美國
證券交易委員會
華盛頓特區20549
表格
截至2024年6月30日季度結束
或
過渡期從 到
委員會檔案編號
(依據公司章程規定特定的註冊名稱)
(依據所在地或其他管轄區) | (IRS雇主 | |
的註冊地或組織地點) | 識別號碼) |
(主要行政辦公室的地址)(郵政編碼)
(
(註冊人電話號碼,包括區號)
根據法案第12(b)條規定註冊的證券:
每種類別的名稱 | 交易標的(s) | 每個註冊交易所的名稱 |
請勾選該股份公司是否(1)在過去的12個月內按照1934年證券交易所法第13條或第15條的要求提交了所有要求提交的報告(或對於此類要求提交報告的期間較短的情況,股份公司是否被要求提交此類報告),以及(2)在過去90天內是否一直對此類報告要求負責。
請勾選指示序號,證明登記者已依照S-T法規第232.405節(本章節第232.405條)的第405條款規定,在過去12個月內(或者在要求提交此類檔案的較短期間內)已經遞交了每一個互動數據檔案。
請用勾選標記表示,公司是大型加速文件提交者、加速文件提交者、非加速文件提交者、較小的報告公司,還是新興成長型公司。請參見《交易所法》第120億2條中《大型加速文件提交者》、《加速文件提交者》、《較小的報告公司》和《新興成長型公司》的定義。
加速歸檔者 ☐ | 非加速歸檔者 ☐ | 較小型報告公司 | |
新興成長公司 |
如果是新興成長公司,請勾選指示,如果登記人已選擇不遵守根據《交易所法》第13(a)條規定提供的任何新的或修訂後的財務會計標準的擴展過渡期。☐
標示勾選是否公司是否為外殼公司(根據《交易所法》第1202條的定義)。是
普通股的流通股份數量是
第一部分-財務信息N
項目1-財務報表S
Texas Roadhouse, Inc.及其附屬公司
綜合總帳賬目表s
(以千為單位,每股數據除外)
(未經審計)
| 2024年9月24日 |
| 2023年12月26日 | |||
資產 | ||||||
流動資產: | ||||||
現金及現金等價物 | $ | | $ | | ||
應收款項,扣除懷疑帳戶抵押 |
| |
| | ||
存貨淨值 |
| |
| | ||
預付所得稅 |
|
| | |||
預付費用及其他流動資產 |
| |
| | ||
全部流動資產 |
| |
| | ||
物業及設備,扣除累計折舊$ |
| |
| | ||
營運租賃權利資產,淨額 | | | ||||
商譽 |
| |
| | ||
淨無形資產,扣除攤銷共 $ |
| |
| | ||
其他資產 |
| |
| | ||
資產總額 | $ | | $ | | ||
550,714 | ||||||
流動負債: | ||||||
營運租賃負債的流動部分 | $ | | $ | | ||
應付賬款 |
| |
| | ||
透過遞延收入買禮物卡 |
| |
| | ||
應計工資 |
| |
| | ||
應納所得稅款 | | | ||||
應計稅金及執照 |
| |
| | ||
其他應計負債 |
| |
| | ||
流動負債合計 |
| |
| | ||
扣除當期償還後之經營租賃負債淨額 | | | ||||
受限股份和其他存款 |
| |
| | ||
递延所得税负债,净额 |
| |
| | ||
其他負債 |
| |
| | ||
總負債 |
| |
| | ||
Texas Roadhouse, Inc.及其附屬公司股東權益: | ||||||
优先股($0.0001面值;3,333,333股已授权) |
|
| ||||
普通股($ |
| |
| | ||
保留收益 |
| |
| | ||
Texas Roadhouse, Inc.及其子公司股東權益總額 |
| |
| | ||
非控制權益 |
| |
| | ||
總股本 |
| |
| | ||
負債加股東權益總額 | $ | | $ | |
請參閱簡明合併基本報表附註。
3
得克薩斯路邊餐廳有限公司及其附屬公司
利潤及損益總表結總
(以千美元為單位,除每股數據外)
(未經審計)
13週期末 | 39週年結束 | |||||||||||
| 2024年9月24日 |
| 2023年9月26日 |
| 2024年9月24日 |
| 2023年9月26日 | |||||
營業收入: | ||||||||||||
餐廳和其他銷售 | $ | | $ | | $ | | $ | | ||||
特許獎金和費用 | | | | | ||||||||
營業總收入 |
| |
| |
| |
| | ||||
成本及費用: | ||||||||||||
餐廳營運成本(不包括另外顯示的折舊和攤銷): | ||||||||||||
食品和飲料 |
| | | | | |||||||
勞動 |
| | | | | |||||||
租金 |
| | | | | |||||||
其他營業費用 |
| | | | | |||||||
Pre-opening |
| | | | | |||||||
折舊與攤提 |
| | | | | |||||||
減值與結業,凈額 |
| | ( | | | |||||||
總務與行政 |
| | | | | |||||||
總費用及支出 |
| |
| |
| |
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營業收入 |
| |
| |
| |
| | ||||
利息收益,淨額 |
| | | | | |||||||
對未納入合併財務報表的聯營企業的投資盈利 |
| | | | | |||||||
稅前收入 | $ | | $ | | $ | | $ | | ||||
所得稅支出 |
| | | | | |||||||
包括非控制权益在内的净利润 | | | $ | | $ | | ||||||
減:非控制權益所享有之淨利潤 |
| | | | | |||||||
歸屬於Texas Roadhouse, Inc.及其附屬公司的凈利潤 | $ | | $ | | $ | | $ | | ||||
歸屬於Texas Roadhouse, Inc.及子公司的普通股每股凈利潤: | ||||||||||||
基礎 | $ | | $ | | $ | | $ | | ||||
稀釋 | $ | | $ | | $ | | $ | | ||||
加權平均股本數: | ||||||||||||
基礎 |
| | | | | |||||||
稀釋 |
| | | | | |||||||
每股現金股利宣告 | $ | | $ | | $ | | $ | |
請參閱簡明合併基本報表附註。
4
德州路邊餐館公司及其子公司
股東權益簡明合併基本報表y
(以千為單位,每股數據除外)
(未經審計)
截至2024年9月24日止13周 | |||||||||||||||||||||
|
|
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|
| 總得來說德州 |
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| |||||||||||||
額外的 | 道樂集團 |
| |||||||||||||||||||
Par | 實收資本 | 保留收益 | 及 | 非控制權益 |
| ||||||||||||||||
股份 | 價值 | 資本 | 累積盈餘 | 附屬機構 | 權益投資 | 總計 |
| ||||||||||||||
2024年6月25日的結餘 |
| | $ | | $ | $ | | $ | | $ | | $ | | ||||||||
凈利潤 |
|
|
|
| |
| |
| |
| | ||||||||||
對非控制權益持有人的分紅派息 |
|
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| ( |
| ( | ||||||||||||
收購非控股權益,扣除递延税款淨額 | ( | ( | | ||||||||||||||||||
分派的股息 ($ |
|
|
|
| ( |
| ( |
|
| ( | |||||||||||
根據包括稅收影響在內的股份報酬計劃發行的股份 |
| |
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間接回購股份以進行最低稅款扣繳 |
| ( |
|
| ( |
|
| ( |
|
| ( | ||||||||||
回購普通股股份,包括相關的貨物稅 | ( | ( | | ( | ( | ||||||||||||||||
基於股份的報酬 |
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| |
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2024年9月24日的賬戶結餘 |
| | $ | | $ | $ | | $ | | $ | | $ | | ||||||||
截至2023年9月26日的13周 | |||||||||||||||||||||
|
|
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| 總德州 |
|
| ||||||||||||||
額外的 | 德南公司。 | ||||||||||||||||||||
Par | 實收資本 | 保留收益 | 及 | 非控制權益 | |||||||||||||||||
股份 | 價值 | 資本 | 累積盈餘 | 附屬機構 | 權益投資 | 總計 | |||||||||||||||
2023年6月27日的結餘 |
| | $ | | $ | $ | | $ | | $ | | $ | | ||||||||
凈利潤 |
|
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| |
| |
| |
| | ||||||||||
對非控制權益持有人的分紅派息 |
|
|
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|
| ( |
| ( | ||||||||||||
分派的股息 ($ |
|
|
|
| ( |
| ( |
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| ( | |||||||||||
根據包括稅務影響在內的股份償酬計劃發行的股份 |
| |
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間接回購股份以最低稅收扣減 |
| ( |
|
| ( |
|
| ( |
|
| ( | ||||||||||
回購普通股股份,包括相應的稅款 | ( | ( | ( | ( | ( | ||||||||||||||||
基於股份的報酬 |
|
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| |
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| |
