$TXRH
Texas Roadhouse, Inc.

2013 Q2 Form 10-Q Financial Statement

#000110465913059254 Filed on August 02, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $352.1M $320.3M
YoY Change 9.94% 14.56%
Cost Of Revenue $120.2M $106.9M
YoY Change 12.44% 15.82%
Gross Profit $231.9M $213.4M
YoY Change 8.67% 13.93%
Gross Profit Margin 65.86% 66.63%
Selling, General & Admin $134.9M $120.0M
YoY Change 12.42% 12.15%
% of Gross Profit 58.17% 56.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.19M $11.55M
YoY Change 5.58% 8.92%
% of Gross Profit 5.26% 5.41%
Operating Expenses $202.1M $182.1M
YoY Change 10.98% 11.38%
Operating Profit $29.80M $31.25M
YoY Change -4.64% 31.58%
Interest Expense $567.0K $568.0K
YoY Change -0.18% -242.0%
% of Operating Profit 1.9% 1.82%
Other Income/Expense, Net
YoY Change
Pretax Income $29.45M $30.80M
YoY Change -4.39% 32.19%
Income Tax $8.583M $9.952M
% Of Pretax Income 29.15% 32.31%
Net Earnings $20.87M $20.85M
YoY Change 0.08% 29.49%
Net Earnings / Revenue 5.93% 6.51%
Basic Earnings Per Share $0.29 $0.29
Diluted Earnings Per Share $0.28 $0.28
COMMON SHARES
Basic Shares Outstanding 70.03M shares 70.13M shares
Diluted Shares Outstanding 71.27M shares 71.59M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.1M $77.20M
YoY Change 29.66% -2.77%
Cash & Equivalents $100.1M $81.56M
Short-Term Investments
Other Short-Term Assets $10.10M $10.40M
YoY Change -2.88% 30.0%
Inventory $11.20M $9.900M
Prepaid Expenses
Receivables $12.10M $14.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $133.5M $111.7M
YoY Change 19.49% 2.85%
LONG-TERM ASSETS
Property, Plant & Equipment $542.2M $515.6M
YoY Change 5.16% 10.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.00M $12.60M
YoY Change 26.98% 15.6%
Total Long-Term Assets $679.9M $647.7M
YoY Change 4.98% 8.02%
TOTAL ASSETS
Total Short-Term Assets $133.5M $111.7M
Total Long-Term Assets $679.9M $647.7M
Total Assets $813.4M $759.4M
YoY Change 7.11% 7.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.00M $29.60M
YoY Change 18.24% 4.23%
Accrued Expenses $60.00M $60.40M
YoY Change -0.66% 15.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $300.0K $300.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $133.3M $123.1M
YoY Change 8.29% 17.02%
LONG-TERM LIABILITIES
Long-Term Debt $51.10M $51.40M
YoY Change -0.58% -0.77%
Other Long-Term Liabilities $47.10M $41.30M
YoY Change 14.04% 17.66%
Total Long-Term Liabilities $98.20M $92.70M
YoY Change 5.93% 6.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $133.3M $123.1M
Total Long-Term Liabilities $98.20M $92.70M
Total Liabilities $237.2M $226.4M
YoY Change 4.78% 10.12%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $570.4M $533.0M
YoY Change
Total Liabilities & Shareholders Equity $813.4M $759.4M
YoY Change 7.11% 7.23%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $20.87M $20.85M
YoY Change 0.08% 29.49%
Depreciation, Depletion And Amortization $12.19M $11.55M
YoY Change 5.58% 8.92%
Cash From Operating Activities $29.80M $21.60M
YoY Change 37.96% -11.11%
INVESTING ACTIVITIES
Capital Expenditures -$20.20M -$19.70M
YoY Change 2.54% 18.67%
Acquisitions
YoY Change
Other Investing Activities -$100.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$20.40M -$19.70M
YoY Change 3.55% 18.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.900M -1.900M
YoY Change 157.89% -66.67%
NET CHANGE
Cash From Operating Activities 29.80M 21.60M
Cash From Investing Activities -20.40M -19.70M
Cash From Financing Activities -4.900M -1.900M
Net Change In Cash 4.500M 0.000
YoY Change -100.0%
FREE CASH FLOW
Cash From Operating Activities $29.80M $21.60M
Capital Expenditures -$20.20M -$19.70M
Free Cash Flow $50.00M $41.30M
YoY Change 21.07% 0.98%

