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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  February 13, 2025

 

THE CHEESECAKE FACTORY INCORPORATED

(Exact name of registrant as specified in its charter)

 

Delaware   0-20574   51-0340466
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   Identification No.)

 

26901 Malibu Hills Road
Calabasas Hills, California		   91301
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code (818) 871-3000

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:   Trading Symbol(s)   Name of each exchange on which registered:
Common Stock, par value $.01 per share   CAKE   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

The following information under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and Item 7.01 of Form 8-K, “Regulation FD Disclosure” is intended to be furnished. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing.

 

ITEM 2.02RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

In a press release dated February 19, 2025, a copy of which is furnished as Exhibit 99.1 to this report, The Cheesecake Factory Incorporated (the “Company”) reported financial results for the fourth quarter of fiscal 2024, which ended on December 31, 2024.

 

ITEM 7.01REGULATION FD DISCLOSURE

 

Also on February 19, 2025, the Company posted an updated Investor Presentation on the Company’s Investor Relations website at investors.thecheesecakefactory.com. A copy of the presentation is furnished as Exhibit 99.2 hereto and is incorporated by reference herein.

 

ITEM 8.01OTHER EVENTS

 

On February 13, 2025, the Board of Directors of the Company (the “Board”) declared a quarterly cash dividend of $0.27 per share which will be paid on March 18, 2025 to the stockholders of record of each share of the Company’s common stock at the close of business on March 5, 2025. Future decisions to pay or to increase or decrease dividends are at the discretion of the Board and will depend upon operating performance and other factors.

 

ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS
  
(d)Exhibits

 

  99.1 Press release dated February 19, 2025 entitled “The Cheesecake Factory Reports Results for Fourth Quarter of Fiscal 2024”
  99.2 The Cheesecake Factory Investor Presentation dated February 19, 2025
  104.1 Cover Page Interactive Data File (embedded within the inline XBRL document)

 

 

 

 

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 hereunto duly authorized.

 

Date:    February 19, 2025 THE CHEESECAKE FACTORY INCORPORATED
   
   
  By: /s/ Matthew E. Clark
    Matthew E. Clark
    Executive Vice President and Chief Financial Officer

 

 

 

 

 

 

Exhibit 99.1

 

 

 

 

FOR IMMEDIATE RELEASE Contact: Etienne Marcus
  (818) 871-3000
  investorrelations@thecheesecakefactory.com

 

THE CHEESECAKE FACTORY REPORTS RESULTS FOR

FOURTH QUARTER OF FISCAL 2024

 

CALABASAS HILLS, Calif. – February 19, 2025 – The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the fourth quarter of fiscal 2024, which ended on December 31, 2024.

 

Total revenues were $921.0 million in the fourth quarter of fiscal 2024 compared to $877.0 million in the fourth quarter of fiscal 2023. Net income and diluted net income per share were $41.2 million and $0.83, respectively, in the fourth quarter of fiscal 2024.

 

The Company recorded pre-tax net expense of $14.4 million related to impairment of assets and lease termination expense partially offset by Fox Restaurant Concepts (“FRC”) acquisition-related income. Excluding the after-tax impact of these items, adjusted net income and adjusted diluted net income per share for the fourth quarter of fiscal 2024 were $51.8 million and $1.04, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this press release.

 

Comparable restaurant sales at The Cheesecake Factory restaurants increased 1.7% year-over-year in the fourth quarter of fiscal 2024.

 

“Our fourth quarter performance capped off an excellent year, with solid revenue and earnings contributing to record annual revenue and substantially improved profitability for 2024,” said David Overton, Chairman and Chief Executive Officer. “While our fourth quarter results were led by the strength of The Cheesecake Factory restaurants, we delivered impressive performance across our portfolio of concepts. Consumer demand for the distinct, high-quality dining experiences we provide our guests across our experiential concepts reinforces our confidence in the long-term growth potential of our portfolio.”

 

“We continued to capture market share, as demonstrated by the ongoing outperformance in comparable sales and traffic at The Cheesecake Factory restaurants versus the broader casual dining industry. During the fourth quarter, we opened nine new restaurants to strong consumer demand, for a total of 23 new openings for the year, surpassing our development expectations.”

 

“Our fourth quarter and full-year results marked the achievement of our key financial and operational objectives, including comparable sales growth, margin expansion and accelerating accretive unit growth. With these accomplishments as a foundation, we are confident in our ability to continue delivering on our goals for 2025 and beyond. We remain focused on leveraging our scale, operational strengths and the appeal of our differentiated concepts to drive long-term value to our shareholders in the years to come.”

 

 

 

26901 Malibu Hills Road, Calabasas Hills, CA 91301 ● Telephone (818) 871-3000

 

 

 

 

Development

 

During the fourth quarter of fiscal 2024, the Company opened nine new restaurants, including three North Italia locations, two Flower Child locations, two FRC restaurants and the relocation of two Cheesecake Factory restaurants. Subsequent to quarter-end, the Company opened five new restaurants, including one North Italia location, two Flower Child locations and two FRC restaurants.

 

The Company now expects to open as many as 25 new restaurants in fiscal 2025, including as many as three to four The Cheesecake Factory restaurants, six to seven North Italia locations, six to seven Flower Child locations, and as many as eight to nine FRC restaurants.

 

Liquidity and Capital Allocation

 

As of December 31, 2024, the Company had total available liquidity of $340.7 million, including a cash balance of $84.2 million and availability on its revolving credit facility of $256.5 million. Total principal amount of debt outstanding was $455 million, including $345 million in principal amount of 0.375% convertible senior notes due June 2026 and $110 million in principal amount drawn on the Company’s revolving credit facility.

 

The Company repurchased approximately 11,800 shares of its stock at a cost of $0.5 million in the fourth quarter of fiscal 2024. In addition, the Company’s Board of Directors has declared a quarterly dividend of $0.27 per share to be paid on March 18, 2025, to shareholders of record at the close of business on March 5, 2025.

 

Conference Call and Webcast

 

The Company will hold a conference call to review its results for the fourth quarter of fiscal 2024 today at 2:00 p.m. Pacific Time. The conference call will be webcast live on the Company’s website at investors.thecheesecakefactory.com.