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| | |||||||||||
2023年9月26日的賬目 |
| | $ | | $ | $ | | $ | | $ | | $ | |
請參閱簡明合併基本報表附註。
5
得克薩斯路邊餐廳公司及其子公司
縮短的股東權益變動合併報表:
(以千為單位,每股數據除外)
(未經審計)
截至2024年9月24日的39周 | ||||||||||||||||||||
|
|
|
|
| 總德州 |
|
| |||||||||||||
額外的 | 德南公司。 | |||||||||||||||||||
Par | 實收資本 | 保留收益 | 及 | 非控制權益 | ||||||||||||||||
股份 | 價值 | 資本 | 累積盈餘 | 附屬機構 | 權益投資 | 總計 | ||||||||||||||
2023年12月26日的餘額 | | $ | | $ | $ | | $ | | $ | | $ | | ||||||||
凈利潤 |
|
|
|
| |
| |
| |
| | |||||||||
對非控制權益持有人的分紅派息 |
|
|
|
|
|
| ( |
| ( | |||||||||||
收購非控股權益,扣除递延税款淨額 | ( | ( | ( | ( | ||||||||||||||||
分派的股息 ($ |
|
|
|
| ( |
| ( |
|
| ( | ||||||||||
根據包括稅務影響在內的股份償酬計劃發行的股份 |
| |
|
|
|
|
|
| ||||||||||||
間接回購股份以最低稅收扣減 |
| ( |
|
| ( |
|
| ( |
|
| ( | |||||||||
回購普通股股份,包括相應的稅款 | ( | ( | ( | ( | ( | |||||||||||||||
基於股份的報酬 |
|
|
| |
|
| |
|
| | ||||||||||
2024年9月24日的賬戶結餘 |
| | $ | | $ | $ | | $ | | $ | | $ | | |||||||
截至2023年9月26日的39周 | ||||||||||||||||||||
|
|
|
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| 總德州 |
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| |||||||||||||
額外的 | 德南公司。 | |||||||||||||||||||
Par | 實收資本 | 保留收益 | 及 | 非控制權益 | ||||||||||||||||
股份 | 價值 | 資本 | 累積盈餘 | 附屬機構 | 權益投資 | 總計 | ||||||||||||||
2022年12月27日的結算 |
| | $ | | $ | | $ | | $ | | $ | | $ | | ||||||
凈利潤 |
|
|
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| |
| |
| |
| | |||||||||
對非控制權益持有人的分紅派息 |
|
|
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|
| ( |
| ( | |||||||||||
分派的股息 ($ |
|
|
|
| ( |
| ( |
|
| ( | ||||||||||
根據包括稅務影響在內的股份償酬計劃發行的股份 |
| |
|
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|
|
|
| ||||||||||||
間接回購股份以最低稅收扣減 |
| ( |
|
| ( |
|
| ( |
|
| ( | |||||||||
回購普通股股份,包括相應的稅款 | ( | ( | ( | ( | ( | |||||||||||||||
基於股份的報酬 |
|
|
| |
|
| |
|
| | ||||||||||
2023年9月26日的賬目 |
| | $ | | $ | $ | | $ | | $ | | $ | | |||||||
請參閱簡明合併基本報表附註。
6
Texas Roadhouse, Inc.及其附屬公司
簡明合併現金流量量表
(以千為單位)
(未經審計)
39週年結束 | ||||||
| 2024年9月24日 |
| 2023年9月26日 | |||
經營活動現金流量: | ||||||
包括非控制权益在内的净利润 | $ | | $ | | ||
調整淨利潤以達經營活動所提供之淨現金流量: | ||||||
折舊與攤提 |
| |
| | ||
推延所得稅 |
| ( |
| | ||
資產處分損失 |
| |
| | ||
減損和停業成本 |
| |
| | ||
對未納入合併財務報表的聯營企業的投資盈利 |
| ( |
| ( | ||
從未納入附屬公司的投資中收到的收入分配 |
| |
| | ||
呆帳費用 |
| ( |
| | ||
股份報酬費用 |
| |
| | ||
營運工作資本變動,除購併外的淨額: | ||||||
應收帳款 |
| |
| | ||
存貨 |
| ( |
| | ||
預付費用及其他流動資產 |
| |
| | ||
其他資產 |
| ( |
| ( | ||
應付賬款 |
| |
| | ||
逕收入——禮品卡 |
| ( |
| ( | ||
應計工資 |
| |
| | ||
預付所得稅及應付所得稅 |
| |
| | ||
應計稅金及執照 |
| |
| | ||
其他應計負債 |
| ( |
| ( | ||
經營租賃使用權資產和租賃負債 |
| |
| | ||
其他負債 |
| |
| | ||
經營活動產生的淨現金流量 |
| |
| | ||
投資活動之現金流量: | ||||||
資本支出-物業和設備 |
| ( | ( | |||
併購特許餐廳,扣除現金取得的資產 | ( | |||||
出售與未綜合聯屬公司的投資所得 | | |||||
產銷土地及設備款項 |
| |
| | ||
出售租回交易所得款項 | | | ||||
投資活動中使用的淨現金 |
| ( |
| ( | ||
來自籌資活動的現金流量: | ||||||
循環信貸付款 | ( | |||||
對非控制權益持有人的分紅派息 |
| ( | ( | |||
收購非控制權益 | ( | |||||
受限股份和其他存款的淨收益 |
| | | |||
透過間接方式回購股份以支付最低稅款扣繳 |
| ( | ( | |||
回購普通股股份 |
| ( | ( | |||
分紅派息給股東 |
| ( | ( | |||
籌集資金的淨現金流量 |
| ( |
| ( | ||
現金及現金等價物的淨增加(減少) |
| |
| ( | ||
現金及現金等價物—期初 |
| | | |||
資產買入中包含應付賬款以及 | $ | | $ | | ||
現金流資訊的補充揭示: | ||||||
支付利息,扣除資本化金額後的凈額 | $ | | $ | | ||
已支付的所得稅 | $ | | $ | | ||
本期負債中包括的資本支出 | $ | | $ | |
請參閱簡明合併基本報表附註。
7
Texas Roadhouse, Inc.及其附屬公司
基本報表註記
(以千元為單位的表格金額,每股資料除外)
(未經審計)
(1) 報告基礎
隨附的未經審核的縮短綜合基本報表包括德州公路酒吧、Inc.、我們完全擁有的附屬公司以及我們控股的附屬公司(統稱為「公司」、「我們」、「我們的」和/或「我們」)截至2024年9月24日和2023年12月26日及至2024年9月24日和2023年9月26日結束的13和39個星期。
公司經營作為德州公路酒吧、Bubba's 33和Jaggers的餐廳概念。截至2024年9月24日,我們擁有並經營
截至2024年9月24日和2023年9月26日,我們持有多數股份的
截至2024年9月24日和2023年9月26日,我們持有
在製作這些符合美國公認會計原則("GAAP")的未經審計簡明綜合基本報表時,我們作出了許多與資產和負債的報告、未經審計簡明綜合基本報表日期的潛在資產和負債的披露,以及在期間內報告收入和費用所需的估計和假設。這些估計和假設的重大項目包括資產及負債、商譽、租賃負債和使用權資產的估值,與保險準備金、法律準備金、所得稅和禮品卡留存費用相關的責任。實際結果可能與這些建議不同。
在管理層的意見中,附帶的未經審計簡明綜合報表反映了所有調整,僅包括為了公正呈現我們未經審計簡明綜合報表所需的例行性調整,以期顯示所呈現期間的我們未經審計的簡明綜合報表。未經審計簡明綜合報表已按照GAAP編制,除了根據證券交易委員會的規則和法規對某些信息和附註進行了簡略化或省略。截至2024年9月24日的13和39周的營運結果並不一定能反映預期的截至2024年12月31日的財政年度結果。未經審計簡明綜合報表應與我們2023年12月26日結束財政年度的年度報告Form 10-k中包括的合併財務報表和附註一同閱讀。
我們重要的臨時會計政策包括利用預估的年度有效稅率來確認所得稅。
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(2) 近期會計準則
2023年11月,財務會計準則委員會("FASB")發布了會計準則更新("ASU")2023-07, 分部報告(主題280):改進可報告部門披露。 該ASU 主要要求關於重要部門費用的增強披露,包括要求部門披露包括報告部門的其他部門項目描述,以及業務最高決策者("CODM")使用的部門利潤或損失的任何其他衡量方法。決定如何分配資源時,我們必須考慮其他事項。本更新還要求在中期報告中包含所有現行280主題要求的年度披露,以及CODm的標題和CODm如何使用報告的分部利潤或損失來評估績效和分配資源的說明。本更新的修訂將於2023年12月15日後開始的財政年度生效,並於2024年12月15日後開始的財政年度內的中期時段生效。我們目前正在評估這個新標準對我們的分部報告披露的影響,並預計在這項新指引下提供更多詳細信息和披露。
2023年12月,FASB發布了ASU 2023-09「 所得稅(740主題):所得稅披露的改進這項ASU主要要求增強關於實體所得稅的披露,包括要求將比率調解和分地區支付的所得稅信息中的信息分類一致且更加細分。本更新的修訂將於2024年12月15日後開始的財政年度生效,並於2025年12月15日後開始的財政年度內的中期時段生效。我們目前正在評估這個新標準對我們所得稅披露的影響,並預計在這項新指引下提供更多詳細信息和披露。
(3)長期負債
我們與摩根大通銀行和PNC銀行等商業貸款團的循環信貸計劃(“信貸計劃”)維持著關係。 信貸設施為無需擔保的循環信貸協議,最高可借款額達 $
我們須按照Term Secured Overnight Financing Rate(“SOFR”)對未償還的借款支付利息,並加上固定調整
截至2024年9月24日和2023年12月26日,我們在信用額度下沒有未償還款項,並且可用資金淨額為$
的信用額度利率是
