ザチーズケーキファクトリーの適時開示・決算・その他

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): May 10, 2023

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 2.02

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

In a press release dated May 10, 2023, a copy of which is furnished as Exhibit 99.1 to this report, The Cheesecake Factory Incorporated (the “Company”) reported financial results for the first quarter of fiscal 2023, which ended on April 4, 2023.

ITEM 7.01

REGULATION FD DISCLOSURE

On May 10, 2023, 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 8.01

OTHER EVENTS

Additionally, on May 10, 2023, the Board of Directors of the Company (the “Board”) declared a quarterly cash dividend of $0.27 per share which will be paid on June 6, 2023 to the stockholders of record of each share of the Company’s common stock at the close of business on May 24, 2023. 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 9.01

FINANCIAL STATEMENTS AND EXHIBITS

(d)

Exhibits

	99.1	Press release dated May 10, 2023 entitled “The Cheesecake Factory Reports Results for First Quarter of Fiscal 2023 and Provides Business Update”
	99.2	The Cheesecake Factory Investor Presentation dated May 10, 2023
	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: May 10, 2023	THE CHEESECAKE FACTORY INCORPORATED


	By:	/s/ Matthew E. Clark
		Matthew E. Clark
		Executive Vice President and Chief Financial Officer

EX-99.1 2 tm2315100d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

PRESS RELEASE

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

THE CHEESECAKE FACTORY REPORTS RESULTS FOR

FIRST QUARTER OF FISCAL 2023 AND PROVIDES BUSINESS UPDATE

CALABASAS HILLS, Calif., – May 10, 2023 – The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the first quarter of fiscal 2023, which ended on April 4, 2023.

Total revenues were $866.1 million in the first quarter of fiscal 2023 compared to $793.7 million in the first quarter of fiscal 2022. Net income and diluted net income per share were $28.1 million and $0.56, respectively, in the first quarter of fiscal 2023.

The Company recorded $3.4 million related to pre-tax charges of impairment of assets and lease termination expense and Fox Restaurant Concepts (“FRC”) acquisition-related items. Excluding the after-tax impact of these items, adjusted net income and adjusted net income per share for the first quarter of fiscal 2023 were $30.6 million and $0.61, 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 5.7% year-over-year in the first quarter of fiscal 2023 and increased 14.9% relative to fiscal 2019, on an operating week basis.

“We were pleased with our first quarter performance highlighted by comparable sales growth across our portfolio of concepts. We delivered a solid start to the year with revenue finishing in-line with our expectations and adjusted net income margin at the high end of our guidance range,” said David Overton, Chairman and Chief Executive Officer. “Consolidated revenue increased 9.1% over the prior year period, driven by sustained healthy consumer demand including strong contributions from the off-premise channel.”

Overton continued, “Our strategy continues to be guided by our longstanding commitment to deliver distinct, high quality dining experiences and exceptional hospitality, the hallmarks of our success that have positioned us as a leader in casual dining for over 45 years. We are honored to have been named to the Fortune magazine "100 Best Companies to Work For" list for the tenth consecutive year, underscoring our position as a best-in-class employer.”

Overton concluded, “Our solid topline results in the quarter illustrate the broad and enduring appeal of our concepts, and with input costs gradually stabilizing within our range of expectations, we anticipate building on our first quarter operating margin performance going forward.”

26901 Malibu Hills Road, Calabasas Hills, CA 91301 • Telephone (818) 871-3000 • Fax (818) 871-3100

Development

During the first quarter of fiscal 2023, we opened two new restaurants, a Doughbird in Nashville, TN and a Flower Child in Tucson, AZ.

The Company continues to expect to open as many as 20 to 22 new restaurants in fiscal 2023, including as many as five to six The Cheesecake Factory restaurants, five to six North Italia restaurants, and as many as ten FRC restaurants, including three to four Flower Child locations.

In addition, in fiscal 2023 the Company expects two to three The Cheesecake Factory restaurants to open internationally under licensing agreements.

Liquidity and Capital Allocation

As of April 4, 2023, the Company had total available liquidity of $355 million, including a cash balance of $116 million and availability on its revolving credit facility of $239 million. Total principal amount of debt outstanding was $475 million, including $345 million in principal amount of 0.375% convertible senior notes due 2026 and $130 million in principal amount drawn on the Company’s revolving credit facility.