 

About The Cheesecake Factory Incorporated

 

The Cheesecake Factory Incorporated is a leader in experiential dining. We are culinary forward and relentlessly focused on hospitality. Delicious, memorable experiences created by passionate people – this defines who we are and where we are going. We currently own and operate 352 restaurants throughout the United States and Canada under brands including The Cheesecake Factory®, North Italia®, Flower Child® and a collection of other FRC brands. Internationally, 34 The Cheesecake Factory® restaurants operate under licensing agreements. Our bakery division operates two facilities that produce quality cheesecakes and other baked products for our restaurants, international licensees and third-party bakery customers. In 2024, we were named to the FORTUNE Magazine “100 Best Companies to Work For®” list for the eleventh consecutive year. To learn more, visit www.thecheesecakefactory.com, www.northitalia.com, www.iamaflowerchild.com and www.foxrc.com.

 

From Fortune. ©2024 Fortune Media IP Limited. All rights reserved. Used under license. Fortune® and Fortune 100 Best Companies to Work For® are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, The Cheesecake Factory Incorporated.

 

 

 

26901 Malibu Hills Road, Calabasas Hills, CA 91301 ● Telephone (818) 871-3000

 

 

 

 

Safe Harbor Statement

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, without limitation, statements regarding the Company’s operations, growth, digital strategies and other objectives. Such forward-looking statements include all other statements that are not historical facts, as well as statements that are preceded by, followed by or that include words or phrases such as “believe,” “plan,” “will likely result,” “expect,” “intend,” “will continue,” “is anticipated,” “estimate,” “project,” “may,” “could,” “would,” “should” and similar expressions. These statements are based on current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. These forward-looking statements may be affected by various factors including: economic, public health and political conditions that impact consumer confidence and spending, including interest rate fluctuations, periods of heightened inflation and market instability, and armed conflicts; supply chain disruptions; demonstrations, political unrest, potential damage to or closure of the Company’s restaurants and potential reputational damage to the Company or any of its brands; pandemics and related containment measures, including the potential for quarantines or restriction on in-person dining; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of North Italia, Flower Child and Other Fox Restaurant Concepts restaurants; the risks of doing business abroad through Company-owned restaurants and/or licensees; foreign exchange rates, tariffs and cross border taxation; changes in unemployment rates; increases in minimum wages and benefit costs; the economic health of the Company’s landlords and other tenants in retail centers in which its restaurants are located, and the Company’s ability to successfully manage its lease arrangements with landlords; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to the Company; the timing of new unit development and related permitting; compliance with debt covenants; strategic capital allocation decisions including with respect to share repurchases or dividends; the ability to achieve projected financial results; the resolution of uncertain tax positions with the Internal Revenue Service and the impact of tax reform legislation; changes in laws impacting the Company’s business; adverse weather conditions in regions in which the Company’s restaurants are located; factors that are under the control of government agencies, landlords and other third parties; the risks, costs and uncertainties associated with opening new restaurants; and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the dates on which they are made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by law. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov.

 

 

 

26901 Malibu Hills Road, Calabasas Hills, CA 91301 ● Telephone (818) 871-3000

 

 

 

 

The Cheesecake Factory Incorporated

Condensed Consolidated Statements of Income

(unaudited; in thousands, except per share data)

 

   13 Weeks Ended   13 Weeks Ended   52 Weeks Ended   52 Weeks Ended 
  December 31, 2024   January 2, 2024   December 31, 2024   January 2, 2024 
Consolidated Statements of Income  Amount   Percent of
Revenues		   Amount   Percent of
Revenues		   Amount   Percent of
Revenues		   Amount   Percent of
Revenues		 
Revenues  $920,963    100.0%  $877,009    100.0%  $3,581,699    100.0%  $3,439,503    100.0%
Costs and expenses:                                        
Food and beverage costs   205,768    22.3%   201,449    23.0%   806,021    22.5%   803,500    23.4%
Labor expenses   315,231    34.2%   308,555    35.2%   1,264,382    35.3%   1,227,895    35.7%
Other operating costs and expenses   247,113    26.8%   234,969    26.8%   959,221    26.7%   922,428    26.8%
General and administrative expenses   57,783    6.3%   54,683    6.2%   228,737    6.4%   217,449    6.3%
Depreciation and amortization expenses   26,435    2.9%   24,012    2.7%   101,450    2.8%   93,136    2.7%
Impairment of assets and lease terminations expense   15,224    1.7%   27,827    3.2%   13,647    0.4%   29,464    0.9%
Acquisition-related contingent consideration, compensation and amortization (income)/expenses   (858)   (0.1)%   7,796    0.9%   2,429    0.1%   11,686    0.3%
Preopening costs   7,635    0.8%   9,579    1.1%   27,495    0.8%   25,379    0.7%
Total costs and expenses   874,331    94.9%   868,870    99.1%   3,403,382    95.0%   3,330,937    96.8%
Income from operations   46,632    5.1%   8,139    0.9%   178,317    5.0%   108,566    3.2%
Interest expense, net   (2,137)   (0.2)%   (2,937)   (0.3)%   (10,107)   (0.3)%   (10,160)   (0.3)%
Other income, net   841    0.0%   454    0.0%   2,837    0.1%   1,608    0.0%
Income before income taxes   45,336    4.9%   5,656    0.6%   171,047    4.8%   100,014    2.9%
Income tax provision/(benefit)   4,182    0.4%   (7,025)   (0.8)%   14,264    0.4%   (1,337)   0.0%
Net income  $41,154    4.5%  $12,681    1.4%  $156,783    4.4%  $101,351    2.9%
                                         
Basic net income per share  $0.86        $0.27        $3.28        $2.10      
Basic weighted average shares outstanding   47,953         47,828         47,789         48,324      
                                         
Diluted net income per share  $0.83        $0.26        $3.20        $2.07      
Diluted weighted average shares outstanding   49,645         48,609         48,974         49,050      

 

 

26901 Malibu Hills Road, Calabasas Hills, CA 91301 ● Telephone (818) 871-3000

 

 

 

 

The Cheesecake Factory Incorporated

Selected Segment Information

(unaudited; in thousands)