銀行根據授信協議義務提供信貸,取決於我們保持特定的財務契約,包括最低綜合固定費用覆蓋比率和最高綜合槓桿比率。授信協議允許我們承擔額外的擔保或無擔保債務,除了承擔的擔保債務總金額等於或超過$
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(4) 營業收入
以下表格將我們的營業收入按主要來源進行細分:
13週期末 | 39週年結束 | ||||||||||
2024年9月24日 | 2023年9月26日 | 2024年9月24日 | 2023年9月26日 | ||||||||
餐廳和其他銷售 | $ | | $ | | $ | | $ | | |||
特許營收 | | | | | |||||||
特許費 | | | | | |||||||
營業總收入 | $ | | $ | | $ | | $ | |
以下的表格呈現了透支收入-禮品卡的逐步變化:
13週期末 | 39週年結束 | ||||||||||
2024年9月24日 | 2023年9月26日 | 2024年9月24日 | 2023年9月26日 | ||||||||
期初餘額 | $ | | $ | | $ | | $ | | |||
禮品卡啟用,扣除第三方費用淨額 | | | | | |||||||
禮品卡兌換和未使用餘額 | ( | ( | ( | ( | |||||||
期末餘額 | $ | | $ | | $ | | $ | | |||
我們確認截至2024年9月24日結束的第13和第39週的餐廳銷售額為$百萬,相對應於截至2023年12月26日的逕留收入金額。
(5) 所得稅
有效稅率為
(6) | 承諾和條件 |
截至2024年9月24日和2023年12月26日,完成資本項目承諾的預估成本為$
截至2024年9月24日和2023年12月26日,我們分別對$承擔條件負債
在2024年9月24日和2023年9月26日結束的13週和39週內,我們主要從供應商購買牛肉。
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有時候,我們在一般業務過程中引起的訴訟中,包括「滑落」意外、僱傭相關的索賠、與我們服務酒精相關的索賠,以及客人或員工聲稱疾病、傷害或食品質、健康或營運問題的索賠。這些類型的訴訟(其中大部分都由不同保留水平的保險承保)對我們產生重大不利影響,並且截至本報告的日期,我們並不是我們認為可能對我們業務產生重大不利影響的訴訟的一方。
(7) 收購
2022 年 12 月 28 日,即 2023 財政年度的第一天,我們完成收購
這些交易是使用會計準則編碼 805 中所定義的收購方法進行帳目。 企業合併。這些收購與我們提高淨收益和每股盈利的長期策略一致。
下表概述了這些收購所支付的代價,以及收購日期所獲得資產的估計公平價值和承擔的負債,並根據最終評估期調整進行調整。
庫存 | $ | | |
其他資產 | | ||
財產及設備 |
| | |
營運租賃使用權資產 | | ||
善良 |
| | |
無形資產 |
| | |
延期收入-禮品卡 | ( | ||
營運租賃負債的流動部分 |
| ( | |
營運租賃負債(除去流動部分) | ( | ||
$ | |
無形資產代表重購的特許經營權,該權利將在平均有效期內攤銷
(8) 關聯人交易
截至二零二四年九月二十四日和 2023 年九月二十六日,我們有
(9) 每股盈利
所有期間的股份及每股收益淨利數據均以歷史平均已發行股份的權重平均數據為基準。稀釋每股盈利計算顯示了我們股票激勵計劃中加權平均限制股單位的影響。在符合以表現為基礎的準則之前,表現股份單位不會被納入稀釋每股盈利計算中。
11
對於所有呈現的期間,未列入攤薄後每股收益計算中的未授權股份的加權平均份額,因其具有防稀釋效應而被認為不具顯著性。
下表顯示了根據隨附的未經審計簡化綜合收益表中的呈現計算出的每股收益和加權平均股份。
13週期末 | 39週年結束 | ||||||||||||
| 2024年9月24日 |
| 2023年9月26日 |
| 2024年9月24日 |
| 2023年9月26日 | ||||||
歸屬於Texas Roadhouse, Inc.及其附屬公司的凈利潤 | $ | | $ | | $ | | $ | | |||||
基本每股收益: | |||||||||||||
加權平均普通股數 |
| | | | | ||||||||
基本每股收益 | $ | | $ | | $ | | $ | | |||||
攤薄後每股收益: | |||||||||||||
加權平均普通股數 |
| | | | | ||||||||
非發放股票單位的稀釋效應 |
| | | | | ||||||||
稀釋後股份 |
| |
| |
| |
| | |||||
攤薄後每股收益 | $ | | $ | | $ | | $ | |
(10) 公允價值衡量
2024年9月24日和2023年12月26日,基於這些工具的短期性質,現金及現金等價物、應收賬款和應付賬款的公允價值近似其攜帶價值。這些工具的公允價值近似其攜帶價值。
以下表格顯示我們財務資產和負債的公允價值,根據持續計量。
公允價值衡量 | ||||||||
| 階層 |
| 2024年9月24日 |
| 2023年12月26日 | |||
遞延薪酬計劃—資產 |
| 1 | $ | | $ | | ||
透支薪酬計劃-負債 |
| 1 | $ | ( | $ | ( |
在我們的未經審計簡明合併資產負債表中,我們將透支薪酬計劃的賬戶記錄為其他資產,相應的負債記錄在其他負債中。這些投資被視為交易證券,並根據報價市價率報告公允價值。與這些投資相關的實現和未實現持有收益和損失,以及相應的補償費用的抵消,均記錄在我們的未經審計簡明合併損益表中的一般行政費用。
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(11) 股票回購計劃
2022 年 3 月 17 日,我們的董事會(「董事會」)批准了股票回購計劃,根據該計劃,我們可以購回高達 $
在截至二零二四年九月二十四日止的 13 週和 39 週,我們付款 $
(12) 區段資訊
我們按概念管理我們的餐廳和特許經營業務,因此將德州路屋、Bubba's 33、Jaggers 以及我們的零售計劃分為獨立的營運部門。我們應報告的分段是德克薩斯路屋和布巴 33 號。德州路屋須報告部分包括我們國內公司德克薩斯路屋餐廳以及國內和國際特許經營德州路屋餐廳的業績。Bubba 的 33 個須報告的分類包括本地公司 Bubba 的 33 家餐廳的業績。我們其餘的營運部門包括本地公司和特許經營 Jaggers 餐廳的業績以及我們的零售計劃的結果,包括其他。此外,公司相關資產、折舊和攤銷以及資本支出也包括在其他內。
管理層使用餐廳利潤率作為評估我們分部業績的主要衡量。餐廳利潤率代表餐廳和其他銷售額減去餐廳層級的營運成本,包括食品和飲料成本、人力、租金和其他營運成本。餐廳保證金還包括與我們以非特權利為基礎的零售計劃相關的銷售和營運成本。我們的 CoDM 使用餐廳利潤來評估餐廳層級的營運效率和績效。
在計算餐廳利潤時,我們排除了支持營運的某些非餐廳層級成本,但不會對餐廳層級的營運效率和績效產生直接影響,包括一般和行政費用。我們不包括開業前開支,因為這些費用不定期發生,並會影響與前期業績的比較性。我們不包括折舊和攤銷費用,其中大部分都與餐廳級資產有關,因為它代表在我們餐廳投資的非現金費用。我們不包括減值和結業開支,因為我們認為這可以更清楚地了解公司持續經營績效,並與前期業績比較更有用。所述的餐廳利潤率可能與本行業其他公司的其他類標題指標不相比。
所有營業部門的餐廳和其他銷售主要來自食品和飲料銷售。我們不依賴任何主要客戶作為銷售來源,我們應報告部門的客戶和資產主要位於美國。可報告的區段之間沒有重大交易。
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以下表格將我們各個部門的結果調和為根據GAAP報告的綜合結果:
截至2024年9月24日止13周 | |||||||||||
德州公路酒吧 | 巴巴33 | 其他 | 總計 | ||||||||
餐廳和其他銷售 | $ | | $ | | $ | | $ | | |||
餐廳運營成本(不包括折舊和攤銷) | | | | | |||||||
餐廳利潤 | $ | | $ | | $ | | $ | | |||
折舊與攤提 | $ | | $ | | $ | | $ | | |||
資本支出 | | | | | |||||||
截至2023年9月26日的13周 | |||||||||||
德州公路酒吧 | 巴巴33 | 其他 | 總計 | ||||||||
餐廳和其他銷售 | $ | | $ | | $ | | $ | | |||
餐廳營運成本(不包括折舊和攤銷) | | | | | |||||||
餐廳利潤 | $ | | $ | | $ | | $ | | |||
折舊與攤提 | $ | | $ | | $ | | $ | | |||
資本支出 | | | | | |||||||
截至2024年9月24日的39周 | |||||||||||
德州公路酒吧 | 巴巴33號 | 其他 | 總計 | ||||||||
餐廳和其他銷售 | $ | | $ | | $ | | $ | | |||
餐廳營運成本(不包括折舊和攤銷) | | | | | |||||||
餐廳利潤 | $ | | $ | | $ | | $ | | |||
折舊與攤提 | $ | | $ | | $ | | $ | | |||
資本支出 | | | | | |||||||
截至2023年9月26日的39周 | |||||||||||
德州公路酒吧 | 巴巴的33 | 其他 | 總計 | ||||||||
餐廳和其他銷售 | $ | | $ | | $ | | $ | | |||
餐廳營運成本(不包括折舊和攤銷) | | | | | |||||||
餐廳利潤 | $ | | $ | | $ | | $ | | |||
折舊與攤提 | $ | | $ | | $ | | $ | | |||
資本支出 | | | | |
14
下面呈現了餐廳利潤與營運收入的調解。我們不將利息收入、淨額和來自未合併聯屬公司投資的權益收益分配給可報告的部門。
13週期末 | 39週年結束 | ||||||||||
2024年9月24日 | 2023年9月26日 | 2024年9月24日 | 2023年9月26日 | ||||||||
餐廳利潤 | $ | | $ | | $ | | $ | | |||
增加: | |||||||||||
特許獎金和費用 | | | | | |||||||
扣除: | |||||||||||
Pre-opening | | | | | |||||||
折舊與攤提 | | | | | |||||||
減值與結業,凈額 | | ( | | | |||||||
總務與行政 | | | | | |||||||
營業收入 | $ | | $ | | $ | | $ | | |||
15
第二項。管理層討論與分析 財務狀況及營運結果
警告聲明
