Texas Roadhouse(TXRH) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for Q4 2024 was $1,437.9 million, a 23.5% increase from $1,164.4 million in Q4 2023[2] - Net income for Q4 2024 reached $115.8 million, up 59.9% from $72.4 million in Q4 2023[2] - Basic net income per common share attributable to Texas Roadhouse, Inc. was $1.74 for Q4 2024, compared to $1.08 for Q4 2023[17] - Net cash provided by operating activities for the fiscal year ended December 31, 2024, was $753.6 million, a 33.4% increase from $565.0 million in the previous year[21] - Total assets grew to $3,190.8 million as of December 31, 2024, compared to $2,793.4 million at the end of 2023[19] Sales and Restaurant Performance - Comparable restaurant sales increased by 7.7% at company restaurants and 6.3% at domestic franchise restaurants[3] - Average unit volume for Texas Roadhouse restaurants reached $2,211, a 17.1% increase from $1,888[23] - Restaurant and other sales increased to $1,428,780, a 23.5% rise compared to $1,157,362 in the previous year[23] - Comparable restaurant sales for Texas Roadhouse were 7.8%, down from 10.2% in the prior year[23] - Average weekly sales at company restaurants were $153,867, with to-go sales accounting for $20,067, compared to $141,653 and $17,793 respectively in the prior year[3] Restaurant Expansion - The company opened nine new company restaurants and five franchise restaurants during the fourth quarter[3] - The company opened 9 new restaurants in Q4 2024, compared to 12 in Q4 2023[26] - Total company restaurants increased to 666, up by 31 from 635 in the previous year[26] - Franchise restaurants increased to 118, up by 12 from 106 in the previous year[26] - The company plans to continue expanding its restaurant footprint, focusing on both domestic and international markets[26] Costs and Expenses - Restaurant margin for Q4 2024 was $242.6 million, representing 17.0% of restaurant and other sales, compared to 15.3% in Q4 2023[22] - The company reported a restaurant operating cost of $1,299.4 million for the fiscal year 2024, compared to $1,080.6 million in 2023[17] - Food and beverage costs as a percentage of sales decreased to 33.5%, down 65 basis points from 34.2%[23] - Labor costs remained stable at 33.0%, a slight decrease of 10 basis points from 33.1%[23] - Capital expenditures for property and equipment in the fiscal year 2024 were $354.3 million, slightly higher than $347.0 million in 2023[21] Future Outlook - For 2025, the company expects commodity cost inflation of 3% to 4% and comparable restaurant sales growth of 8.5% at company restaurants[6] - Capital expenditures for 2025 are projected to be approximately $400 million[13] Shareholder Returns - The quarterly cash dividend was increased by 11% to $0.68 per share, payable on April 1, 2025[8] - The company declared cash dividends of $0.61 per share in Q4 2024, up from $0.55 per share in Q4 2023[17] - A stock repurchase program of up to $500 million was approved, replacing the previous program of $300 million[9]