8-K

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)   October 28, 2020

TEXAS ROADHOUSE, INC.

(Exact name of registrant as specified in its charter)

Delaware	000-50972	20-1083890
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

6040 Dutchmans Lane, Louisville, KY	40205
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code    (502) 426-9984

N/A

(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 (see General Instruction A.2. below):

¨              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 $0.001 per share	TXRH	Nasdaq Global Select Market

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.              ¨

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 28, 2020, Texas Roadhouse, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 29, 2020.  Attached to this Current Report on Form 8-K as Exhibit 99.1 is a copy of the press release.

ITEM 8.01. OTHER EVENTS

Supplemental Risk Factor

The Company is supplementing the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, with the following risk factor. Careful consideration should be given to the risks described below. If any of the risks and uncertainties described below actually occurs, our business, financial condition and results of operations, and the trading price of our common stock could be materially and adversely affected.

The novel coronavirus ("COVID-19") pandemic has disrupted and is expected to continue to disrupt our business, which has and could continue to materially affect our business, financial condition, and results of operations, for an extended period of time.

On March 13, 2020, the COVID-19 pandemic (the "pandemic") was declared a National Public Health Emergency. Shortly after the national emergency declaration, state and local officials began placing restrictions on restaurants, some of which allowed To-Go or curbside service only, while others limited capacity in the dining room. By March 31, 2020, the last day of our Q1 2020 fiscal quarter, all of our domestic company and franchise restaurants were under state or local order which only allowed for To-Go or curbside service. Beginning in early May 2020, state and local guidelines began to allow dining rooms to re-open, typically at a limited capacity. By September 29, 2020, the last day of our Q3 2020 fiscal quarter, nearly all of our company-owned restaurants had re-opened their dining rooms under various limited capacity restrictions.

We continue to monitor state and local plans as they move along their phased approach to allow restaurants to re-open at full capacity. We have developed a hybrid operating model that accommodates our limited capacity dining rooms together with enhanced To-Go, which includes a curbside and/or drive-up operating model, as permitted by local guidelines. This includes design changes to our building to better accommodate the increased To-Go sales and the expansion of outdoor seating areas where allowed. We also have installed booth partitions in all of our restaurants as an added safety measure for our guests. In addition, we have increased our already strict sanitation requirements, are conducting daily health and temperature checks for all employees before they begin their shift and are requiring personal protective equipment to be worn by all restaurant employees at all times. As we work through the various limited capacity phases at each of our locations, the safety of our employees and guests remains our top priority.

As a result of the temporary dining room closures and the subsequent limited capacity restrictions for in-person dining, we have experienced a significant decrease in traffic which has impacted our operating results. While nearly all of our dining rooms have re-opened, a significant portion continue to operate under capacity restrictions that severely limit the number of guests we can serve. In addition, while we have seen significant sales growth in our To-Go program, even with dining rooms re-opened, we currently do not expect these sales will generate a similar profit margin and cash flows to our normal operating model. We expect our operating results to continue to be impacted until at least such time that state and local restrictions are lifted, and our dining rooms can re-open at full capacity. We cannot predict how long the pandemic will last, how long it will take until all state and local restrictions will be lifted, or if dining rooms will be required to close again in whole or in part in areas severely impacted by the pandemic. In addition, we cannot predict the overall impact on the economy or consumer spending habits.

The pandemic has also adversely affected our ability to open new restaurants. At the onset of the pandemic, we delayed construction on all restaurants that were not substantially complete. As of September 29, 2020, 18 restaurants had either resumed construction or were approved to resume construction. These changes may have a material adverse effect on our ability to grow our business, particularly if we delay construction on these sites again in future periods.

In March 2020, we borrowed $190.0 million under our Amended Credit Agreement in order to enhance our financial flexibility. The Amended Credit Agreement also provides us the option to increase the credit facility by $200.0 million subject to certain limitations, including approval by the syndicate of lenders, set forth in the Amended Credit Agreement. On May 11, 2020, as a precautionary measure to further enhance financial flexibility, we amended the revolving credit facility to increase the amount available under the facility by $82.5 million and drew down $50.0 million of this amount. If the pandemic continues to adversely impact our business for a significant period of time, we may need to further increase the credit facility and/or seek other sources of liquidity. There is no guarantee that we can increase the credit facility or that additional liquidity will be readily available or available at favorable terms.