The Company repurchased approximately 341,500 shares of its stock at a cost of $12.4 million in the first quarter of fiscal 2023, and also announced today that its Board of Directors declared a quarterly dividend of $0.27 per share to be paid on June 6, 2023 to shareholders of record at the close of business on May 24, 2023.

Conference Call and Webcast

The Company will hold a conference call to review its results for the first quarter of fiscal 2023 today at 2:00 p.m. Pacific Time. The conference call will be webcast live on the Company’s website at investors.thecheesecakefactory.com and a replay of the webcast will be available through June 9, 2023.

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 318 restaurants throughout the United States and Canada under brands including The Cheesecake Factory®, North Italia® and a collection within our Fox Restaurant Concepts business. Internationally, 30 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 2023, we were named to the FORTUNE Magazine “100 Best Companies to Work For®” list for the tenth consecutive year. To learn more, visit www.thecheesecakefactory.com, www.northitalia.com and www.foxrc.com.

From Fortune ©2023 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 • Fax (818) 871-3100

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 input costs gradually stabilizing, building on first quarter operating margin performance, and restaurant development. 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 rising interest rates, 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; the COVID-19 pandemic 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 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; changes in laws impacting the Company’s business, including laws and regulations related to COVID-19 impacting restaurant operations and customer access to off- and on-premise dining; 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; 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; 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 • Fax (818) 871-3100

The Cheesecake Factory Incorporated

Condensed Consolidated Financial Statements

(unaudited; in thousands, except per share and statistical data)

	13 Weeks Ended						13 Weeks Ended
	April 4, 2023						March 29, 2022
Consolidated Statements of Income	Amount			Percent of Revenues			Amount			Percent of Revenues
Revenues	$	866,114			100.0	%	$	793,710			100.0	%
Costs and expenses:
Food and beverage costs		206,224			23.8	%		188,501			23.7	%
Labor expenses		311,528			36.0	%		295,763			37.3	%
Other operating costs and expenses		230,929			26.7	%		207,635			26.2	%
General and administrative expenses		54,069			6.2	%		49,123			6.2	%
Depreciation and amortization expenses		22,955			2.7	%		21,505			2.7	%
Impairment of assets and lease termination expenses		2,242			0.3	%		207			0.0	%
Acquisition-related contingent consideration, compensation and amortization expenses		1,189			0.1	%		891			0.1	%
Preopening costs		3,052			0.3	%		1,764			0.2	%
Total costs and expenses		832,188			96.1	%		765,389			96.4	%
Income from operations		33,926			3.9	%		28,321			3.6	%
Interest and other expense, net		(1,880	)		(0.2	)%		(1,461	)		(0.2	)%
Income before income taxes		32,046			3.7	%		26,860			3.4	%
Income tax provision		3,996			0.5	%		3,697			0.5	%
Net income		28,050			3.2	%		23,163			2.9	%

Basic net income per share	$	0.58					$	0.46
Basic weighted average shares outstanding		48,694						50,333

Diluted net income per share	$	0.56					$	0.45
Diluted weighted average shares outstanding		49,778						51,013

26901 Malibu Hills Road, Calabasas Hills, CA 91301 • Telephone (818) 871-3000 • Fax (818) 871-3100

	13 Weeks Ended			13 Weeks Ended
Selected Segment Information	April 4, 2023			March 29, 2022
Revenues:
The Cheesecake Factory restaurants	$	656,000		$	609,816
North Italia		63,303			52,757
Other FRC		68,640			58,832
Other		78,171			72,305
Total	$	866,114		$	793,710

Income from operations:
The Cheesecake Factory restaurants	$	78,386		$	63,444
North Italia		4,606			3,678
Other FRC		8,711			7,329
Other		(57,777	)		(46,130	)
Total	$	33,926		$	28,321

Preopening costs:
The Cheesecake Factory restaurants	$	1,448		$	1,034
North Italia		446			410
Other FRC		721			(11	)
Other		437			331
Total	$	3,052		$	1,764