 

   For the 13 Weeks Ended December 31, 2024 
   The Cheesecake                 
   Factory   North   Other         
   restaurants   Italia   FRC   Other   Total 
Revenues  $669,382   $81,309   $85,119   $85,153   $920,963 
Costs and expenses:                         
Food and beverage costs   149,130    18,371    18,346    19,921    205,768 
Labor expenses   221,494    29,559    29,941    34,237    315,231 
Other operating costs and expenses   175,382    21,598    25,090    25,043    247,113 
General and administrative expenses   -    -    -    57,783    57,783 
Depreciation and amortization expenses   16,768    2,591    3,143    3,933    26,435 
Impairment of assets and lease terminations expense   330    -    14,893    1    15,224 
Acquisition-related contingent consideration, compensation and amortization (income)/expenses   -    -    315    (1,173)   (858)
Preopening costs   1,884    2,230    2,396    1,125    7,635 
Total costs and expenses   564,988    74,349    94,124    140,870    874,331 
Income/(loss) from operations  $104,394   $6,960   $(9,005)  $(55,717)  $46,632 

 

   For the 13 Weeks Ended January 2, 2024 
   The Cheesecake                 
   Factory   North   Other         
   restaurants   Italia   FRC   Other   Total 
Revenues  $658,445   $67,224   $70,913   $80,427   $877,009 
Costs and expenses:                         
Food and beverage costs   152,401    16,206    15,769    17,073    201,449 
Labor expenses   225,951    23,897    25,083    33,624    308,555 
Other operating costs and expenses   173,781    18,285    19,335    23,568    234,969 
General and administrative expenses   -    -    -    54,683    54,683 
Depreciation and amortization expenses   16,251    1,694    2,289    3,778    24,012 
Impairment of assets and lease terminations expense   20,241    1,015    2,527    4,044    27,827 
Acquisition-related contingent consideration, compensation and amortization expenses   -    -    316    7,480    7,796 
Preopening costs   4,457    2,926    1,998    198    9,579 
Total costs and expenses   593,082    64,023    67,317    144,448    868,870 
Income/(loss) from operations  $65,363   $3,201   $3,596   $(64,021)  $8,139 

 

   For the 52 Weeks Ended December 31, 2024 
   The Cheesecake                 
   Factory   North   Other         
   restaurants   Italia   FRC   Other   Total 
Revenues  $2,661,627   $299,575   $299,969   $320,528   $3,581,699 
Costs and expenses:                         
Food and beverage costs   599,899    69,505    66,665    69,952    806,021 
Labor expenses   913,560    111,082    108,377    131,363    1,264,382 
Other operating costs and expenses   696,739    82,290    88,672    91,520    959,221 
General and administrative expenses   -    -    -    228,737    228,737 
Depreciation and amortization expenses   66,010    9,244    11,389    14,807    101,450 
Impairment of assets and lease termination (income)/expenses   (1,402)   -    14,893    156    13,647 
Acquisition-related contingent consideration, compensation and amortization expenses   -    -    1,262    1,167    2,429 
Preopening costs   7,499    7,409    9,206    3,381    27,495 
Total costs and expenses   2,282,305    279,530    300,464    541,083    3,403,382 
Income/(loss) from operations  $379,322   $20,045   $(495)  $(220,555)  $178,317 

 

   For the 52 Weeks Ended January 2, 2024 
   The Cheesecake                 
   Factory   North   Other         
   restaurants   Italia   FRC   Other   Total 
Revenues  $2,595,066   $258,878   $263,923   $321,636   $3,439,503 
Costs and expenses:                         
Food and beverage costs   607,439    64,425    59,865    71,771    803,500 
Labor expenses   907,579    93,540    93,840    132,936    1,227,895 
Other operating costs and expenses   685,521    69,918    72,554    94,435    922,428 
General and administrative expenses   -    -    -    217,449    217,449 
Depreciation and amortization expenses   64,206    6,407    7,916    14,607    93,136 
Impairment of assets and lease terminations expense   20,401    1,015    2,582    5,466    29,464 
Acquisition-related contingent consideration, compensation and amortization expenses   -    -    1,262    10,424    11,686 
Preopening costs   12,857    5,058    6,482    982    25,379 
Total costs and expenses   2,298,003    240,363    244,501    548,070    3,330,937 
Income/(loss) from operations  $297,063   $18,515   $19,422   $(226,434)  $108,566 

 

 

 

26901 Malibu Hills Road, Calabasas Hills, CA 91301 ● Telephone (818) 871-3000

 

 

 

 

The Cheesecake Factory Incorporated

Selected Operating, Restaurant and Balance Sheet Information

(unaudited; in thousands, except statistical data)

 

   13 Weeks Ended   13 Weeks Ended   52 Weeks Ended   52 Weeks Ended 
The Cheesecake Factory restaurants operating information:  December 31, 2024   January 2, 2024   December 31, 2024   January 2, 2024 
Comparable restaurant sales vs. prior year   1.7%   2.5%   1.0%   3.0%
Restaurants opened during period   2    3    3    6 
Restaurants open at period-end   215    216    215    216 
Restaurant operating weeks   2,795    2,783    11,214    11,010 
                     
North Italia operating information:                    
Comparable restaurant sales vs. prior year   1%   7%   2%   8%
Restaurants opened during period   3    3    6    3 
Restaurants open at period-end   42    36    42    36 
Restaurant operating weeks   535    442    2,021    1,729 
                     
Other Fox Restaurant Concepts (FRC) operating information:(1)                    
Restaurants opened during period   2    3    8    6 
Restaurants open at period-end   48    40    48    40 
Restaurant operating weeks   611    512    2,264    1,906 
                     
Other operating information:(2)                    
Restaurants opened during period   2    -    6    1 
Restaurants open at period-end   43    39    43    39 
Restaurant operating weeks   551    519    2,114    2,074 
                     
Number of company-owned restaurants:                    
The Cheesecake Factory   215                
North Italia   42                
Other FRC   48                
Other   43                
Total   348                
                     
Number of international-licensed restaurants:                    
The Cheesecake Factory   34                

 

(1) The Other FRC segment includes all FRC brands except Flower Child.