Our suppliers could be adversely impacted by the pandemic. If our supplier’s employees are unable to work, whether because of illness, quarantine, limitations on travel or other government restrictions in connection with the pandemic, we could face shortages of food items or other supplies at our restaurants and our operations and sales could be adversely impacted by such interruptions.

The temporary closure of our dining rooms and subsequent re-opening at limited capacity has resulted in decreased staffing levels at our restaurants. We have taken compensation actions to support certain restaurant employees during the pandemic, but those actions may not be enough to compensate them until such time that our dining rooms can re-open at full capacity. Those restaurant employees might seek and find other employment during the interruption, which could have a material adverse effect on our ability to properly staff our restaurants with experienced team members once we resume our normal operations.

Our restaurant operations could be further disrupted if a significant number of restaurants have employees diagnosed with COVID-19 resulting in some or all of the restaurant’s employees being quarantined and our restaurant facilities having to be disinfected. If a significant percentage of our workforce is unable to work, whether because of illness or required quarantine, our operations may be negatively impacted which could have a material adverse effect on our business.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS

(d)   EXHIBITS

99.1	Press Release issued by the company on October 28, 2020.
104	Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101).

The information in this Current Report on Form 8-K at Item 2.02 and the Exhibit attached hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.  Such information will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

2 

SIGNATURE

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: October 28, 2020	By:	/s/ Tonya Robinson
		Tonya Robinson
		Chief Financial Officer

3 

EX-99.1

Exhibit 99.1

Texas Roadhouse, Inc. Announces Third Quarter 2020 Results and Provides
Business Update

LOUISVILLE, KY. (October 28, 2020) – Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 39 week periods ended September 29, 2020 and provided a business update in response to the continued COVID-19 pandemic.

Financial Results

Financial results for the 13 and 39 week periods ended September 29, 2020 were as follows:

	Third Quarter							Year to Date
($000's)	2020		2019		% Change			2020		2019		% Change
Total revenue	$	631,185	$	650,489		(3.0	)%	$	1,760,134	$	2,030,925		(13.3	)%
Income from operations		34,976		44,884		(22.1	)%		3,448		158,612		(97.8	)%
Net income		29,230		36,531		(20.0	)%		11,706		131,766		(91.1	)%
Diluted earnings per share	$	0.42	$	0.52		(19.9	)%	$	0.17	$	1.85		(90.9	)%

Results for the third quarter included the following:

· For the July, August, and September periods, comparable restaurant sales at company restaurants decreased 13.0%, 6.6%, and 0.5%, respectively. Sales during the period were positively impacted by the continued easing of dining room capacity restrictions throughout the country. For the quarter, comparable restaurant sales decreased 6.3% at domestic company restaurants and 9.6% at domestic franchise restaurants;

· Five company restaurants, including one Bubba’s 33 restaurant, and one international franchise restaurant were opened. Three international franchise locations remain temporarily closed as of the end of the quarter;

· Restaurant margin, as a percentage of restaurant and other sales, was 14.5% and restaurant margin dollars were $91.1 million. Restaurant margin was impacted by a decrease in comparable restaurant sales and higher costs related to the pandemic. These costs included $1.8 million of costs incurred for enhanced benefits for hourly restaurant employees which were more than offset by employee retention payroll tax credits of $4.5 million related to relief pay for hourly restaurant employees provided in the first half of the year;

· General and administrative expenses included a $3.0 million benefit related to the sale of a legal claim; and,

· The Company ended the quarter with debt of $240.0 million and $328.6 million of cash on hand.