Impairment of assets and lease termination expenses:
The Cheesecake Factory restaurants	$	93		$	(165	)
North Italia		-			-
Other FRC		55			-
Other		2,094			372
Total	$	2,242		$	207

Depreciation and amortization expenses:
The Cheesecake Factory restaurants	$	16,018		$	15,587
North Italia		1,467			1,298
Other FRC		1,927			1,581
Other		3,543			3,039
Total	$	22,955		$	21,505

		13 Weeks Ended			13 Weeks Ended
		April 4, 2023			March 29, 2022
The Cheesecake Factory restaurants operating information:
Comparable restaurant sales vs. prior year		5.7	%		20.7	%
Comparable restaurant sales vs. 2019		14.9	%		8.0	%
Restaurants opened during period		-			-
Restaurants open at period-end		210			208
Restaurant operating weeks		2,737			2,704

North Italia operating information:
Comparable restaurant sales vs. prior year		9	%		32	%
Comparable restaurant sales vs. 2019		30	%		23	%
Restaurants opened during period		-			-
Restaurants open at period-end		33			29
Restaurant operating weeks		429			377

Other Fox Restaurant Concepts (FRC) operating information:(1)
Restaurants opened during period		1			-
Restaurants open at period-end		35			31
Restaurant operating weeks		451			403

Other operating information:(2)
Restaurants opened during period		1			-
Restaurants open at period-end		40			38
Restaurant operating weeks		515			501

Number of company-owned restaurants:
The Cheesecake Factory		210
North Italia		33
Other FRC		35
Other		40
Total		318

Number of international-licensed restaurants:
The Cheesecake Factory		30

(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	April 4, 2023		January 3, 2023
Cash and cash equivalents	$	116,164	$	114,777
Long-term debt, net of issuance costs (1)		468,536		468,032

(1) Includes $338.5 million net balance of 0.375% convertible senior notes due 2026 (principal amount of $345 million less $6.5 million in unamortized issuance cost) and $130 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 Sheets and are being amortized as interest expense.

26901 Malibu Hills Road, Calabasas Hills, CA 91301 • Telephone (818) 871-3000 • Fax (818) 871-3100

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
	April 4, 2023			March 29, 2022
Net income (GAAP)	$	28,050		$	23,163
Impairment of assets and lease termination expenses(1)		2,242			207
Acquisition-related contingent consideration, compensation and amortization expenses(2)		1,189			891
Tax effect of adjustments(3)		(892	)		(286	)
Adjusted net income (non-GAAP)	$	30,589		$	23,975

Diluted net income per common share (GAAP)	$	0.56		$	0.45
Impairment of assets and lease termination expenses		0.05			0.00
Acquisition-related contingent consideration, compensation and amortization expenses		0.02			0.02
Tax effect of adjustments		(0.02	)		(0.01	)
Adjusted net income per share (non-GAAP)(4)	$	0.61		$	0.47

(1) A detailed breakdown of impairment of assets and lease termination expenses recorded in the thirteen weeks ended April 4, 2023 and March 29, 2022 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 2023 and 2022 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 • Fax (818) 871-3100

EX-99.2 3 tm2315100d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

Investor Presentation May 10, 2023

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, plans, targets, goals, objectives, performance, growth potential, engines and opportunities and expected growth rates; 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; statements from the Company’s corporate social responsibility report; 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; anticipated unit growth roadmap; 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 rising 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; the COVID-19 pandemic 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; changes in laws impacting our business, including laws and regulations related to COVID-19 impacting restaurant operations and customer access to off- and on-premises dining; 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; 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; adverse weather conditions 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

• Experiential dining category leader with diversified growth engines • Leveraging the Company’s differentiation and strong foothold in the off-premise channel to support the business in the on-going dynamic environment • Best-in-class operational execution and industry-leading retention • Significant and accelerating growth opportunities driving one of the highest expected growth rates in the casual dining industry Investment Highlights 3

The Cheesecake Factory - Global Footprint 4 High quality, high profile locations worldwide Company-Owned: 210 (Including Toronto, Canada) Toronto International – Licensed: 30 Mexico City (5) Guadalajara Saudi Arabia (4) UAE (6) Kuwait (3) Qatar (3) Bahrain (1) Shanghai (3) Hong Kong Beijing Monterrey Macau Opportunity for 300 Domestic Locations Over Time & Continued International Expansion