本報告包含基於我們目前對我們行業的期望、估計和預測以及我們所做的某些假設的前瞻性聲明。如「預期」、「期望」、「擬定」、「計劃」、「相信」、「尋求」、「估計」、「可能」、「願意」以及這些字詞或類似表達式的變化,旨在識別前瞻性陳述。此外,任何涉及未來事件或情況的期望、預測或其他特徵的陳述,包括任何基礎假設,都是前瞻性陳述。這些聲明並不是對未來表現的保證,並且存在某些難以預測的風險、不確定性和假設。因此,由於各種因素,我們的實際結果可能與任何前瞻性聲明中表達的實際結果有所不同。截至 2023 年 12 月 26 日止財政年度的表格 10-k 年報中標題為「風險因素」的部分,以及本表格 10-Q 中第 II 部分第 1A 項,以及其他證券交易委員會 (「SEC」) 的披露") 申報會討論一些可能影響我們的業務、營運結果或財務狀況的重要風險因素。您應在決定投資本公司或維持或增加您的投資之前,除了本報告中的其他資訊以及我們向美國證券交易委員會提交的其他資料外,仔細考慮這些風險。除非適用法律要求,我們不承擔任何責任公開修改或更新任何前瞻性聲明。本表格中包含的資料10-Q 並不是對我們的業務或投資普通股相關的風險的完整描述。我們鼓勵您仔細審查並考慮本報告中和我們向 SEC 提交的其他報告中所提交的各種披露,這些報告更詳細討論我們的業務,並向有關人士提供有關人士建議某些風險、不確定性和其他可能影響我們業務、營運結果或財務狀況的因素。
我們的公司
德克薩斯路屋,Inc. 是一家不斷成長的餐廳公司,主要從事休閒餐飲業領域。我們已故的創始人 W.Kent Taylor 於 1993 年創立了該公司,在印第安納州克拉克斯維爾開設了第一家德克薩斯路屋餐廳。從那時起,我們已經擴展到了三個概念,共有 772餐廳位於 49 個州,美國一個領土和十個國家。截至 2024 年 9 月 24 日,我們的 772 間餐廳包括:
● | 657 間公司餐廳,其中 638 間是全資企業,19 間是大部分擁有的。公司餐廳的營運結果包括在我們未經審核的簡明綜合收入報表中。公司餐廳擁有多數擁有的非控制權益應佔的收入部分,反映在我們未經審核簡綜合收益表中的非控制權益應佔淨收入的明細項目中。在 657 家公司餐廳中,我們營運 601 間為德克薩斯路屋餐廳,48 家作為布巴的 33 家餐廳,八家作為傑格斯餐廳。 |
● | 115 間特許經營餐廳,其中 20 間我們擁有 5.0% 至 10.0% 的擁有權益。我們在這些特許經營餐廳的少數權益所得的收入在未經審核的簡明綜合收入報表中,在非合併附屬公司投資的股票收入中報表中。在 115 間特許經營餐廳中,56 間是國內德克薩斯路屋餐廳,三間是國內 Jaggers 餐廳,56 間是國際德州路屋餐廳,其中一家位於美國領地的餐廳。 |
我們有合約安排,授予我們權利以預先確定的方式收購 19 家擁有多數公司餐廳中 17 家以及 59 家全系全系國特許經營餐廳中的 54 家其餘股權。
除非另有說明,否則我們在整個報告中使用「餐廳」一詞來包括德州路屋和 Bubba's 33。
16
財務和營運數據介紹
在本報告中,2024年9月24日和2023年9月26日結束的13週分別稱為Q3 2024和Q3 2023。結束於2024年9月24日和2023年9月26日的39週分別稱為2024年至今和2023年至今。2024財政年將為長度為53週,其中第四季度為14週。2023財政年長度為52週,各季度持續13週。
我們用來評估我們公司的關鍵指標
我們用來評估和評估我們業務的關鍵指標包括以下內容:
● | 可比餐廳銷售。 可比餐廳銷售反映了所有公司餐廳在所有概念中的銷售變化,除非另有說明,都是根據與前一年同期的可比餐廳基地進行比較。 我們將可比餐廳基地定義為在測量期之前運營滿18個月的那些餐廳,不包括該期間永久關閉的餐廳。 可比餐廳銷售可能會受到來賓流量變化或人均平均消費額變化的影響。 菜單價格的變化,銷售的菜單項目組合,以及堂食與外帶銷售的比例可能會影響人均平均消費額。 |
● | 平均單位成交量。平均單位成交量代表德州公路酒吧和巴巴33餐廳每季度、截至年底或每年的平均銷售額,這些餐廳運營已滿六個月在測量期開始前幾個月內,排除餐廳永久關閉的銷售(如果適用)。從歷史數據來看,平均店面成交量增長低於可比餐廳銷售增長,這表明新店的營業額增長水平低於公司平均水平。有時,平均店面成交量增長可能高於可比餐廳銷售增長,這表明新店的營業額增長水平高於公司平均水平。 |
● | 店面周數和新餐廳開業。 店面周數代表在報告期間內所有公司餐廳跨所有概念開放的周數,除非另有說明。店面周數包括餐廳暫時關閉的周數。店面周數的增長是由新餐廳開業和特許收購推動的。新餐廳開業反映了在特定財政期間內開業的餐廳數量,不包括店面搬遷。我們認為同時在同一貿易區域與店面關閉同時發生的店面開業屬於搬遷。 |
● | 餐廳利潤。 餐廳利潤(以美元計算,佔餐廳及其他銷售額百分比,以及每家店每週計算)代表餐廳及其他銷售額減去餐廳層面營運成本,包括食品、飲料成本、人工成本、租金和其他營運成本。餐廳利潤不是按照GAAP確定的衡量標準,不應孤立地或作為營業額的替代品考慮。這個非GAAP措施並不代表公司整體表現和盈利能力,因為這個措施不會直接累積到股東的利益,由於排除的成本的性質。餐廳利潤被廣泛認為是一個有用的指標,用以評估不同報告期的核心餐廳層面營運效率和表現。 |
在計算餐廳利潤時,我們排除一些支援運營但對餐廳層面營運效率和表現並無直接影響的非餐廳層成本,包括一般行政費用。我們排除開店前支出,因為它發生在不規則的間隔,會影響與前期結果的可比性。我們排除折舊和攤銷費用,其中絕大部分與餐廳層資產有關,因為這代表對我們餐廳投資的非現金負擔。我們排除減損和關閉費用,因為我們相信這有助於更清晰地洞察公司持續營運表現,並與前期結果進行更有用的比較。所呈現的餐廳利潤可能與我們行業的其他公司相似標題的衡量標準不可比。將營收轉為餐廳利潤的收入核算說明已包含在下面的業績結果部分。
17
其他關鍵定義
● | 餐廳和其他銷售。 餐廳銷售包括所有公司餐廳的毛餐飲銷售淨促銷和折扣後的金額。從客戶收取並匯入政府機關的銷售稅是以淨基礎計算,因此不包括在我們的未經審核簡明綜合損益表中的餐廳銷售。其他銷售包括第三方禮品卡費用攤銷和禮品卡滯留收入的淨影響,與我們的非特許權基礎零售產品相關的銷售,以及與我們的桌上型kiosk設備相關的內容收入。 |
● | 特許獎金和費用。 特許獎金包括根據我們特許協議所定義的獎金,由我們國內和國際特許經營商支付。國內和國際特許經營商通常還會為每家新餐廳或區域支付初始特許費和/或開拓費。 |
● | 食品和飲料成本。 食品和飲料成本包括用於製作在我們公司餐廳銷售的食品和飲料產品的原材料和成分的成本。我們食品和飲料成本的大約一半與牛肉有關。 |
● | 餐廳勞工費用。 餐廳勞工費用包括在營運中發生的所有直接和間接勞工成本,除了由我們的餐廳管理合作夥伴和市場合作夥伴賺取的利潤分享獎勵費用。這些利潤分享開支反映在餐廳其他營業費用中。餐廳勞工費用還包括與餐廳層級員工相關的股份報酬費用。 |
● | 餐廳租金支出。餐廳租金支出包括與房地產租賃相關的所有租金,包括基本租金、百分比租金和直線租金支出。 |
● | Restaurant Other Operating Expenses. Restaurant other operating expenses consist of all other restaurant-level operating costs, the major components of which are credit card fees, profit sharing incentive compensation for our restaurant managing partners and market partners, utilities, supplies, general liability insurance, advertising, repairs and maintenance, property taxes, and outside services. |
● | Pre-opening Expenses. Pre-opening expenses, which are charged to operations as incurred, consist of expenses incurred before the opening of a new or relocated restaurant and consist principally of opening and training team compensation and benefits, travel expenses, rent, food, beverage, and other initial supplies and expenses. The majority of pre-opening costs incurred relate to the hiring and training of employees due to the significant investment we make in training our people. Pre-opening costs vary by location depending on a number of factors, including the size and physical layout of each location; the number of management and hourly employees required to operate each restaurant; the availability of qualified restaurant staff members; the cost of travel and lodging for different geographic areas; the timing of the restaurant opening; and the extent of unexpected delays, if any, in obtaining final licenses and permits to open each restaurant. |
● | 折舊及攤銷費用。折舊和攤銷費用包括固定資產的折舊和具有明確壽命的無形資產的攤銷,其中幾乎所有費用均與餐廳層面的資產有關。 |
● | 減損和關閉成本,淨。 減損和關閉成本,淨包括長期資產的任何減損,包括物業和設備、營業租賃權使用資產、商譽以及與餐廳關閉相關的費用。關閉成本還包括與轉址餐廳或出售已關閉餐廳和/或待出售資產相關的任何收益或損失,以及與已關閉或轉址餐廳相關的成本。減損和閉店成本,淨包括長達較長生命的資產的任何減損,包括物業和設備、營業租賃權使用資產、商譽以及與一家餐廳關閉相關的費用。 閉店成本還包括與轉址餐廳或出售已關閉餐廳和/或待出售資產相關的任何收益或損失,以及與已關閉或轉址餐廳相關的成本。 |
● | 總務及行政費用。 總務及行政費用包括與公司和行政職能相關的費用,用於支持發展和餐廳運營,並提供支持未來增長的基礎設施。這包括薪水、基於激勵和股份報酬的補償。 |
18