Results for the year-to-date period included the following highlights:

· Comparable restaurant sales decreased 16.0% at domestic company restaurants and 16.8% at domestic franchise restaurants;

· 13 company restaurants, including three Bubba’s 33 restaurants, one domestic franchise restaurant and one international franchise restaurant were opened. One company restaurant and two international franchise restaurants were permanently closed;

· Restaurant margin, as a percentage of restaurant and other sales, was 10.4% and restaurant margin dollars were $181.6 million. Restaurant margin was impacted by a decrease in comparable restaurant sales and higher costs related to the pandemic. These costs included $12.7 million of costs incurred for relief pay and enhanced benefits for hourly restaurant employees, net of employee retention payroll tax credits; and,

· The Company repurchased 252,409 shares of common stock for $12.6 million, the last of which occurred on March 17th. No proceeds from the revolving credit facility were utilized to repurchase shares.

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, “As our dining rooms continue to operate under decreasing capacity limitations, we are pleased to see our average weekly sales getting closer to historical levels. In addition, our operators continue to drive traffic through strong To-Go sales and outdoor dining. On the development front, we expect to open at least 20 company restaurants in 2020 despite pausing construction on a number of sites earlier in the year. Thanks to the strength of our operators, we remain confident in the positioning of our brands as we close out the year and head into 2021.”

Business Update

Comparable restaurant sales during the third quarter were positively impacted by the continued easing of dining room capacity restrictions throughout the country. For the quarter, the Company operated under various capacity restrictions in the dining rooms along with enhanced To-Go, which included a curbside and/or drive-up operating model, as permitted by local guidelines. By period, the comparable restaurant sales, average weekly sales, and To-Go sales for all company restaurants were as follows:

	July			August			September			Q3 2020
All restaurants
Comparable restaurant sales		(13.0	)%		(6.6	)%		(0.5	)%		(6.3	)%
Average weekly sales	$	86,065		$	93,849		$	95,803		$	92,213
To-Go sales as a % of average weekly sales		26.2	%		23.6	%		21.1	%		23.3	%

For the October period, comparable restaurant sales at company restaurants increased 0.8%, average weekly sales at all company restaurants were $98,797, and To-Go sales as a percentage of average weekly sales were 20.0%.

For the third quarter, the Company’s cash on hand position increased approximately $46.1 million due to increased sales performance and working capital inflows, partially offset by cash used for capital expenditures. As of the end of the quarter, the Company had opened 13 company restaurants and an additional 18 company restaurants had either resumed construction or were approved to resume construction soon. As many as eight of these restaurants are expected to open in 2020 and the remaining 10 are expected to open in the first half of 2021. The Company’s development pipeline also includes an additional 15 restaurants that are fully approved or in permitting.

In addition, the Company continues to look for ways through various strategic initiatives to drive awareness of its brands and increase profitability.  This includes Texas Roadhouse Butcher Shop, an on-line platform for the purchase and delivery of hand-cut quality steaks.

Kent Taylor commented, “During any crisis, if you look close enough, an opportunity like the Texas Roadhouse Butcher Shop arises.  Back in March and April, our guests looked to us to stock up on steaks at home. As a result, we saw an opportunity to provide the same Texas Roadhouse quality and value with our on-line Butcher Shop, which will launch in early November.”

2020 Outlook

As previously announced, due to the uncertainty surrounding the pandemic, the Company withdrew the financial outlook for the fiscal year ending December 29, 2020. However, based on the improved cashflow at company restaurants, the Company is providing the following expectations for 2020:

· At least 20 company restaurant openings; and,

· Total capital expenditures of approximately $160 million.

Non-GAAP Measures

The Company prepares the consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). Within the press release, the Company makes reference to restaurant margin (in dollars and as a percentage of restaurant and other sales). Restaurant margin represents restaurant and other sales less restaurant-level operating costs, including food and beverage costs, labor, rent and other operating costs. Restaurant margin should not be considered in isolation, or as an alternative, to income from operations. This non-GAAP measure is not indicative of overall company performance and profitability in that this measure does not accrue directly to the benefit of shareholders due to the nature of the costs excluded. Restaurant margin is widely regarded as a useful metric by which to evaluate restaurant-level operating efficiency and performance. In calculating restaurant margin, the Company excludes certain non-restaurant-level costs that support operations, including pre-opening and general and administrative expenses, but do not have a direct impact on restaurant-level operational efficiency and performance. The Company also excludes depreciation and amortization expense, substantially all of which relates to restaurant-level assets, as it represents a non-cash charge for the investment in restaurants. The Company also excludes impairment and closure expense as it believes this provides a clearer perspective of ongoing operating performance and a more useful comparison to prior period results. Restaurant margin as presented may not be comparable to other similarly titled measures of other companies in the industry. A reconciliation of income from operations to restaurant margin is included in the accompanying financial tables.