Filling White Space for an On-Trend, Contemporary Italian Offering 5 • Potential for 200 domestic locations over time • 33 locations in 13 states & Washington D.C. • All dishes handmade from scratch daily • Unique menu items tailored to local markets • Serving lunch, dinner, weekend brunch & weekday happy hour • Average check: ~$30-$40 • ~25% alcohol mix 1Q23 Comp Sales (vs. 1Q22): 9% 1Q23 Comp Sales (vs. 1Q19): 30%

Fox Restaurant Concepts (FRC) Expected to Serve as an Incubation Engine Innovating Concepts of the Future 6 Potential Growth Boutique Brands 66 Total FRC Locations Across the U.S.

Accelerating Unit Growth Across Concepts As many as 20 - 22 new units planned for 2023 7 New Restaurants Opened in 2023 14 New Restaurants Opened in 2021 2 The Cheesecake Factory locations 6 North Italia locations 3 Blanco locations 2 Flower Child locations 1 The Culinary Dropout location 13 New Restaurants Opened in 2022 3 The Cheesecake Factory locations 4 North Italia locations 3 Flower Child locations 2 Fly Bye locations 1 Pushing Daisies location Flower Child Tucson, AZ Doughbird Nashville, TN

An Experiential Dining Category Leader Food Integrated Bakery Service & Ambiance Breadth of Menu & Innovation 235 Items Made Fresh, From Scratch Integrated Bakery Best-in-Class Service, Hospitality and Operational Execution Innovative, High-Quality Cheesecakes and Other Baked Dessert Items

Integrated Bakery – The “Cheesecake” Magic • Produces over 60 cheesecakes and other baked desserts • Enables creativity, quality control and supply chain efficiencies FY 2019* 16% 10 Industry-Leading Dessert Sales * Percent of total sales FY 2022* 17%

Best-in-Class Operational Execution and Industry-Leading Retention Average Tenure by Position 33 years 25 years 22 years 21 years 12 years 11 years Senior VP of Operations Regional Vice Presidents Area Directors of Operations Area Kitchen Operations Managers General Managers Executive Kitchen Managers “What we found is that food and beverage innovation is table stakes; you need to do it, but it’s not sustainable,” The ironclad correlation with success? “It was GM retention.” – Wally Doolin, Black Box Intelligence* *Restaurant Business, May 2018 PEOPLE Companies That Care seal is a registered trademark of Meredith and is used under license. From Fortune ©2023 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. 11 Also recognized as a best workplace for diversity, millennials, and women 10th consecutive year

Themed filters reaching 5M+ users Cult Status & Strong Consumer Engagement 1M+ followers 5M fans 360K followers Millions of Viewers 12 Note: Statistics as of April 25, 2023 295K followers

Broad Consumer Demographic and Appeal Highest Unit Volumes With a Moderate Average Check ($ in millions) Source: Latest SEC 10-K filings and company presentations; Average check for The Cheesecake Factory defined as on-premise average check. 13 $12.1 $8.1 $7.0 $6.0 $5.1 $4.4 $3.9 $3.4 $3.2 $3.2 Maggiano's Texas Roadhouse BJ's Olive Garden LongHorn Outback Carrabba's Chili's Bonefish $34 $33 $29 $29 $27 $24 $24 $21 $21 $20 $16 Yard House Bonefish Maggiano's Outback LongHorn Carraba's Olive Garden Texas Roadhouse BJ's Chili's Casual Dining Rated #1 Full-Service Chain for Food Quality #1 Quality #2 Service #3 Ambiance

9% 12% 14% 16% 43% 32% 28%25% 23% 23% 23% Off-Premise Sales (% of Total Revenue) Leveraging This Differentiation in the Off-Premise Channel Upgraded Takeout Packaging 14 ~$2.9 million per restaurant (annualized based on 1Q23*) Reflecting COVID-19 dining restrictions *Annual unit volume equivalent based on total system restaurant average weekly sales

