 restaurants by March 30, 2021[122]. - As of March 30, 2021, the company plans to open 25 to 30 new restaurants across all concepts in 2021, with 15 additional restaurants under construction[129]. Financial Performance - Total revenue increased by $148.1 million to $800.6 million in Q1 2021 compared to $652.5 million in Q1 2020, primarily due to an increase in average unit volumes and the opening of new restaurants[111]. - Comparable restaurant sales increased by 18.5% in Q1 2021, while store weeks increased by 4.1%[111]. - Net income increased by $48.1 million to $64.2 million in Q1 2021, with diluted earnings per share rising to $0.91 from $0.23 in Q1 2020[115]. - Restaurant and other sales increased by 22.7% in Q1 2021 compared to Q1 2020[123]. - In Q1 2021, total restaurant sales increased by 22.6% compared to Q1 2020, driven by a 17.5% increase in average unit volume and a 4.1% increase in store weeks[124]. - Comparable restaurant sales rose by 18.5% in Q1 2021, with guest traffic count growth of 13.0% and per person average check growth of 5.5%[125]. Cost Management - The average capital investment for Texas Roadhouse restaurants opened in 2021 is expected to be approximately $5.5 million, down from $6.2 million in 2020[80]. - Restaurant labor expenses accounted for 32.5% of restaurant and other sales in Q1 2021, down from 37.2% in Q1 2020[116]. - Food and beverage costs as a percentage of restaurant and other sales decreased to 31.6% in Q1 2021 from 32.5% in Q1 2020, despite commodity inflation of 1.8%[131]. - Restaurant labor expenses decreased to 32.5% of restaurant and other sales in Q1 2021, down from 37.2% in Q1 2020, due to increased average unit volume and employee retention payroll tax credits of $1.0 million[132]. - General and administrative expenses were 4.6% of total revenue in Q1 2021, compared to 5.1% in Q1 2020[116]. Capital and Investments - Capital expenditures totaled $38.7 million in Q1 2021, down from $46.7 million in Q1 2020, with expectations for 2021 capital expenditures between $210.0 million and $220.0 million[148]. - From inception through March 30, 2021, the company has repurchased 17,722,505 shares for a total of $369.0 million at an average price of $20.82 per share[90]. Tax and Credit Facilities - The effective tax rate increased to 16.2% in Q1 2021 compared to a benefit of 12.7% in Q1 2020, primarily due to a significant increase in pre-tax income[142]. - Interest expense, net, rose to $1.5 million in Q1 2021 from $0.1 million in Q1 2020, mainly due to additional borrowings on the credit facility[140]. - The company has a revolving credit facility of up to $200.0 million, with an option to increase by an additional $200.0 million, amended to $300.0 million on May 4, 2021[158]. - As of March 30, 2021, the company had $190.0 million outstanding on the original revolving credit facility and $50.0 million on the incremental revolving credit facility[155][164]. - The maturity date for the original revolving credit facility is August 5, 2022, while the amended facility extends to May 1, 2026[158]. Employee and Payroll Management - The company deferred $47.3 million in payroll taxes due to the CARES Act, with repayments scheduled for 2021 and 2022[68]. - The company recorded $1.0 million related to the Employee Retention Credit in Q1 2021, included in labor expense[71]. - Pre-opening costs incurred per restaurant opening average over 70% related to hiring and training employees[104]. Sales Initiatives - The company continues to focus on increasing sales through various initiatives, including the launch of the Texas Roadhouse Butcher Shop in Q4 2020[86]. - Franchise royalties and fees increased by $0.8 million, or 16.5%, in Q1 2021, driven by a 15.2% increase in comparable restaurant sales at domestic franchise stores[130]. Supply Chain Management - The company employs various purchasing techniques to secure low-cost ingredients, facing potential price volatility in commodities[170]. - The company relies on three vendors for beef supply, with no significant pandemic impact reported on sourcing capabilities[171].

Texas Roadhouse, Inc. (NASDAQ:TXRH) Q1 2021 Earnings Conference Call April 29, 2021 5:00 PM ET Company Participants Tonya Robinson - Chief Financial Officer Jerry Morgan - Chief Executive Officer Conference Call Participants Brian Bittner - Oppenheimer Jake Bartlett - Truist Securities Dennis Geiger - UBS Peter Saleh - BTIG John Glass - Morgan Stanley David Palmer - Evercore ISI Jeffrey Bernstein - Barclays David Tarantino - Baird Brett Levy - MKM Partners Jared Garber - Goldman Sachs Chris O'Cull - Stifel ...

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 29, 2020 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 ...