Conference Call

Texas Roadhouse is hosting a conference call today, October 28, 2020 at 5:00 p.m. Eastern Time to discuss these results. The dial-in number is (877) 699-0953 or (647) 689-5456 for international calls. A replay of the call will be available for one week following the conference call. To access the replay, please dial (800) 585-8367 or (416) 621-4642 for international calls and use 7594428 as the pass code. There will be a simultaneous Web cast conducted at www.texasroadhouse.com.

About the Company

Texas Roadhouse is a casual dining concept that first opened in 1993 and today has grown to over 620 restaurants system-wide in 49 states and ten foreign countries. For more information, please visit the Web site at www.texasroadhouse.com.

Forward-looking Statements

Certain statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to the potential impact of the COVID-19/Coronavirus outbreak and other non-historical statements. Such statements are based upon the current beliefs and expectations of the management of Texas Roadhouse. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, conditions beyond its control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting customers or food supplies; food safety and food-borne illness concerns; and other factors disclosed from time to time in its filings with the U.S. Securities and Exchange Commission. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under “Part I—Item 1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in the Current Report on Form 8-K filed on October 28, 2020. These factors should not be construed as exhaustive and should be read in conjunction with other filings with the Securities and Exchange Commission. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.

# # #

Contacts:

Investor Relations 

Michael Bailen 

(502) 515-7298

Media 

Travis Doster 

(502) 638-5457

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

	13 Weeks Ended					39 Weeks Ended
	September 29, 2020		September 24, 2019			September 29, 2020			September 24, 2019
Revenue:
Restaurant and other sales	$	626,429	$	645,230		$	1,747,145		$	2,014,720
Franchise royalties and fees		4,756		5,259			12,989			16,205
Total revenue		631,185		650,489			1,760,134			2,030,925
Costs and expenses:
Restaurant operating costs (excluding depreciation and amortization shown separately below):
Food and beverage		201,308		205,158			575,529			650,136
Labor		217,275		218,342			652,976			667,712
Rent		13,723		12,994			40,445			39,173
Other operating		102,978		100,742			296,615			306,355
Pre-opening		4,894		4,736			14,296			12,801
Depreciation and amortization		29,364		28,347			87,434			84,574
Impairment and closure, net		716		61			871			394
General and administrative		25,951		35,225			88,520			111,168
Total costs and expenses		596,209		605,605			1,756,686			1,872,313
Income from operations		34,976		44,884			3,448			158,612
Interest expense (income), net		1,502		(81	)		2,601			(1,526	)
Equity income (loss) from investments in unconsolidated affiliates		1		(154	)		(597	)		100
Income before taxes		33,475		44,811			250			160,238
Income tax expense (benefit)		3,072		6,785			(13,999	)		23,331
Net income including noncontrolling interests		30,403		38,026			14,249			136,907
Less: Net income attributable to noncontrolling interests		1,173		1,495			2,543			5,141
Net income attributable to Texas Roadhouse, Inc. and subsidiaries	$	29,230	$	36,531		$	11,706		$	131,766
Net income per common share attributable to Texas Roadhouse, Inc. and subsidiaries:
Basic	$	0.42	$	0.53		$	0.17		$	1.86
Diluted	$	0.42	$	0.52		$	0.17		$	1.85
Weighted average shares outstanding:
Basic		69,446		69,573			69,410			70,896
Diluted		69,898		69,939			69,830			71,287
Cash dividends declared per share	$	-	$	0.30		$	0.36		$	0.90