Further Leaning in to Convenience 15

>$6M Donated to Feeding America® 93% Of staff believe people are treated fairly regardless of sexual orientation, race, or gender 26% Waste diverted away from landfill 369 HELP Fund Grants Provided 22% Lower GHGs per sq. ft. since 2015 7.3M Pounds food donated SOURCING ENVIRONMENT STAFF & DEI&B COMMUNITY NET ZERO Greenhouse gas target 80% Pork gestation crate-free sourcing 64% Sustainable seafood 700 Local non-profits supported 13yr* Tenure of General Managers & Executive Kitchen Managers CSR – Contributing to the Well-Being of Our Staff, Local Communities and the Environment We All Share 16 Please refer to the 2022 Cheesecake Factory Corporate Social Responsibility Report. Data and restaurants included in the report represent The Cheesecake Factory, North Italia, Grand Lux Cafe, and Social Monk Asian Kitchen unless noted otherwise. *Does not include North Italia or Social Monk Asian Kitchen. From Fortune ©2023 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. 10TH Year as one of the FORTUNE 100 Best Companies to Work For® PEOPLE Companies that Care® award recipient 100% Cage-free eggs, 3 years early for bakery operations

Confidential 17 Financial Resiliency Sales Leadership Growth Opportunities

Culinary forward. First class hospitality. Concepts like no other. Diversify Across Experiential Diversifying Our Portfolio Across Experiential For Growth 18

Driving Strong Sales Growth Across Portfolio +1.1% 1Q23 Comp Sales ~$239,700 Equates to $12.5M Annualized Average Unit Volume 1Q23 Average Weekly Sales 1Q23 AWS Note: Average Unit Volumes annualized based on 1Q23 average weekly sales (AWS). 19 ~$147,600 Equates to $7.7M Annualized Average Unit Volume ~$152,200 Equates to $7.9M Annualized Average Unit Volume vs. 1Q22 vs. 1Q19 5.7% 14.9% vs. 1Q22 vs. 1Q19 9% 30% vs. 1Q22 vs. 1Q19 9% 27%

“Large chains and well-funded restaurants have the resources to ride out a protracted shutdown, but the independent restaurants that make up two-thirds of the American dining landscape – noodle shops, diners and that charming urban restaurant that always had a line out the door – may not survive.” - New York Times, March 20, 2020 Sales by Channel4 (AUV $ millions) We Believe Stable, Agile Brands Will Be Best Positioned Moving Forward 20 Industry Rationalization: Market Share Opportunity Casual Dining1 * FY 2022 on a 53-week basis Sources: 1Morgan Stanley Report April 6, 2020; 2Bureau of Labor Statistics; 3U.S. Census; 4Annualized average unit volumes based on average weekly sales in each period. Off-Premise Sales Have Stabilized At Elevated Levels Post-Pandemic 86% 14% Independents Chains Off-Premise Only 2 As of May 2021, the NRA estimated that 15% (~90,000) of restaurants have closed. 3 1.4% 1.8% 2.1% 1.3% 1.5% 1.5% 1.8% 2.5% 2.2% 1.9% 0.8% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.6% 0.5%0.5% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Annual Restaurant Unit Growth US Population Growth Off-Premise Only $9.1 $9.1 $1.7 $3.0 2019 2022* Off-Premise On-Premise $10.8 $12.1

2023 Underlying Key Assumptions(1) 21 (1) Assumes no material operating or consumer disruptions $3.55 Billion Total Sales Targeting 4% Net Income Margin at Stated Sales Target As many as 20 to 22 New Restaurant Openings Approximately $12.5 Million to $13 Million CCF AUVs Approximately $165 Million to $175 Million in Capex Q2 2023 quarterly dividend of $0.27 Share repurchase program Pending guidance updates next week