與行政人員和支援中心員工相關的費用、與市場合作夥伴相關的薪資和股份賠償費用、軟體託管費用、專業費用、集團保險、廣告費用以及與我們延期賠償計劃中的投資有關的實現和未實現持有收益和虧損。 |
● | 利息收入淨額 利息收入(淨額)包括現金及現金等值收入,並減少本公司債務或融資義務(包括貸款費用攤銷)的利息支出(除除資本利息)。 |
● | 投資於非合併附屬公司的股票收入。 股權收入包括我們在非合併附屬公司所獲得的淨收入中的百分比,以及我們在收購這些附屬公司所得的任何收益中的份額。截至 2024 年 9 月 24 日和 2023 年 9 月 26 日,我們在 20 間國內特許經營餐廳擁有 5.0% 至 10.0% 的股權。 |
● | 非控股權益應佔淨收入。 歸屬於非控制權益的淨收入代表該多數擁有餐廳的其他業主應佔收入的部分。截至 2024 年 9 月 24 日和 2023 年 9 月 26 日,我們的合併子公司分別包括 19 家和 20 間大部分擁有的餐廳。 |
2024 年第三季財務摘要
2024 年第三季的總收入增加了 151.2 百萬美元或 13.5% 至 1,273.0 萬美元,而 2023 年第三季的 1,121.8 百萬美元,主要是由於類似餐廳銷售和店鋪週的增加。與 2023 年第三季相比,公司餐廳的相比餐廳銷售量和商店週分別增長 8.5% 和 5.8%。相似餐廳銷售額的增加是由於我們的每人平均支票的增加以及訪客流量的增加。店週的增加是由於新店開業所致。
淨收入在 2024 年第三季增加 20.6 百萬美元或 32.3% 至 84.4 百萬美元,較 2023 年第三季的 63.8 百萬元,主要是由於餐廳保證金美元較高,如下所述,部分由較高的一般和行政費用以及較高的折舊和攤銷費用抵銷。2024 年第三季的稀釋每股盈利由 2023 年第三季的 0.95 美元上升 32.5% 至 1.26 美元,主要是由於淨利增加。
在 2024 年第三季餐廳利潤美元增加 39.2 百萬美元或 24.1%,至 2 億 2 億 1 億美元,而 2023 年第三季的 162.8 百萬美元,主要是由於銷售額上升。餐廳利潤率(以餐廳及其他銷售額計算)在 2024 年第三季度上升至 16.0%,而 2023 年第三季的 14.6% 為 14.6%。餐廳利潤率的增加(以餐廳和其他銷售額計算)主要是由於銷售額較高的驅動。平均訪客支票和勞動生產力更高的好處比了 4.7% 的工資和其他勞動通脹和 1.3% 的商品通脹。
此外,截至 2024 年 9 月 24 日止的 13 週內,資本配置支出包括 91.1 百萬元的資本支出、股息 40,7 百萬元以及回購普通股 96 百萬元。
19
Results of Operations
(in thousands)
13 Weeks Ended | 39 Weeks Ended | |||||||||||||||
September 24, 2024 | September 26, 2023 | September 24, 2024 | September 26, 2023 | |||||||||||||
| $ |
| % |
| $ |
| % |
| $ |
| % |
| $ |
| % | |
Condensed Consolidated Statements of Income: | ||||||||||||||||
Revenue: | ||||||||||||||||
Restaurant and other sales | 1,265,279 | 99.4 | 1,115,224 | 99.4 | 3,913,073 | 99.4 | 3,447,192 | 99.4 | ||||||||
Franchise royalties and fees | 7,720 | 0.6 | 6,528 | 0.6 | 22,345 | 0.6 | 20,119 | 0.6 | ||||||||
Total revenue | 1,272,999 | 100.0 | 1,121,752 | 100.0 | 3,935,418 | 100.0 | 3,467,311 | 100.0 | ||||||||
Costs and expenses: | ||||||||||||||||
(As a percentage of restaurant and other sales) | ||||||||||||||||
Restaurant operating costs (excluding depreciation and amortization shown separately below): | ||||||||||||||||
Food and beverage | 424,566 | 33.5 | 386,184 | 34.6 | 1,305,658 | 33.4 | 1,198,099 | 34.8 | ||||||||
Labor | 427,470 | 33.8 | 378,814 | 34.0 | 1,293,229 | 33.0 | 1,155,970 | 33.5 | ||||||||
Rent | 20,162 | 1.6 | 18,177 | 1.6 | 59,543 | 1.5 | 54,001 | 1.6 | ||||||||
Other operating | 191,011 | 15.1 | 169,225 | 15.2 | 581,515 | 14.9 | 507,846 | 14.7 | ||||||||
(As a percentage of total revenue) | ||||||||||||||||
Pre-opening | 7,282 | 0.6 | 8,663 | 0.8 | 21,579 | 0.5 | 19,711 | 0.6 | ||||||||
Depreciation and amortization | 44,510 | 3.5 | 39,124 | 3.5 | 128,918 | 3.3 | 112,764 | 3.3 | ||||||||
Impairment and closure, net | 844 | 0.1 | (2) | NM | 1,135 | NM | 131 | NM | ||||||||
General and administrative | 55,131 | 4.3 | 47,708 | 4.3 | 165,874 | 4.2 | 148,573 | 4.3 | ||||||||
Total costs and expenses | 1,170,976 | 92.0 | 1,047,893 | 93.4 | 3,557,451 | 90.4 | 3,197,095 | 92.2 | ||||||||
Income from operations | 102,023 | 8.0 | 73,859 | 6.6 | 377,967 | 9.6 | 270,216 | 7.8 | ||||||||
Interest income, net | 1,916 | 0.2 | 496 | 0.0 | 5,007 | 0.1 | 2,730 | 0.1 | ||||||||
Equity income from investments in unconsolidated affiliates | 235 | NM | 139 | NM | 778 | NM | 1,181 | NM | ||||||||
Income before taxes | 104,174 | 8.2 | 74,494 | 6.6 | 383,752 | 9.8 | 274,127 | 7.9 | ||||||||
Income tax expense | 17,400 | 1.4 | 8,870 | 0.8 | 57,913 | 1.5 | 35,474 | 1.0 | ||||||||
Net income including noncontrolling interests | 86,774 | 6.8 | 65,624 | 5.9 | 325,839 | 8.3 | 238,653 | 6.9 | ||||||||
Net income attributable to noncontrolling interests | 2,362 | 0.2 | 1,836 | 0.2 | 8,080 | 0.2 | 6,207 | 0.2 | ||||||||
Net income attributable to Texas Roadhouse, Inc. and subsidiaries | 84,412 | 6.6 | 63,788 | 5.7 | 317,759 | 8.1 | 232,446 | 6.7 |
NM — Not meaningful
20
Reconciliation of Income from Operations to Restaurant Margin | |||||||||||
($ in thousands, except restaurant margin $ per store week) | |||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||
September 24, 2024 | September 26, 2023 | September 24, 2024 | September 26, 2023 | ||||||||
Income from operations | $ | 102,023 | $ | 73,859 | $ | 377,967 | $ | 270,216 | |||
Less: | |||||||||||
Franchise royalties and fees | 7,720 | 6,528 | 22,345 | 20,119 | |||||||
Add: | |||||||||||
Pre-opening | 7,282 | 8,663 | 21,579 | 19,711 | |||||||
Depreciation and amortization | 44,510 | 39,124 | 128,918 | 112,764 | |||||||
Impairment and closure, net | 844 | (2) | 1,135 | 131 | |||||||
General and administrative | 55,131 | 47,708 | 165,874 | 148,573 | |||||||
Restaurant margin | $ | 202,070 | $ | 162,824 | $ | 673,128 | $ | 531,276 | |||
Restaurant margin $/store week | $ | 23,784 | $ | 20,272 | $ | 26,725 | $ | 22,237 | |||
Restaurant margin (as a percentage of restaurant and other sales) | 16.0% | 14.6% | 17.2% | 15.4% |
See above for the definition of restaurant margin.