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

	September 29, 2020		December 31, 2019
Cash and cash equivalents	$	328,636	$	107,879
Other current assets, net		70,905		140,020
Property and equipment, net		1,076,924		1,056,563
Operating lease right-of-use assets, net		526,501		499,801
Goodwill		124,748		124,748
Intangible assets, net		890		1,234
Other assets		59,407		53,320
Total assets	$	2,188,011	$	1,983,565
Current liabilities		396,402		417,220
Operating lease liabilities, net of current portion		567,480		538,710
Long-term debt, excluding current maturities		190,000		-
Other liabilities		115,626		96,466
Texas Roadhouse, Inc. and subsidiaries stockholders' equity		902,916		915,994
Noncontrolling interests		15,587		15,175
Total liabilities and equity	$	2,188,011	$	1,983,565

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	39 Weeks Ended
	September 29, 2020			September 24, 2019
Cash flows from operating activities:
Net income including noncontrolling interests	$	14,249		$	136,907
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		87,434			84,574
Share-based compensation expense		22,070			25,016
Deferred income taxes		(15,572	)		(3,660	)
Other noncash adjustments, net		3,717			4,541
Change in working capital		34,137			(5,381	)
Net cash provided by operating activities		146,035			241,997
Cash flows from investing activities:
Capital expenditures - property and equipment		(117,521	)		(144,917	)
Proceeds from sale of property and equipment		32			351
Proceeds from sale leaseback transaction		2,167			-
Net cash used in investing activities		(115,322	)		(144,566	)
Cash flows from financing activities:
Proceeds from revolving credit facility		240,000			-
Repurchase of shares of common stock		(12,621	)		(130,963	)
Dividends paid		(24,989	)		(60,675	)
Other financing activities, net		(12,346	)		(16,378	)
Net cash provided by (used in) financing activities		190,044			(208,016	)
Net increase (decrease) in cash and cash equivalents		220,757			(110,585	)
Cash and cash equivalents - beginning of period		107,879			210,125
Cash and cash equivalents - end of period	$	328,636		$	99,540

Texas Roadhouse, Inc. and Subsidiaries

Reconciliation of Income from Operations to Restaurant Margin

(in thousands)

(unaudited)

	13 Weeks Ended						39 Weeks Ended
	September 29, 2020			September 24, 2019			September 29, 2020			September 24, 2019
Income from operations	$	34,976		$	44,884		$	3,448		$	158,612
Less:
Franchise royalties and fees		4,756			5,259			12,989			16,205
Add:
Pre-opening		4,894			4,736			14,296			12,801
Depreciation and amortization		29,364			28,347			87,434			84,574
Impairment and closure, net		716			61			871			394
General and administrative		25,951			35,225			88,520			111,168
Restaurant margin	$	91,145		$	107,994		$	181,580		$	351,344
Restaurant margin (as a percentage of restaurant and other sales)		14.5	%		16.7	%		10.4	%		17.4	%

Texas Roadhouse, Inc. and Subsidiaries

Supplemental Financial and Operating Information

($ amounts in thousands, except weekly sales by group)

(unaudited)