Diversified Growth Engines Expected to Drive 7% Unit Growth Annually Target Size (productive sq. ft.) 7,000 – 10,000 6,000 - 7,000 3,500 – 15,000 Targeted Average Unit Volume $11M - $12M $7M - $7.5M Avg. $5M - $5.5M Targeted Sales/productive sq. ft. ~$1,100 ~$1,200 ~$1,000 Target Long-Term Unit Growth ~3% ~20%+ ~15% - 20% Top-Line Unit Growth Contribution ~3% ~2% ~2% Target Restaurant-Level Margin % ~18% ~18% - 20% ~16% - 18% Cash Capex Investment $8M+ ~$4M+ $500/sq. ft. Target Cash-on-Cash Return 20% - 25% 35%+ 25% - 30% Sales/Investment Ratio Varies 2:1 2:1 22 Diversified multi-concept across segment, price point, occasion, real estate and labor Leveraging brand power, operational excellence, scale, supply chain and real estate development expertise Anticipated Unit Growth Roadmap ¹Illustrative example of target returns for new restaurant openings ²Average unit volume and steady-state restaurant-level margin typically reached after 3 years of operations ¹ ² ²

(4.2)% (6.8)% (0.3)% 4.0% 4.2% 3.3% 2.6% 4.1% 3.8% 0.4% 0.9% 2.5% (27.4)% 3.3% 7.0% (4.3)% (8.7)% (6.1)% 1.0% 2.0% (0.9)% (1.6)% 0.8% (0.4)% (2.2)% 0.5% 1.4% (24.0)% (0.9)% 7.4% History of Outperforming the Industry 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20201 20212 20222 Knapp-Track Index Comparable Sales - Historical 2-year Stack 23 Industry Outperformance During Economic Downturn Geographical discrepancies in dining restrictions & reopening timelines 1) 2020 results reflect the impact of the COVID-19 pandemic. 2) Due to impact of COVID-19 pandemic on 2020 results, 2021 compares against 2019, and 2022 compares against 2021.

24 $0.84 $1.07 $1.42 $1.64 $1.88 $2.10 $1.97 $2.37 $2.83 $2.60 $2.51 $2.61 $(1.49) $2.13 $1.51 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 Capital Allocation Detail $85 $163 $128 $120 $112 $107 $135 $94 $158 $100 $163 $120 $(47) $146 $50 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 ¹Free cash flow defined as cash flow from operations (includes adjustment for excess tax benefit related to stock options exercised in 2008-2016 to conform to current year presentation) less capital expenditures and investment in unconsolidated affiliates prior to the acquisition of North Italia and Fox Restaurant Concepts ²2019 Capex/Investment does not include the acquisition of North Italia and Fox Restaurant Concepts Note: 2020 results reflect the impact of the COVID-19 pandemic and the issuance of 200,000 shares of Series A Convertible Preferred Stock. Please refer to SEC filings for GAAP to Non-GAAP reconciliations and for an explanation regarding an accounting reclassification for prior years $85 $37 $42 $77 $86 $106 $114 $154 $158 $139 $128 $99 $50 $67 $112 $173 $52 $172 $101 $184 $141 $109 $146 $123 $109 $51 $4 $6 $63 $13 $27 $30 $36 $42 $50 $56 $61 $16 $42 64,009 44,545 50,414 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 Capex / Investment ² Share Repurchases Common Stock Dividend Weighted Average Shares Outstanding Durable Business Over Time Adjusted Earnings/(Loss) Per Common Share Free Cash Flow¹ ($ in millions) ($ in millions) ‘20 ‘20

Appendix

Non-GAAP Reconciliations 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 adjusted diluted net income/(loss) per common share excluding the impact of certain items and free cash flow. 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. 26