Restaurant Unit Activity
| Total | Texas Roadhouse | Bubba's 33 |
| Jaggers | |||
Balance at December 26, 2023 |
| 741 | 686 | 45 |
| 10 | ||
Company openings |
| 22 | 19 | 3 | — | |||
Franchise openings - Domestic | 1 | — | — | 1 | ||||
Franchise openings - International (1) |
| 8 | 8 | — | — | |||
Balance at September 24, 2024 |
| 772 | 713 | 48 |
| 11 |
| September 24, 2024 |
| September 26, 2023 | |
Company - Texas Roadhouse |
| 601 | 573 | |
Company - Bubba's 33 |
| 48 | 43 | |
Company - Jaggers |
| 8 | 7 | |
Total company | 657 | 623 | ||
Franchise - Texas Roadhouse - Domestic |
| 56 | 54 | |
Franchise - Jaggers - Domestic | 3 | 1 | ||
Franchise - Texas Roadhouse - International (1) |
| 56 | 44 | |
Total franchise | 115 | 99 | ||
Total |
| 772 |
| 722 |
(1) | Includes a U.S. territory. |
21
Q3 2024 compared to Q3 2023 and 2024 YTD compared to 2023 YTD
Restaurant and Other Sales
Restaurant and other sales increased 13.5% in both Q3 2024 compared to Q3 2023 and 2024 YTD compared to 2023 YTD. The following table summarizes certain key drivers and/or attributes of restaurant sales at company restaurants for the periods presented. Company restaurant count activity is shown in the restaurant unit activity table above.
| Q3 2024 |
| Q3 2023 |
| 2024 YTD |
| 2023 YTD |
| |||||
Company Restaurants: | |||||||||||||
Increase in store weeks |
| 5.8 | % | 5.7 | % | 5.4 | % | 5.8 | % | ||||
Increase in average unit volume |
| 7.5 | % | 7.8 | % | 8.1 | % | 9.7 | % | ||||
Other (1) |
| 0.5 | % | (0.1) | % | 0.1 | % | 0.0 | % | ||||
Total increase in restaurant sales |
| 13.8 | % | 13.4 | % | 13.6 | % | 15.5 | % | ||||
Other sales | (0.3) | % | (0.4) | % | (0.1) | % | (0.1) | % | |||||
Total increase in restaurant and other sales | 13.5 | % | 13.0 | % | 13.5 | % | 15.4 | % | |||||
Store weeks |
| 8,496 | 8,032 | 25,187 | 23,892 | ||||||||
Comparable restaurant sales |
| 8.5 | % | 8.2 | % | 8.8 | % | 10.1 | % | ||||
Texas Roadhouse restaurants: | |||||||||||||
Store weeks | 7,768 | 7,394 | 23,070 | 22,041 | |||||||||
Comparable restaurant sales |
| 8.7 | % | 8.4 | % | 8.9 | % | 10.3 | % | ||||
Average unit volume (in thousands) (2) | $ | 1,990 | $ | 1,840 | $ | 6,260 | $ | 5,753 | |||||
Weekly sales by group: | |||||||||||||
Comparable restaurants (560, 542, 549, and 527 units) | $ | 153,870 | $ | 141,675 | $ | 160,715 | $ | 147,832 | |||||
Average unit volume restaurants (22, 18, 17, and 22 units) | $ | 132,430 | $ | 138,439 | $ | 153,918 | $ | 139,989 | |||||
Restaurants less than six months old (19, 13, 35, and 24 units) | $ | 142,628 | $ | 141,409 | $ | 142,925 | $ | 150,747 | |||||
Bubba's 33 restaurants: | |||||||||||||
Store weeks | 624 | 547 | 1,805 | 1,593 | |||||||||
Comparable restaurant sales | 5.3 | % | 4.8 | % | 5.0 | % | 6.0 | % | |||||
Average unit volume (in thousands) (2) | $ | 1,502 | $ | 1,437 | $ | 4,641 | $ | 4,494 | |||||
Weekly sales by group: | |||||||||||||
Comparable restaurants (40, 36, 37, and 34 units) | $ | 116,330 | $ | 112,447 | $ | 120,952 | $ | 115,343 | |||||
Average unit volume restaurants (5, 4, 4, and 3 units) | $ | 109,485 | $ | 93,012 | $ | 100,893 | $ | 113,926 | |||||
Restaurants less than six months old (3, 3, 7, and 6 units) | $ | 140,369 | $ | 129,941 | $ | 128,746 | $ | 116,281 |
(1) | Includes the impact of the year-over-year change in sales volume of all Jaggers restaurants, along with Texas Roadhouse and Bubba’s 33 restaurants open less than six months before the beginning of the period measured and, if applicable, the impact of restaurants permanently closed during the period. |
(2) | Average unit volume includes restaurants open a full six to 18 months before the beginning of the period measured, excluding sales from restaurants permanently closed during the period, if applicable. |
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The increases in restaurant sales for Q3 2024 and 2024 YTD were primarily attributable to an increase in store weeks and an increase in comparable restaurant sales. The increases in store weeks were driven by the opening of new restaurants. The increases in comparable restaurant sales were driven by an increase in our per person average check along with an increase in guest traffic counts as shown in the table below.
Q3 2024 |
| Q3 2023 |
| 2024 YTD |
| 2023 YTD |
| ||||
Guest traffic counts | 3.8 | % | 4.1 | % | 4.3 | % | 5.5 | % | |||
Per person average check | 4.7 | % | 4.1 | % | 4.5 | % | 4.6 | % | |||
Comparable restaurant sales growth | 8.5 | % | 8.2 | % | 8.8 | % | 10.1 | % |
To-go sales as a percentage of restaurant sales were 12.7% in Q3 2024 compared to 12.3% in Q3 2023 and were 12.8% in 2024 YTD compared to 12.6% in 2023 YTD.
Per person average check for 2024 includes the benefit of a menu price increase of approximately 2.2% implemented in Q2 2024 and menu price increases of approximately 2.2% and 2.7% implemented in Q2 2023 and Q4 2023, respectively. In addition, we implemented a menu price increase of approximately 0.9% in late September 2024.
In 2024 YTD, we opened 19 Texas Roadhouse company restaurants and three Bubba’s 33 company restaurants. In 2024, we expect store week growth of approximately 7.5% across all concepts, including a benefit of 2% from the 53rd week. In 2025, we expect store week growth of approximately 5% across all concepts, including a benefit of 2% from the planned acquisition of 13 domestic franchise restaurants at the beginning of our 2025 fiscal year.
Other sales include the net impact of the amortization of third party gift card fees and gift card breakage income, sales related to our non-royalty based retail products, and content revenue related to our tabletop kiosk devices. The net impact of these amounts was $(2.1) million in Q3 2024 and $1.4 million in Q3 2023 and was $(11.3) million in 2024 YTD and $(7.2) million in 2023 YTD. The changes in Q3 2024 and Q3 2023 were driven by favorable adjustments recorded of $0.6 million and $3.7 million, respectively. These adjustments related to changes in our estimate of gift card breakage due to a shift in our historic redemption patterns which indicated that the percentage of gift cards sold that are not expected to be redeemed had increased.
Franchise Royalties and Fees
Franchise royalties and fees increased by $1.2 million or 18.3% in Q3 2024 compared to Q3 2023 and increased by $2.2 million or 11.1% in 2024 YTD compared with 2023 YTD. The increases were due to comparable franchise restaurant sales growth and new store openings partially offset by $0.2 million in Q3 2024 and $1.1 million in 2024 YTD related to the reclassification of certain items that were reported in general and administrative expenses in our unaudited condensed consolidated statements of income in Q3 2023 and 2023 YTD.
In 2024 YTD, our franchise partners opened eight international Texas Roadhouse restaurants, including one in a U.S. territory, and one Jaggers domestic restaurant.
Food and Beverage Costs
Food and beverage costs, as a percentage of restaurant and other sales, decreased to 33.5% in Q3 2024 compared to 34.6% in Q3 2023 and decreased to 33.4% in 2024 YTD compared to 34.8% in 2023 YTD. The decreases were primarily driven by the benefit of a higher average guest check partially offset by commodity inflation of 1.3% in Q3 2024 and 0.8% in 2024 YTD primarily due to higher beef costs.