(2) The Other segment includes the Flower Child, Grand Lux Cafe and Social Monk Asian Kitchen concepts, as well as the Company's third-party bakery, international and consumer packaged goods businesses, unallocated corporate expenses and gift card costs.

 

Selected Consolidated Balance Sheet Information  December 31, 2024   January 2, 2024                 
Cash and cash equivalents  $84,176   $56,290                 
Long-term debt, net of issuance costs (1)   452,062    470,047                                                      

 

(1) Includes $342.1 million net balance of 0.375% convertible senior notes due 2026 (principal amount of $345 million less $2.9 million in unamortized issuance costs) and $110 million drawn on the Company's revolving credit facility. The unamortized issuance costs were recorded as a contra-liability and netted with long-term debt on the Condensed Consolidated Balance Sheet and are being amortized as interest expense.  

 

 

 

26901 Malibu Hills Road, Calabasas Hills, CA 91301 ● Telephone (818) 871-3000

 

 

 

 

Reconciliation of Non-GAAP Results to GAAP Results

 

In addition to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”) in this press release, the Company is providing non-GAAP measurements which present net income and net income per share excluding the impact of certain items. The non-GAAP measurements are intended to supplement the presentation of the Company’s financial results in accordance with GAAP. These non-GAAP measures are calculated by eliminating from net income and diluted net income per share the impact of items the Company does not consider indicative of its ongoing operations. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons.

 

The Cheesecake Factory Incorporated

Reconciliation of Non-GAAP Financial Measures

(unaudited; in thousands, except per share data)

 

   13 Weeks Ended   13 Weeks Ended   52 Weeks Ended   52 Weeks Ended 
   December 31, 2024   January 2, 2024   December 31, 2024   January 2, 2024 
Net income (GAAP)  $41,154   $12,681   $156,783   $101,351 
Impairment of assets and lease termination expenses(1)   15,224    27,827    13,647    29,464 
Acquisition-related contingent consideration, compensation and amortization (income)/expenses(2)   (858)   7,796    2,429    11,686 
Tax effect of adjustments(3)   (3,735)   (9,262)   (4,180)   (10,699)
Adjusted net income (non-GAAP)  $51,785   $39,042   $168,679   $131,802 
                     
Diluted net income/(loss) per share (GAAP)  $0.83   $0.26   $3.20   $2.07 
Impairment of assets and lease termination expenses(1)   0.31    0.57    0.28    0.61 
Acquisition-related contingent consideration, compensation and amortization (income)/expenses(2)   (0.02)   0.16    0.05    0.24 
Tax effect of adjustments(3)   (0.08)   (0.19)   (0.09)   (0.22)
Adjusted diluted net income per share (non-GAAP)(4)  $1.04   $0.80   $3.44   $2.69 

 

(1) A detailed breakdown of impairment of assets and lease termination expenses recorded in the thirteen and fifty-two weeks ended December 31, 2024 and January 2, 2024 can be found in the Selected Segment Information table.

(2) Represents changes in the fair value of the deferred consideration and contingent consideration and compensation liabilities related to the North Italia and FRC acquisition, as well as amortization of acquired definite-lived licensing agreements.

(3) Based on the federal statutory rate and an estimated blended state tax rate, the tax effect on all adjustments assumes a 26% tax rate for the fiscal 2024 and 2023 periods.

(4) Adjusted net income per share may not add due to rounding.

 

 

 

26901 Malibu Hills Road, Calabasas Hills, CA 91301 ● Telephone (818) 871-3000

 

 

 

 

Exhibit 99.2
 

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INVESTOR PRESENTATION February 19, 2025

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SAFE HARBOR STATEMENT 2 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This includes, without limitation, financial guidance and projections, including underlying assumptions, and statements with respect to expectations of the Company’s future financial condition, results of operations, cash flows, potential price increases, share repurchases, plans, targets, goals, objectives, performance, growth potential, engines and opportunities, expected growth rates and targets, market opportunity and total addressable market; long-term outlook; industry-leading comparable sales growth, retention and competitive position; quality control and supply chain efficiencies; operational execution and retention; annualized average unit volume; the Company’s differentiation and strong foothold in the off-premise channel; the opportunity for additional domestic and foreign locations and licensees and territories; target returns for new restaurant openings; international expansion; North Italia and Fox Restaurant Concepts (“FRC”) as growth drivers and FRC as an incubation engine; new restaurant targeted ranges and unit growth rates. Such forward-looking statements include all other statements that are not historical facts, as well as statements that are preceded by, followed by or that include words or phrases such as “believe,” “plan,” “will likely result,” “expect,” “intend,” “will continue,” “is anticipated,” “estimate,” “project,” “may,” “could,” “would,” “should” and similar expressions. These statements are based on current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. These forward-looking statements may be affected by various factors including: economic, public health and political conditions that impact consumer confidence and spending, including changes in interest rates, periods of heightened inflation and market instability, and armed conflicts; supply chain disruptions; demonstrations, political unrest, potential damage to or closure of our restaurants and potential reputational damage to us or any of our brands; pandemics and related containment measures, including the potential for quarantines or restriction on in-person dining; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of North Italia and the FRC concepts; the risks of doing business abroad through Company-owned restaurants and/or licensees; foreign exchange rates, tariffs and cross border taxation; changes in unemployment rates; increases in minimum wages and benefit costs; the economic health of our landlords and other tenants in retail centers in which our restaurants are located, and our ability to successfully manage our lease arrangements with landlords; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to us; the timing of our new unit development and related permitting; compliance with debt covenants; strategic capital allocation decisions including with respect to share repurchases or dividends; the ability to achieve projected financial results; the resolution of uncertain tax positions with the Internal Revenue Service and the impact of tax reform legislation; changes in laws impacting our business; adverse weather conditions and natural disasters in regions in which our restaurants are located; factors that are under the control of government agencies, landlords and other third parties; the risks, costs and uncertainties associated with opening new restaurants; and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the dates on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by law. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov.