	Third Quarter						Change			Year to Date						Change
	2020			2019			vs LY			2020			2019			vs LY
Restaurant openings
Company - Texas Roadhouse		4			3			1			10			10		0
Company - Bubba's 33		1			1			0			3			1		2
Company - Other		0			0			0			0			0		0
Franchise - Texas Roadhouse - U.S.		0			0			0			1			1		0
Franchise - Texas Roadhouse - International		1			2			(1	)		1			5		(4	)
Total		6			6			0			15			17		(2	)
Restaurant closures
Company - Texas Roadhouse		0			0			0			(1	)		0		(1	)
Company - Bubba's 33		0			0			0			0			0		0
Company - Other		0			0			0			0			0		0
Franchise - Texas Roadhouse - International		0			0			0			(2	)		(2	)	0
Total		0			0			0			(3	)		(2	)	(1	)
Restaurants open at the end of the quarter (1)
Company - Texas Roadhouse		493			474			19
Company - Bubba's 33		31			26			5
Company - Other		2			2			0
Franchise - Texas Roadhouse - U.S.		70			70			0
Franchise - Texas Roadhouse - International		27			25			2
Total		623			597			26
Company restaurants
Restaurant and other sales	$	626,429		$	645,230			(2.9	)%	$	1,747,145		$	2,014,720		(13.3	)%
Store weeks		6,810			6,509			4.6	%		20,274			19,355		4.7	%
Comparable restaurant sales (2)		(6.3	)%		4.4	%					(16.0	)%		4.8	%
Texas Roadhouse restaurants only:
Comparable restaurant sales (2)		(6.5	)%		4.2	%					(15.8	)%		4.7	%
Average unit volume (3)	$	1,211		$	1,302			(7.0	)%	$	3,433		$	4,088		(16.0	)%
Weekly sales by group:
Comparable restaurants (464 units)	$	93,659
Average unit volume restaurants (19 units) (4)	$	80,556
Restaurants less than 6 months old (10 units)	$	93,616
Restaurant operating costs (as a % of restaurant and other sales)
Food and beverage costs		32.1	%		31.8	%		34	bps		32.9	%		32.3	%	67	bps
Labor		34.7	%		33.8	%		85	bps		37.4	%		33.1	%	423	bps
Rent		2.2	%		2.0	%		18	bps		2.3	%		1.9	%	37	bps
Other operating		16.4	%		15.6	%		83	bps		17.0	%		15.2	%	177	bps
Total		85.5	%		83.3	%		219	bps		89.6	%		82.6	%	705	bps
Restaurant margin		14.5	%		16.7	%		(219	)bps		10.4	%		17.4	%	(705	)bps
Restaurant margin ($ in thousands)	$	91,145		$	107,994			(15.6	)%	$	181,580		$	351,344		(48.3	)%
Restaurant margin $/Store week	$	13,384		$	16,591			(19.3	)%	$	8,956		$	18,153		(50.7	)%
Franchise restaurants
Franchise royalties and fees	$	4,756		$	5,259			(9.6	)%	$	12,989		$	16,205		(19.8	)%
Store weeks		1,259			1,220			3.2	%		3,788			3,623		4.6	%
Comparable restaurant sales (2)		(11.2	)%		2.4	%					(19.5	)%		3.0	%
U.S. franchise restaurants only:
Comparable restaurant sales (2)		(9.6	)%		3.2	%					(16.8	)%		4.0	%
Average unit volume (3)	$	1,228		$	1,349			(9.0	)%	$	3,543		$	4,230		(16.2	)%
Pre-opening expense	$	4,894		$	4,736			3.3	%	$	14,296		$	12,801		11.7	%
Depreciation and amortization	$	29,364		$	28,347			3.6	%	$	87,434		$	84,574		3.4	%
As a % of revenue		4.7	%		4.4	%		29	bps		5.0	%		4.2	%	80	bps
General and administrative expenses	$	25,951		$	35,225			(26.3	)%	$	88,520		$	111,168		(20.4	)%
As a % of revenue		4.1	%		5.4	%		(130	)bps		5.0	%		5.5	%	(44	)bps

(1)  Includes three international franchise locations that are temporarily closed.

(2)  Comparable restaurant sales reflects the change in year-over-year sales for restaurants open a full 18 months before the beginning of the period measured, excluding sales from restaurants permanently closed during the period.

(3)  Average unit volume includes sales from Texas Roadhouse restaurants open for a full six months before the beginning of the period measured, excluding sales from restaurants permanently closed during the period.

(4)  Average unit volume restaurants include restaurants open a full six and up to 18 months before the beginning of the period measured.

Amounts may not foot due to rounding.

XML

Cover	Oct. 28, 2020
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 28, 2020
Entity File Number	000-50972
Entity Registrant Name	TEXAS ROADHOUSE, INC.
Entity Central Index Key	0001289460
Entity Tax Identification Number	20-1083890
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	6040 Dutchmans Lane
Entity Address, City or Town	Louisville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40205
City Area Code	502
Local Phone Number	426-9984
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 $0.001 per share
Trading Symbol	TXRH
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false