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20245000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
39073000 USD
CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.12
CY2012Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.09
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.24
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
2781000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
-100000 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
352119000 USD
CY2013Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
200000 USD
CY2012Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
-100000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
59538000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
42547000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
106000 USD
us-gaap Line Of Credit Facility Increase Decrease For Period Net
LineOfCreditFacilityIncreaseDecreaseForPeriodNet
10000000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-42441000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
711795000 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
29797000 USD
us-gaap Costs And Expenses
CostsAndExpenses
643830000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
67965000 USD
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
29448000 USD
us-gaap Profit Loss
ProfitLoss
48084000 USD
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
20305000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
46672000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1806000 USD
us-gaap Adjustments To Additional Paid In Capital Reallocation Of Minority Interest
AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest
5000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
12649000 USD
txrh Settlement Of Restricted Stock Units Tax Impact Value
SettlementOfRestrictedStockUnitsTaxImpactValue
-4197000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6971000 USD
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.12
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-4753000 USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-1683000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
225000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
16000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6324000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1752000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-789000 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-1709000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1044000 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-3110000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-22773000 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
1779000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
2514000 USD
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
8231000 USD
txrh Increase Decrease Accrued Taxes And Licenses
IncreaseDecreaseAccruedTaxesAndLicenses
-11000 USD
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
4884000 USD
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
-1558000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1461000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
512000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
1523000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
2514000 USD
us-gaap Payments For Other Deposits
PaymentsForOtherDeposits
48000 USD
us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
2167000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
147000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8349000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
11806000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-14316000 USD
us-gaap Interest Paid Net
InterestPaidNet
1269000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
15551000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
69353000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-35911000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-15071000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
18371000 USD
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
100117000 USD
CY2012Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
81558000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
78777000 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">(1)</font></b><b><font style="FONT-SIZE: 7pt; FONT-WEIGHT: bold;" size="1">&#160;&#160;&#160;&#160;</font></b> <b><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Basis of Presentation</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The accompanying unaudited condensed consolidated financial statements include the accounts of Texas Roadhouse,&#160;Inc.&#160; (&#8220;TRI&#8221;), our wholly-owned subsidiaries and subsidiaries in which we own more than 50 percent interest (collectively the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our&#8221; and/or &#8220;us&#8221;) as of and for the 13 and 26 weeks ended June&#160;25, 2013 and June&#160;26, 2012.&#160; Our wholly-owned subsidiaries include: Texas Roadhouse Holdings LLC (&#8220;Holdings&#8221;), Texas Roadhouse Development Corporation (&#8220;TRDC&#8221;) and Texas Roadhouse Management Corporation (&#8220;Management Corp.&#8221;).&#160; We and our subsidiaries operate restaurants primarily under the Texas Roadhouse name. Holdings also provides supervisory and administrative services for certain other franchise Texas Roadhouse restaurants. TRDC sells franchise rights and collects the franchise royalties and fees.&#160; Management Corp. provides management services to the Company and certain other franchise Texas Roadhouse restaurants.&#160; All significant balances and transactions between the consolidated entities have been eliminated.</font></p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">As of June&#160;25, 2013 and June&#160;26, 2012, we owned 5.0% to 10.0% equity interests in 23 and 22 franchise restaurants, respectively.&#160; The unconsolidated restaurants are accounted for using the equity method.&#160; While we exercise significant control over these franchise restaurants, we do not consolidate their financial position, results of operations or cash flows as it is immaterial to our consolidated financial position, results of operations and cash flows. Our investments in these unconsolidated affiliates are included in Other assets in our unaudited condensed consolidated balance sheets, and we record our percentage share of net income earned by these unconsolidated affiliates in our unaudited condensed consolidated statements of income and comprehensive income under Equity income from investments in unconsolidated affiliates.</font></p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reporting of revenue and expenses during the periods to prepare these unaudited condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;). Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, goodwill, obligations related to insurance reserves, income taxes and share-based compensation expense. Actual results could differ from those estimates.</font></p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position, results of operations and cash flows for the periods presented.&#160; The financial statements have been prepared in accordance with GAAP, except that certain information and footnotes have been condensed or omitted pursuant to rules&#160;and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;).&#160; Operating results for the 13 and 26 weeks ended June&#160;25, 2013 are not necessarily indicative of the results that may be expected for the year ending December&#160;31, 2013.&#160; The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form&#160;10-K for the year ended December&#160;25, 2012.</font></p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Certain prior year amounts have been reclassified in our unaudited condensed consolidated financial statements to conform with current year presentation.</font></p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Our significant interim accounting policies include the recognition of income taxes using an estimated annual effective tax rate.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> </div>
CY2012Q2 txrh Unrealized Gain Loss On Interest Rate Cash Flow Hedges Net Of Tax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesNetOfTaxAccumulatedOtherComprehensiveIncomeLoss
-65000 USD

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