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COMPANY OVERVIEW

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INVESTMENT HIGHLIGHTS 4 • Experiential dining category leader with diversified growth engines • Best-in-class operational execution and industry-leading retention • Significant growth opportunities driving one of the highest expected growth rates in the casual dining industry • Differentiation and strong foothold in the off-premise channel

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CAKE AT A GLANCE 5 (1) Market data as of February 4, 2025. (2) Represents fiscal year 2024 revenue for the twelve months ended December 31, 2024. (3) Locations as of February 19, 2025 We own and operate 352 restaurants(3) across the US and Canada including: • 215 The Cheesecake Factory locations • 43 North Italia locations • 38 Flower Child locations • 49 Fox Restaurant Concepts locations Our nearly 48,000 staff members recently helped us become one of the Fortune “100 Best Companies to Work For®” for the 11th consecutive year 34 International CCF Locations China Thailand Mexico Bahrain Kuwait Saudi Arabia Qatar | UAE FOUNDED 1972 IPO 1992 TICKER CAKE REVENUE(2) $3.6B HEADQUARTERS CALABASAS HILLS, CA MARKET CAP(1) $2.9B PORTFOLIO OF EXPERIENTIAL DINING CONCEPTS

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6

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GLOBAL FOOTPRINT 7 Company-Owned: 215 (Including Toronto, Canada) Latin America Mexico City (5) Monterrey (1) Guadalajara (1) Querétaro (1) Asia Shanghai (3) Beijing (1) Chengdu (1) Hangzhou (1) Hong Kong (1) Macau (1) Thailand (1) Middle East UAE (6) Saudi Arabia (4) Kuwait (3) Qatar (3) Bahrain (1) International – Licensed: 34 Opportunity for 300 Domestic Locations Long runway for growth as we continue to open in new and existing markets Continued International Expansion In existing and new markets with current licensees and evaluating new markets High-quality, High-profile Locations Worldwide Strong presence in premier markets with attractive consumer demographics

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8 High-Energy Atmosphere Contemporary Décor Distinct, High-Quality Cheesecakes and Desserts Best-in-Class Execution Exceptional Service Menu Breadth and Innovation Made Fresh From Scratch MENU OPERATIONS AMBIANCE BAKERY A HIGHLY DIFFERENTIATED CONCEPT

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9 INTEGRATED BAKERY – THE “CHEESECAKE” MAGIC Enables creativity, quality control and supply chain efficiencies 57 Varieties of cheesecakes & 2 desserts Bakery production facilities 17% FY 2024(1) 1 FY 2019 6% (1) (1) Percent of total sales. Impressive Level of Dessert Sales

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BEST-IN-CLASS STAFFING AND OPERATIONS 10 Well-positioned to attract and retain high-quality, experienced staff as an employer of choice • Top-tier recruiting and training programs • Fortune’s ‘100 Best Companies to Work For’ List for 11 consecutive years • Competitive compensation, benefits and healthcare options • High sales volume restaurants provide predictability and stability for staff Average Tenure by Position 36 years 28 years 24 years 23 years 16 years 15 years Executive VP of Operations Regional Vice Presidents Area Directors of Operations Area Kitchen Operations Managers General Managers Executive Kitchen Managers EXCEPTIONAL SERVICE AND OPERATIONAL EXECUTION SUPPORTED BY INDUSTRY-LEADING RETENTION 2024 PEOPLE Companies that Care logo © 2024 TI Gotham, Inc., a Dotdash Meredith company. Used under license. From Fortune. ©2023, ©2024 Fortune Media IP Limited. All rights reserved. Used under license. Fortune® and Fortune 100 Best Companies to Work For® are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, The Cheesecake Factory Incorporated.

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DIFFERENTIATION IN OFF-PREMISE 11 • Extensive menu with over 225 items made from scratch daily • Large portions designed for sharing • Lower incremental delivery pricing versus peers • Fully integrated systems for better execution • Separate bakery counter and register for pick-up of orders Exceptional Value Operational Execution • Omni channel ordering – Online | Delivery | Phone | In-person • Curbside delivery, geo-location and real-time tracking • Redesigned to-go packaging to improve food quality Guest Experience and Convenience 11% 16% 25% 22% 21% OFF-PREMISE SALES % OF TOTAL REVENUE OFF-PREMISE AWS FOR FY 2023(2) $51.9 $25.2 $22.6 $20.5 $18.1 $17.7 $15.2 $15.2 $14.7 $12.6 Olive Garden Carrabba's BJ's Texas Roadhouse Chili's Outback Cracker Barrel Red Robin LongHorn (1) $2.6 million in off-premise sales per restaurant based on FY 2024. (2) Company reports and Gordon Haskett Research Advisors. ($ in thousands) $2.6 million per restaurant (1) LEVERAGING OUR DIFFERENTIATED POSITIONING TO DRIVE THE HIGHEST OFF-PREMISE AVERAGE WEEKLY SALES

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12 ICONIC BRAND AND CULT STATUS

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Followers(1) (in thousands) Followers / $M Sales(2) Followers / $M Sales Instagram Followers 0 200 400 600 800 1,000 1,200 CAKE Maggiano's Outback Bonefish Olive Garden YardHouse Chili's Cracker Barrel BJ's Restaurants LongHorn Carrabba's Texas Roadhouse - 75 150 225 300 375 450 CAKE Maggiano's Outback Bonefish Olive Garden YardHouse Chili's Cracker Barrel BJ's Restaurants LongHorn Carrabba's Texas Roadhouse 13 STRONG CONSUMER ENGAGEMENT CAKE has more Instagram followers and significantly outpaces peers in followers relative to sales Leveraging the STRENGTH OF OUR BRAND across social media channels to ENGAGE WITH OUR CONSUMERS and further ENHANCE BRAND AWARENESS MILLIONS OF FOLLOWERS (1) Instagram Follower count as of May 3, 2024. (2) Sales represent fiscal year 2023 revenue based on latest SEC 10-K filings and company presentations.