Non-GAAP Reconciliation (1) A detailed breakdown of impairment of assets and lease termination expenses recorded in the fourteen and fifty-three weeks ended January 3, 2023 and thirteen and fifty-two weeks ended December 28, 2021 can be found in the Selected Segment Information table. (2) 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. (3) The tax effect assumes a tax rate based on the federal statutory rate and an estimated blended state tax rate. (4) Fiscal 2017 includes a $38.5 million benefit to the income tax provision related to tax reform enacted in December 2017. (5) Adjusted diluted net income/(loss) per common share may not add due to rounding. 27 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net income/(loss) available to common stockholder (GAAP) $ 52,293 $ 42,833 $ 81,713 $ 95,720 $ 98,423 $114,356 $101,276 $116,523 $139,494 $157,392 $ 99,035 $127,293 $ (277,107) $ 49,131 $ 43,123 - Impairment of assets and lease termination expenses(1) 2,952 26,541 - 1,547 9,536 (561) 696 6,011 114 10,343 17,861 18,247 219,333 18,139 31,387 - Partial IRS settlement - - - (1,794) - - - - - - - - - - - - Termination of Interest rate swap - 7,421 7,376 - - - - - - - - - - 2,354 - - Chairman and CEO employment agreement - 2,550 - - - - - - - - - - - - - Proceeds from variable life insurance contract - (668) - - (419) - - - - - - - - - - - Loss on investment in unconsolidated affiliates - - - - - - - - - 479 4,754 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) - - - - - - - - - - - 1,033 (3,872) 19,510 13,368 - 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 (2) - - - - - - - - - - - - 22,963 4,917 - - Uncertain tax positions - - - - - - - - - - - - - 7,139 - - Tax effect of adjustments (3) (1,181) (14,605) (2,951) (331) (3,814) 224 (278) (2,404) (46) (4,329) (5,880) 3,818 (62,692) (11,679) (11,637) - One-time tax items (4) - - - - - - - - - (38,525) - - - - - Adjusted net income/(loss) (non-GAAP) $ 54,064 $ 64,072 $ 86,138 $ 95,142 $103,726 $114,019 $101,694 $120,130 $139,562 $125,360 $115,770 $116,428 $ (74,934) $ 112,753 $ 76,241 Diluted net income/(loss) per common share (GAAP) $ 0.82 $ 0.71 $ 1.35 $ 1.64 $ 1.78 $ 2.10 $ 1.96 $ 2.30 $ 2.83 $ 3.27 $ 2.14 $ 2.86 $ (6.32) $ 1.01 $ 0.86 - Impairment of assets and lease termination expenses 0.05 0.44 - 0.03 0.17 (0.01) 0.01 0.12 0.00 0.21 0.39 0.41 4.36 0.34 0.62 - Partial IRS settlement - - - (0.03) - - - - - - - - - - - - Termination of Interest rate swap - 0.12 0.12 - - - - - - - - - - 0.04 - - Chairman and CEO employment agreement - 0.04 - - - - - - - - - - - - - - Proceeds from variable life insurance contract - (0.01) - - (0.01) - - - - - - - - - - - Loss on investment in unconsolidated affiliates - - - - - - - - - 0.01 0.10 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) - - - - - - - - - - - 0.02 (0.08) 0.37 0.27 - 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 - - - - - - - - - - - - 0.46 0.09 - - Uncertain tax positions - - - - - - - - - - - - - 0.13 - - Tax effect of adjustments (0.03) (0.23) (0.05) - (0.06) 0.01 - (0.05) 0.00 (0.09) (0.12) 0.09 (1.25) (0.22) (0.23) - One-time tax items - - - - - - - - - (0.80) - - - - - Adjusted diluted net income/(loss) per common share (non-GAAP) (5) $ 0.84 $ 1.07 $ 1.42 $ 1.64 $ 1.88 $ 2.10 $ 1.97 $ 2.37 $ 2.83 $ 2.60 $ 2.51 $ 2.61 $ (1.49) $ 2.13 $ 1.51 Fiscal Year The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in thousands, except per share data)

Non-GAAP Reconciliation (1) The excess tax benefit related to stock options exercised is no longer reclassified from cash flows from operating activities to cash flows from financing activities in the consolidated statements of cash flows. The consolidated statements of cash flows for fiscal 2016, 2015, 2014, 2013, 2012, 2011, 2010, 2009 and 2008 have been adjusted to conform to the current year presentation. 28 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Cash flow from operations (1) $ 170 $ 200 $ 170 $ 197 $ 198 $ 213 $ 249 $ 248 $ 316 $ 239 $ 291 $ 219 $ 3 $ 213 $ 162 Capital expenditures / investments 85 37 42 77 86 106 114 154 158 139 128 99 50 67 112 Free cash flow $ 85 $ 163 $ 128 $ 120 $ 112 $ 107 $ 135 $ 94 $ 158 $ 100 $ 163 $ 120 $ (47) $ 146 $ 50 Fiscal Year The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in millions)