In 2024, we expect commodity inflation of less than 1% for the year with prices locked for approximately 70% of our remaining forecasted costs and the remainder subject to floating market prices. In 2025, we expect commodity inflation of 2% to 3%.
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Restaurant Labor Expenses
Restaurant labor expenses, as a percentage of restaurant and other sales, decreased to 33.8% in Q3 2024 compared to 34.0% in Q3 2023 and decreased to 33.0% in 2024 YTD compared to 33.5% in 2023 YTD. The decreases were primarily driven by the benefit of a higher average guest check and labor productivity partially offset by wage and other labor inflation of 4.7% in Q3 2024 and 4.5% in 2024 YTD. Wage and other labor inflation was driven by higher wage and benefit expense due to labor market pressures along with increases in state-mandated minimum and tipped wage rates and increased investment in our people.
In 2024, we expect wage and other labor inflation of approximately 4.5%. In 2025, we anticipate our labor costs will continue to be pressured by wage and other labor inflation of 4% to 5%.
Restaurant Rent Expense
Restaurant rent expense, as a percentage of restaurant and other sales, was 1.6% in both Q3 2024 and Q3 2023 and decreased to 1.5% in 2024 YTD compared to 1.6% in 2023 YTD. In Q3 2024, higher rent expense at our newer restaurants was offset by the increase in average unit volume. The decrease in 2024 YTD was driven by the increase in average unit volume partially offset by higher rent expense at our newer restaurants.
Restaurant Other Operating Expenses
Restaurant other operating expenses, as a percentage of restaurant and other sales, decreased to 15.1% in Q3 2024 compared to 15.2% in Q3 2023 and increased to 14.9% in 2024 YTD compared to 14.7% in 2023 YTD. The decrease in Q3 2024 was driven by the increase in average unit volume partially offset by higher incentive compensation expense. The increase in 2024 YTD was driven by an increase in general liability insurance expense of $2.4 million and higher incentive compensation expense partially offset by the increase in average unit volume. The increase in general liability insurance expense was due to unfavorable claims experience and an increase in retention levels.
Pre-opening Expenses
Pre-opening expenses were $7.3 million in Q3 2024 compared to $8.7 million in Q3 2023 and $21.6 million in 2024 YTD compared to $19.7 million in 2023 YTD. Pre-opening costs will fluctuate from quarter to quarter based on specific pre-opening costs incurred for each restaurant, the number and timing of restaurant openings, and the number and timing of restaurant managers hired.
Depreciation and Amortization Expenses
Depreciation and amortization expense, as a percentage of total revenue, was 3.5% in both Q3 2024 and Q3 2023 and was 3.3% in both 2024 YTD and 2023 YTD. In both periods, higher depreciation expense at our newer restaurants was offset by the increase in average unit volume.
Impairment and Closure Costs, Net
Impairment and closure costs, net were $0.8 million in Q3 2024 and were not significant in Q3 2023 and were $1.1 million in 2024 YTD compared to $0.1 million in 2023 YTD. In Q3 2024 and 2024 YTD, impairment and closure costs, net included costs related to the impairment of a building at a previously relocated store.
General and Administrative Expenses
General and administrative expenses, as a percentage of total revenue, were 4.3% in both Q3 2024 and Q3 2023 and decreased to 4.2% in 2024 YTD compared to 4.3% in 2023 YTD. In Q3 2024, higher restricted stock expense and incentive compensation expense were offset by an increase in average unit volume. The decrease in 2024 YTD was driven by the increase in average unit volume and a separation payout of $2.6 million in Q1 2023, related to the retirement of an executive officer, partially offset by higher restricted stock expense and incentive compensation
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expense. The increases in restricted stock expense were primarily due to shifting our restricted stock grants from quarterly to annually.
Interest Income, Net
Interest income, net was $1.9 million and $0.5 million in Q3 2024 and Q3 2023, respectively, and was $5.0 million and $2.7 million in 2024 YTD and 2023 YTD, respectively. The increases were driven by increased earnings on our cash and cash equivalents in both periods and decreased borrowings on our revolving credit facility in 2024 YTD.
Equity Income from Investments in Unconsolidated Affiliates
Equity income was $0.2 million in Q3 2024 compared to $0.1 million Q3 2023 and was $0.8 million in 2024 YTD compared to $1.2 million in 2023 YTD. The increase in Q3 2024 was driven by increased earnings on these affiliates. The decrease in 2024 YTD was primarily driven by a $0.6 million gain on the acquisition of four of these affiliates in 2023 YTD partially offset by increased earnings on these remaining affiliates.
Income Tax Expense
Our effective tax rate was 16.7% in Q3 2024 compared to 11.9% in Q3 2023 and was 15.1% in 2024 YTD compared to 12.9% in 2023 YTD. The increases were driven by a decrease in the impact of the FICA tip tax credit, which was driven by increased profitability.
In 2024, we expect an effective tax rate of approximately 15% based on forecasted operating results. In 2025, we expect an effective tax rate of 15% to 16% based on forecasted operating results.
Segment Information
We manage our restaurant and franchising operations by concept and as a result have identified Texas Roadhouse, Bubba's 33, Jaggers, and our retail initiatives as separate operating segments. Our reportable segments are Texas Roadhouse and Bubba's 33. The Texas Roadhouse reportable segment includes the results of our domestic company Texas Roadhouse restaurants and domestic and international franchise Texas Roadhouse restaurants. The Bubba's 33 reportable segment includes the results of our domestic company Bubba's 33 restaurants. Our remaining operating segments, which include the results of our domestic company and franchise Jaggers restaurants and the results of our retail initiatives, are included in Other. In addition, corporate-related assets, depreciation and amortization, and capital expenditures are also included in Other.
Management uses restaurant margin as the primary measure for assessing performance of our segments. Restaurant margin (in dollars and as a percentage of restaurant and other sales) represents restaurant and other sales less restaurant-level operating costs, including food and beverage costs, labor, rent, and other operating costs. Restaurant margin also includes sales and operating costs related to our non-royalty based retail initiatives that are included in Other. Restaurant margin is used by our CODM to evaluate restaurant-level operating efficiency and performance. A reconciliation of income from operations to restaurant margin is included in the Results of Operations section above.
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The following table presents a summary of restaurant margin by segment (in thousands):
13 Weeks Ended | |||||||||||
September 24, 2024 | September 26, 2023 | ||||||||||
Texas Roadhouse | $ | 190,549 | 16.1 | % | $ | 154,465 | 14.7 | % | |||
Bubba's 33 |
| 10,490 | 14.3 |
| 7,499 | 12.3 | |||||
Other |
| 1,031 | 13.3 |
| 860 | 13.6 | |||||
Total | $ | 202,070 | 16.0 | % | $ | 162,824 | 14.6 | % | |||
39 Weeks Ended | |||||||||||
September 24, 2024 | September 26, 2023 | ||||||||||
Texas Roadhouse | $ | 634,324 | 17.3 | % | $ | 503,660 | 15.5 | % | |||
Bubba's 33 |
| 35,219 | 16.2 |
| 25,584 | 13.9 | |||||
Other |
| 3,585 | 15.5 |
| 2,032 | 11.2 | |||||
Total | $ | 673,128 | 17.2 | % | $ | 531,276 | 15.4 | % |
In our Texas Roadhouse reportable segment, restaurant margin dollars increased $36.1 million or 23.4% in Q3 2024 and increased $130.7 million or 25.9% in 2024 YTD. The increases were primarily due to higher sales and improved labor productivity partially offset by wage and other labor inflation as well as higher general liability insurance expense in the 2024 YTD period.
In our Bubba’s 33 reportable segment, restaurant margin dollars increased $3.0 million or 39.9% in Q3 2024 and increased $9.6 million or 37.7% in 2024 YTD. The increases were primarily due to higher sales and improved labor productivity partially offset by wage and other labor inflation.
Liquidity and Capital Resources
The following table presents a summary of our net cash provided by (used in) operating, investing, and financing activities (in thousands):
39 Weeks Ended | ||||||
| September 24, 2024 |
| September 26, 2023 | |||
Net cash provided by operating activities | $ | 516,089 | $ | 390,739 | ||
Net cash used in investing activities |
| (237,216) |
| (273,519) | ||
Net cash used in financing activities |
| (193,914) |
| (221,757) | ||
Net increase (decrease) in cash and cash equivalents | $ | 84,959 | $ | (104,537) |
Net cash provided by operating activities was $516.1 million in 2024 YTD compared to $390.7 million in 2023 YTD. This increase was primarily due to an increase in net income and a favorable change in working capital.
Our operations have not required significant working capital and, like many restaurant companies, we have been able to operate with negative working capital, if necessary. Sales are primarily for cash, and restaurant operations do not require significant inventories or receivables. In addition, we receive trade credit for the purchase of food, beverages, and supplies, thereby reducing the need for incremental working capital to support growth.
Net cash used in investing activities was $237.2 million in 2024 YTD compared to $273.5 million in 2023 YTD. The decrease was primarily due to the acquisition of eight domestic franchise restaurants for $39.1 million in Q1 2023.