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BROAD APPEAL AND BRAND AFFINITY 14 Diverse Appeal Across a broad demographic range Extensive Menu Something for every taste, every price point Special Occasions Seen as a destination for experiential dining Signature Desserts High-quality cheesecakes and desserts Consumers (millennials in particular) regularly rank the Cheesecake Factory as one of the best chain restaurants, as well as having the best ambiance and the best quality food. A chain restaurant triple threat if there was ever one. -Vox, December 24, 2022 Sources: (1) The Cheesecake Factory Ranks No. 1 in Casual Dining Online Reputation Study, SOCi Marketing Study, FSR Magazine, December 12, 2023. (2) Most-Beloved Restaurant Brands in America – Savanta’s Marketing Intelligence Platform BrandVue Eating Out, FSR Magazine, October 11, 2023.

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CHEESECAKE REWARDS® 15 PROGRAM OBJECTIVE A SURPRISE and DELIGHT program To leverage data analytics to engage more effectively with our guests and drive incremental sales while maintaining our restaurant level margins Published Offers To support member acquisition and on-going engagement Offered to all rewards members Unpublished Offers To surprise and delight our guests and drive incremental member visits Tailored rewards offered to all members Marketable Offers To leverage key marketable moments to drive increased engagement Offered to all rewards members Opportunity to drive incremental traffic ®

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$12.2 $9.8 $9.7 $7.6 $6.1 $5.6 $4.9 $4.1 $3.6 $3.6 $3.3 Maggiano's Yard House Texas Roadhouse BJ's Olive Garden LongHorn Outback Carrabba's Chili's Bonefish With a Moderate Average Check (1) Driving the Highest Unit Volumes in the Industry(1) ($ in millions) $36 $35 $34 $31 $28 $28 $25 $23 $22 $21 $20 Maggiano's Yard House Bonefish Outback LongHorn Carraba's Olive Garden Texas Roadhouse BJ's Chili's 16 (1) Latest SEC 10-K filings and company presentations. (2) Average check for The Cheesecake Factory defined as on-premise average check for FY 2023. (2)

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17

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18 • Filling White Space for an On-Trend, Contemporary Italian Offering • Menu features classic Italian favorites with a fresh twist from hand-tossed pizzas and homemade pastas to crave-worthy appetizers, salads and seasonal entrees • Unique menu items tailored to local markets • All dishes handmade from scratch daily • Serving lunch, dinner, weekend brunch & weekday happy hour • Robust selection of wine, beer and craft cocktails driving ~25% alcohol mix • Average check of mid $30s for lunch and mid $40s for dinner

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19 • Potential for 200 domestic locations over time • Currently have 43 locations in 13 states & Washington D.C. • Italian is one of the most popular ethnic cuisines in the United States • Targeting ~20% average annual unit growth • Attractive return profile and sales growth Comp Sales 4Q24 (vs. 4Q23): 1% FY ‘24 (vs. FY ‘23): 2%

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20

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• Potential for 700 domestic locations over time • A differentiated concept in the growing fast casual dining segment • 38 locations in 12 states • Targeting ~20% average annual unit growth • A healthy, balanced dining experience with organic, gluten-free and vegan dishes • All dishes handmade from scratch daily • Menu features customizable bowls, wraps, salads, veggies and healthy proteins • Attractive consumer demographic • Significant off-premise volumes - averaging over 50% of sales(1) • Separate take-out area for third-party delivery and take-out business On a simple, soul-satisfying mission to spread positively delicious vibes and healthy food. 21 (1) As of Q4 2024 ending December 31, 2024.

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22

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FOX RESTAURANT CONCEPTS (FRC) 23 FRC HIGHLIGHTS • Locations: 49 • Geographies 11 states • FY 2024 Revenue(1) $300M (1) Fiscal year 2024 revenue represents revenue for the twelve months ended December 31, 2024 and excludes revenue for Flower Child. FRC serves as an incubation engine, innovating new food, dining and hospitality experiences to create fresh, exciting concepts for the future FRC’s experiential concepts are designed to deliver unique guest experiences across different industry segments, occasions, square footage and geographies Provides Diversification | Accretive Unit Growth Potential | Value Creation Opportunities “Great hospitality, every time.” - Sam Fox

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Culinary forward. First class hospitality. Concepts like no other. DIVERSIFYING OUR PORTFOLIO ACROSS EXPERIENTIAL FOR GROWTH 24 National Expansion Boutique Brands Incubation Stage Testing Growth Global Footprint

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25 AS MANY AS 25 NEW UNITS IN 2025 13 NEW RESTAURANTS OPENED IN 2022 16 NEW RESTAURANTS OPENED IN 2023 ACCELERATING UNIT GROWTH As of February 19, 2025 Indianapolis, IN CULINARY DROPOUT NROs 5 YTD 23 NEW RESTAURANTS OPENED IN 2024 Tempe, AZ NORTH ITALIA Tempe, AZ BLANCO FLOWER CHILD Houston, TX Tempe, AZ

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FINANCIAL PERFORMANCE

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27 DRIVING STRONG SALES GROWTH FY 2024 COMP SALES AVERAGE WEEKLY SALES (2) FY 2024 AVERAGE WEEKLY SALES Q4 2024 COMP SALES AVERAGE WEEKLY SALES (2) Q4 2024 vs 2023 1.0% 2% vs 2023 (4)% vs 4Q23 1.7% 1% vs 4Q23 1% ~$239,500 Equates to $12.5M Annualized AUV(1) ~$152,000 Equates to $7.9M Annualized AUV(1) ~$139,300 Equates to $7.2M Annualized AUV(1) (1) 4Q24 Average Unit Volumes (AUV) annualized based on average weekly sales. (2) FRC excludes Flower Child.

