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): 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 2.02

RESULTS 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 7.01

REGULATION 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 8.01

OTHER 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 9.01	FINANCIAL 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

EX-99.1 2 tm256800d1_ex99-1.htm EXHIBIT 99.1

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

EX-99.2 3 tm256800d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

INVESTOR PRESENTATION February 19, 2025

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.

COMPANY OVERVIEW

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

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

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

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

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

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.

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

12 ICONIC BRAND AND CULT STATUS

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.

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.

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 ®

$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)

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

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%

• 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.

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

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

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

FINANCIAL PERFORMANCE

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.

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

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)

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

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

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

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)

APPENDIX

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

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.