We require capital principally for the development of new company restaurants, the refurbishment or relocation of existing restaurants and the acquisition of franchise restaurants, as applicable. We either lease our restaurant site locations under operating leases for periods of five to 30 years (including renewal periods) or purchase the land when appropriate. As of September 24, 2024, we had developed 153 of the 657 company restaurants on land that we own.
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The following table presents a summary of capital expenditures (in thousands):
39 Weeks Ended | ||||||
| September 24, 2024 | September 26, 2023 | ||||
New company restaurants | $ | 144,574 | $ | 138,124 | ||
Refurbishment or expansion of existing restaurants |
| 87,014 |
| 88,580 | ||
Relocation of existing restaurants | 10,540 | 11,946 | ||||
Capital expenditures related to Support Center office | 4,411 | 5,245 | ||||
Total capital expenditures | $ | 246,539 | $ | 243,895 |
Our future capital requirements will primarily depend on the number and mix of new restaurants we open, the timing of those openings, and the restaurant prototype developed in a given fiscal year. These requirements will include costs directly related to opening, maintaining, or relocating restaurants and may also include costs necessary to ensure that our infrastructure is able to support a larger restaurant base.
We intend to satisfy our capital requirements over the next 12 months with cash on hand, net cash provided by operating activities and, if needed, funds available under our revolving credit facility. In 2024, we expect capital expenditures of $360 million to $370 million. In 2025, we expect capital expenditures of approximately $400 million.
Net cash used in financing activities was $193.9 million in 2024 YTD compared to $221.8 million in 2023 YTD. The decrease is primarily due to the $50 million repayment of our revolving credit facility in 2023 YTD partially offset by an increase in our quarterly dividend payment.
On February 14, 2024, our Board authorized the payment of a quarterly cash dividend of $0.61 per share of common stock compared to the quarterly dividend of $0.55 per share of common stock declared in 2023. The payment of quarterly dividends totaled $122.2 million and $110.4 million in 2024 YTD and 2023 YTD, respectively.
On March 17, 2022, our Board approved a stock repurchase program under which we may repurchase up to $300.0 million of our common stock. This stock repurchase program has no expiration date. All repurchases to date under our stock repurchase programs have been made through open market transactions.
During 2024 YTD and 2023 YTD, we paid $44.7 million and $45.2 million, respectively, to repurchase 278,914 shares and 414,319 shares, respectively, of our common stock. As of September 24, 2024, $72.2 million remained under our authorized stock repurchase program.
We maintain a credit facility with a syndicate of commercial lenders led by JPMorgan Chase Bank, N.A. and PNC Bank, N.A. The credit facility is an unsecured, revolving credit agreement and has a borrowing capacity of up to $300.0 million with the option to increase by an additional $200.0 million subject to certain limitations, including approval by the syndicate of commercial lenders. The credit facility has a maturity date of May 1, 2026.
As of September 24, 2024 and December 26, 2023, we had no outstanding borrowings under the credit facility and had $295.3 million of availability, net of $4.7 million of outstanding letters of credit, respectively.
The interest rate for the credit facility as of September 24, 2024 and September 26, 2023 was 5.72% and 6.19%, respectively.
The lenders’ obligation to extend credit pursuant to the credit facility depends on us maintaining certain financial covenants, including a minimum consolidated fixed charge coverage ratio and a maximum consolidated leverage ratio. The credit facility permits us to incur additional secured or unsecured indebtedness, except for the incurrence of secured indebtedness that in the aggregate is equal to or greater than $125.0 million and 20% of our consolidated tangible net worth. We were in compliance with all financial covenants as of September 24, 2024.
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Guarantees
As of September 24, 2024 and December 26, 2023, we were contingently liable for $9.7 million and $10.4 million, respectively, for seven lease guarantees. These amounts represent the maximum potential liability of future payments under the guarantees. In the event of default, the indemnity and default clauses in our assignment agreements govern our ability to pursue and recover damages incurred. No material liabilities have been recorded as of September 24, 2024 and December 26, 2023 as the likelihood of default was deemed to be less than probable and the fair value of the guarantees is not considered significant.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to market risk from changes in interest rates on variable rate debt and changes in commodity prices. Our exposure to interest rate fluctuations is limited to our outstanding bank debt. The terms of the credit facility require us to pay interest on outstanding borrowings at SOFR, plus a fixed adjustment of 0.10%, plus a variable adjustment of 0.875% to 1.875% depending on our consolidated leverage ratio. As of September 24, 2024, we had no outstanding borrowings under our credit facility.
In an effort to secure high quality, low-cost ingredients used in the products sold in our restaurants, we employ various purchasing and pricing contract techniques. When purchasing certain types of commodities, we may be subject to prevailing market conditions resulting in unpredictable price volatility. For certain commodities, we may also enter into contracts for terms of one year or less that are either fixed price agreements or fixed volume agreements where the price is negotiated with reference to fluctuating market prices. We currently do not use financial instruments to hedge commodity prices, but we will continue to evaluate their effectiveness. Extreme and/or long-term increases in commodity prices could adversely affect our future results, especially if we are unable, primarily due to competitive reasons, to increase menu prices. Additionally, if there is a time lag between the increasing commodity prices and our ability to increase menu prices or if we believe the commodity price increase to be short in duration and we choose not to pass on the cost increases, our short-term financial results could be negatively affected.
We are subject to business risk as our beef supply is highly dependent upon four vendors. If these vendors are unable to fulfill their obligations under their contracts, we may encounter supply shortages and/or higher costs to secure adequate supply and a possible loss of sales, any of which would harm our business.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We have evaluated the effectiveness of the design and operation of our disclosure controls and procedures pursuant to, and as defined in, Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this report. Based on the evaluation, performed under the supervision and with the participation of our management, including the Chief Executive Officer (the "CEO") and the Chief Financial Officer (the "CFO"), our management, including the CEO and CFO, concluded that our disclosure controls and procedures were effective as of September 24, 2024.
Changes in Internal Control
There were no changes in the Company’s internal control over financial reporting that occurred during the 13 weeks ended September 24, 2024 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Occasionally, we are a defendant in litigation arising in the ordinary course of our business, including "slip and fall" accidents, employment related claims, claims related to our service of alcohol, and claims from guests or employees alleging illness, injury or food quality, health or operational concerns. None of these types of litigation, most of which are covered by insurance at varying retention levels, has had a material adverse effect on us during the periods covered by this report and, as of the date of this report, we are not party to any litigation that we believe could have a material adverse effect on our business.
ITEM 1A. RISK FACTORS
Information regarding risk factors appears in our Annual Report on Form 10-K for the year ended December 26, 2023, under the heading "Special Note Regarding Forward-looking Statements" and in the Form 10-K Part I, Item 1A, Risk Factors. There have been no material changes from the risk factors previously disclosed in our Form 10-K for the fiscal year ended December 26, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
In 2008, our Board approved our first stock repurchase program. From inception through September 24, 2024, we have paid $728.2 million through our authorized stock repurchase programs to repurchase 21,775,382 shares of our common stock at an average price per share of $33.44. On March 17, 2022, our Board approved a stock repurchase program which authorized us to repurchase up to $300.0 million of our common stock. This stock repurchase program has no expiration date. All repurchases to date under our stock repurchase programs have been made through open market transactions. The timing and the amount of any repurchases through this program will be determined by management under parameters established by the Board, based on an evaluation of our stock price, market conditions and other corporate considerations, including complying with Rule 10b5-1 trading arrangements under the Exchange Act.
For the 13 weeks ended September 24, 2024, we paid $9.6 million to repurchase 56,248 shares of our common stock. As of September 24, 2024, $72.2 million remained authorized for stock repurchases.
|
|
|
| Maximum Number | ||||||
(or Approximate | ||||||||||
Total Number of | Dollar Value) | |||||||||
Shares Purchased | of Shares that | |||||||||
Total Number | Average | as Part of Publicly | May Yet Be | |||||||
of Shares | Price Paid | Announced Plans | Purchased Under the | |||||||
Period | Purchased | per Share | or Programs | Plans or Programs | ||||||
June 26 to July 23 |
| 48,748 | $ | 169.95 |
| 48,748 | $ | 73,460,525 | ||
July 24 to August 20 |
| 7,500 | $ | 168.75 |
| 7,500 | $ | 72,194,875 | ||
August 21 to September 24 |
| — | $ | — |
| — | $ | 72,194,875 | ||
Total |
| 56,248 |
| 56,248 |
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
29
ITEM 5. OTHER INFORMATION
Rule 10b5-1 Trading Plans
During the 13 weeks ended September 24, 2024, no executive officer or director
, , or a Rule 10b5-1 or a non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408(a) of Regulation S-K.ITEM 6. EXHIBITS
Exhibit No. |
| Description |
31.1 | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.3 | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1 | ||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
TEXAS ROADHOUSE, INC. | ||
Date: November 1, 2024 | By: | /s/ GERALD L. MORGAN |
Gerald L. Morgan | ||
Chief Executive Officer (Principal Executive Officer) | ||
Date: November 1, 2024 | By: | /s/ D. CHRISTOPHER MONROE |
D. Christopher Monroe | ||
Chief Financial Officer | ||
(Principal Financial Officer) | ||
Date: November 1, 2024 | By: | /s/ KEITH V. HUMPICH |
Keith V. Humpich | ||
Vice President of Finance | ||
(Principal Accounting Officer) | ||
31