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Q4 2024 HIGHLIGHTS(1) 28 Total Revenue $921M Up 5% from PY Adj. Net Inc. Margin 5.6% Up 120 bps from PY Capital Allocation (1) A reconciliation of Non-GAAP measures can be found in the appendix. (2) The Cheesecake Factory comparable sales outperformed the casual dining industry by 30 as measured by the Black Box casual dining index. (3) Represents total company owned and operated restaurants across the US and Canada. Adjusted EPS $1.04 Up 30% from PY The Cheesecake Factory Comp Sales 1.7% 30 bps above Industry (2) $40M CapEx $0.5M Repurchases $13M Dividends Unit Growth 9 NROs Restaurant Count(3) 348 Up 5% from 331 in PY Adjusted EBITDA $97M Up 29% from PY

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2025 UNDERLYING KEY ASSUMPTIONS(1) 29 (1) Assumes no material operating or consumer disruptions as well as assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. (2) Future decisions to pay or to increase or decrease dividends or to repurchase shares are at the discretion of the Board and will be dependent on several factors. Consolidated Sales Approximately $3.8 Billion CCF AUVs Approximately $12.6 Million Net Income Margin Targeting approximately 4.75% at the stated sales level New Unit Growth As many as 25 New Restaurant Openings • 3-4 The Cheesecake Factory locations • 6-7 North Italia locations • 6-7 Flower Child locations • 8-9 FRC restaurants Capital Expenditure Approximately $190 Million - $210 Million Dividend Program Q1 2025 dividend of $0.27 per share(2) Share Repurchase Program Offset dilution from employee stock-based compensation and support EPS(2)

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QUALITY GROWTH OPPORTUNITY 30 New Unit Growth Targets(1)(2) Size(3) Sales per Sq Ft(3) Annual Unit Growth 7,000 -10,000 ~$1,100 - $1,200 ~2% - 3% 6,000 -7,000 ~$1,200 - $1,300 ~20% 3,000 -4,000 ~$1,100 - $1,200 ~20% 3,500 -15,000 ~$1,100 ~10% - 15% Diversified Portfolio Differentiated experiential concepts diversified across industry segment, price point, cuisine, occasion and real estate Value Creation Opportunities Leveraging brand power, operational excellence, scale, supply chain and real estate development expertise Attractive Growth Potential Significant runway for future development across portfolio of concepts to drive accretive growth over time (1) Illustrative example of new restaurant openings targeted size, sales per square foot and annual unit growth; Targets represent steady-state and typically are reached after 3 years of operations. (2) Targets are forward-looking and are based upon assumptions that there are no material operating or consumer disruptions as well as assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. (3) Target size and sales per square foot are an average based on productive square feet defined as all interior square footage plus seasonally adjusted exterior patio square footage. 1% - 2% Comparable Sales Growth GROWTH OUTLOOK(2) AVERAGE ANNUAL GROWTH TARGETS 7% - 8% Top-line Revenue Growth

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MARKET POTENTIAL LARGE TAM RUNWAY 31 # OF LOCATIONS(1) FY 2024 AUVS $12.3M 215 $7.7M 43 $4.4M 38 MARKET POTENTIAL 300 200 700 (1) Locations as of February 19, 2025 ~$3.1B ~$8.5B FUTURE REVENUE OPPORTUNITY REVENUE GROWTH $5BPOTENTIAL NOTABLE UPSIDE POTENTIAL FROM OTHER GROWTH CONCEPTS FY 2024

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HISTORY OF OUTPERFORMING THE INDUSTRY 2.5% (27.4)% 3.3% 10.5% 13.9% 14.9% 1.4% (24.0)% (0.9)% 6.5% 10.3% 11.8% Geographical discrepancies in dining restrictions & reopening timelines Knapp-Track Index Comparable Sales - Historical 2-year Stack(1),(2) 32 2019 2020 2021 2022 2023 Comparison to pre-pandemic sales (2019) (1) 2020 results reflect the impact of the COVID-19 pandemic. (2) Due to impact of COVID-19 pandemic on results 2021, 2022, 2023 and 2024 compare against 2019. 2024

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DURABLE BUSINESS OVER TIME(1) 33 $2.61 ($1.49) $2.13 $1.51 $2.69 $3.44 '19 '20 '21 '22 '23 '24 Capital Allocation Detail $120 $(47) $146 $50 $67 $107 '19 '20 '21 '22 '23 '24 $99 $50 $67 $112 $152 $160 $51 $4 $6 $63 $61 $16 $46 $18 $42 $53 $53 44,545 48,974 '19 '20 '21 '22 '23 '24 Common Stock Dividend Share Repurchases Capex / Investment Weighted Average Shares Outstanding Adjusted Earnings/(Loss) Per Common Share Free Cash Flow '20 (1) A reconciliation of Non-GAAP measures can be found in the appendix. 2020 results reflect the impact of the pandemic and the issuance of 200,000 shares of Series A Convertible Preferred Stock. An explanation regarding accounting reclassifications for prior years can be found in the 10-K and 10-Q. (2) 2019 Capex / Investment does not include the acquisition of North Italia and Fox Restaurant Concepts. (2) (2) Adjusted EBITDA '20 '20 $236 $8 $238 $202 $270 $329 '19 '20 '21 '22 '23 '24 ($ in millions except per share data)

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APPENDIX

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NON-GAAP RECONCILIATIONS 35 In addition to the results provided in accordance with the Generally Accepted Accounting Principles (“GAAP”) in this presentation, the Company is providing non-GAAP measurements which present free cash flow, adjusted EBITDA excluding the impact of certain items, adjusted diluted net income/(loss) and adjusted diluted net income/(loss) per common share excluding the impact of certain items, and adjusted net income margin. The non-GAAP measurements are intended to supplement the presentation of the Company’s financial results in accordance with GAAP. The Company believes that the presentation of these items provides additional information to facilitate the comparison of past and present financial results. ($ in thousands) Fiscal Year 2019 2020 2021 2022 2023 2024 Cash flow from operations $ 218,761 $ 2,908 $ 213,006 $ 161,926 $ 218,401 $ 268,325 Capital expenditures / investments 99,265 50,329 66,943 112,464 151,565 160,364 Free cash flow(1) $ 119,496 $ (47,421) $ 146,063 $ 49,462 $ 66,836 $ 107,961 (1) Free cash flow, EBITDA and Adjusted EBITDA may not add due to rounding. (2) A detailed breakdown of impairment of assets and lease termination expenses recorded can be found in the Selected Segment Information table in the 10-K and 10-Q. (3) Represents changes in the fair value of the deferred consideration and contingent consideration and compensation liabilities related to the North Italia and FRC acquisition, as well as amortization of acquired definite-lived licensing agreements. (4) Represents incremental costs associated with COVID-19 such as sick and vaccination pay, healthcare and meal benefits for furloughed staff members, additional sanitation and personal protective equipment. Fiscal Year Fiscal Quarter 2019 2020 2021 2022 2023 2024 4Q23 4Q24 Net income/(loss) $ 127,293 $(253,365) $ 72,373 $ 43,123 $ 101,351 $ 156,783 $ 12,681 $ 41,154 Depreciation and amortization expenses 88,133 91,415 89,654 92,380 93,136 101,450 24,012 26,435 Interest expense, net 3,209 10,543 11,625 7,488 10,160 10,107 2,937 2,137 Income tax expense/(benefit) 13,041 (102,671) (753) (10,231) (1,337) 14,264 (7,025) 4,182 EBITDA(1) $ 231,676 $(254,078) $ 172,899 $ 132,760 $ 203,310 $ 282,604 $ 32,605 $ 73,908 Impairment of assets and lease termination expenses(2) $ 18,247 $ 219,333 $ 18,139 $ 31,387 $ 29,464 $ 13,647 $ 27,827 $ 15,224 Loss on investment in unconsolidated affiliates 13,439 - - - - - - - Gain on investment in unconsolidated affiliates (52,672) - - - - - - - Acquisition-related costs 5,270 2,699 - - - - - - Acquisition-related contingent consideration, compensation and amortization expenses/(benefit)(3) 1,033 (3,872) 19,510 13,368 11,686 2,429 7,796 (858) Stock-based compensation 19,373 21,350 22,988 24,426 25,781 29,962 6,931 8,466 COVID-19 related costs(4) - 22,963 4,917 - - - - - Adjusted EBITDA(1) $ 236,366 $ 8,395 $ 238,453 $ 201,941 $ 270,241 $ 328,642 $ 75,159 $ 96,740

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NON-GAAP RECONCILIATIONS 36 ($ in thousands, except per share data) Fiscal Year Fiscal Quarter 2019 2020 2021 2022 2023 2024 4Q23 4Q24 Net income/(loss)(1) $127,293 $(277,10) $49,131 $43,123 $101,351 $156,783 $12,681 $41,154 Impairment of assets and lease termination expenses/(income)(2) 18,247 219,333 18,139 31,387 29,464 13,647 27,827 15,224 Termination of Interest rate swap - - 2,354 - - - - - Loss on investment in unconsolidated affiliates 13,439 - - - - - - - Gain on investment in unconsolidated affiliates (52,672) - - - - - - - Acquisition-related costs 5,270 2,699 - - - - - - Acquisition-related contingent consideration, compensation and amortization expenses/(benefit)(3) 1,033 (3,872) 19,510 13,368 11,686 2,429 7,796 (858) Dividends on Series A preferred stock - 13,485 18,661 - - - - - Net income attributable to Series A preferred stock to apply if-converted method - - 4,581 - - - - - Direct and incremental Series A preferred stock issuance costs - 10,257 - - - - - - Assumed impact of potential conversion of Series A preferred stock into common stock - - - - - - - - COVID-19 related costs (4) - 22,963 4,917 - - - - - Uncertain tax positions - - 7,139 - - - - - Tax effect of adjustments (5) 3,818 (62,692) (11,679) (11,637) (10,699) (4,180) (9,262) (3,735) Adjusted net income/(loss) $116,428 $ (74,934) $112,73 $76,241 $ 131,802 $168,679 $ 39,042 $51,785 Revenues $877,009 $920,963 Adjusted net income margin 4.5% 5.6% Diluted net income/(loss) per share $ 2.86 $ (6.32) $ 1.01 $ 0.86 $ 2.07 $ 3.20 $ 0.26 $ 0.83 Impairment of assets and lease termination expenses/(income)(2) 0.41 4.36 0.34 0.62 0.61 0.28 0.57 0.31 Termination of Interest rate swap - - 0.04 - - - - - Loss on investment in unconsolidated affiliates 0.30 - - - - - - - Gain on investment in unconsolidated affiliates (1.18) - - - - - - - Acquisition-related costs 0.12 0.05 - - - - - - Acquisition-related contingent consideration, compensation and amortization expenses/(benefit)(3) 0.02 (0.08) 0.37 0.27 0.24 0.05 0.16 (0.02) Dividends on Series A preferred stock - 0.27 0.35 - - - - - Net income attributable to Series A preferred stock to apply if-converted method - - 0.09 - - - - - Direct and incremental Series A preferred stock issuance costs - 0.20 - - - - - - Assumed impact of potential conversion of Series A preferred stock into common stock - 0.80 (0.08) - - - - - COVID-19 related costs(4) - 0.46 0.09 - - - - - Uncertain tax positions - - 0.13 - - - - - Tax effect of adjustments(5) 0.09 (1.25) (0.22) (0.23) (0.22) (0.09) (0.19) (0.08) Adjusted diluted net income/(loss) per share(6) $ 2.61 $ (1.49) $ 2.13 $ 1.51 $ 2.69 $ 3.44 $ 0.80 $ 1.04 (1) Net income presented for 2020 and 2021 includes adjustments related to Series A Preferred Stock. (2) A detailed breakdown of impairment of assets and lease termination expenses recorded can be found in the Selected Segment Information table in the 10-K and 10-Q. (3) Represents changes in the fair value of the deferred consideration and contingent consideration and compensation liabilities related to the North Italia and FRC acquisition, as well as amortization of acquired definite-lived licensing agreements. (4) Represents incremental costs associated with COVID-19 such as sick and vaccination pay, healthcare and meal benefits for furloughed staff members, additional sanitation and personal protective equipment. (5) The tax effect assumes a tax rate based on the federal statutory rate and an estimated blended state tax rate. (6) Adjusted diluted net income/(loss) per share may not add due to rounding.

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Cover
Feb. 13, 2025
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 13, 2025
Entity File Number 0-20574
Entity Registrant Name CHEESECAKE FACTORY INCORPORATED
Entity Central Index Key 0000887596
Entity Tax Identification Number 51-0340466
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 26901 Malibu Hills Road
Entity Address, City or Town Calabasas Hills
Entity Address, State or Province CA
Entity Address, Postal Zip Code 91301
City Area Code 818
Local Phone Number 871-3000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $.01 per share
Trading Symbol CAKE
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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