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Segment Information

12 Months Ended

Dec. 27, 2022

Segment Information

Segment Information

(19) Segment Information

We manage our restaurant and franchising operations by concept and as a result have identified Texas Roadhouse, Bubba's 33, Jaggers, and our retail initiatives as separate operating segments. Our reportable segments are Texas Roadhouse and Bubba's 33. The Texas Roadhouse reportable segment includes the results of our domestic company Texas Roadhouse restaurants and domestic and international franchise Texas Roadhouse restaurants. The Bubba's 33 reportable segment includes the results of our domestic company Bubba's 33 restaurants. Our remaining operating segments, which include the results of our domestic company Jaggers restaurants and the results of our retail initiatives, are included in Other. In addition, Corporate-related segment assets, depreciation and amortization, and capital expenditures are also included in Other.

Management uses restaurant margin as the measure for assessing performance of our segments. Restaurant margin (in dollars and as a percentage of restaurant and other sales) represents restaurant and other sales less restaurant-level operating costs, including food and beverage costs, labor, rent and other operating costs. Restaurant margin also includes sales and operating costs related to our non-royalty based retail initiatives. Restaurant margin is used by our CODM to evaluate core restaurant-level operating efficiency and performance over various reporting periods on a consistent basis.

In calculating restaurant margin, we exclude certain non-restaurant-level costs that support operations, including general and administrative expenses, but do not have a direct impact on restaurant-level operational efficiency and performance. We exclude pre-opening expense as it occurs at irregular intervals and would impact comparability to prior period results. We exclude depreciation and amortization expense, substantially all of which relates to restaurant-level assets, as it represents a non-cash charge for the investment in our restaurants. We also exclude impairment and closure expense as we believe this provides a clearer perspective of the Company’s ongoing operating performance and a more useful comparison to prior period results. Restaurant margin as presented may not be comparable to other similarly titled measures of other companies in our industry.

Restaurant and other sales for all operating segments are derived primarily from food and beverage sales. We do not rely on any major customer as a source of sales and the customers and assets of our reportable segments are located predominantly in the United States. There are no material transactions between reportable segments.

The following tables reconcile our segment results to our consolidated results reported in accordance with GAAP:

​	​	​	​	​	​	​	​	​	​	​	​
​	Fiscal Year Ended December 27, 2022
​	Texas Roadhouse		​	Bubba's 33		​	Other		​	Total
Restaurant and other sales	$	3,762,884	​	$	211,690	​	$	14,217	​	$	3,988,791
Restaurant operating costs (excluding depreciation and amortization)	​	3,162,687	​	​	184,756	​	​	13,847	​	​	3,361,290
Restaurant margin	$	600,197	​	$	26,934	​	$	370	​	$	627,501
​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	$	112,546	​	$	13,012	​	$	11,679	​	$	137,237
Segment assets	​	2,015,173	​	​	201,503	​	​	308,989	​	​	2,525,665
Capital expenditures	​	204,662	​	​	30,625	​	​	10,834	​	​	246,121
​	​	​	​	​	​	​	​	​	​	​	​

​	Fiscal Year Ended December 28, 2021
​	Texas Roadhouse		​	Bubba's 33		​	Other		​	Total
Restaurant and other sales	$	3,253,889	​	$	174,355	​	$	10,932	​	$	3,439,176
Restaurant operating costs (excluding depreciation and amortization)	​	2,701,850	​	​	145,493	​	​	10,101	​	​	2,857,444
Restaurant margin	$	552,039	​	$	28,862	​	$	831	​	$	581,732
​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	$	105,079	​	$	12,700	​	$	8,982	​	$	126,761
Segment assets	​	1,874,620	​	​	179,856	​	​	457,476	​	​	2,511,952
Capital expenditures	​	167,746	​	​	23,408	​	​	9,538	​	​	200,692
​	​	​	​	​	​	​	​	​	​	​	​
​	Fiscal Year Ended December 29, 2020
​	Texas Roadhouse		​	Bubba's 33		​	Other		​	Total
Restaurant and other sales	$	2,267,815	​	$	106,981	​	$	5,381	​	$	2,380,177
Restaurant operating costs (excluding depreciation and amortization)	​	2,011,517	​	​	98,565	​	​	4,455	​	​	2,114,537
Restaurant margin	$	256,298	​	$	8,416	​	$	926	​	$	265,640
​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	$	98,485	​	$	12,036	​	$	7,356	​	$	117,877
Capital expenditures	​	127,162	​	​	13,833	​	​	13,406	​	​	154,401

​

A reconciliation of restaurant margin to income from operations is presented below. We do not allocate interest expense, net and equity income (loss) from investments in unconsolidated affiliates to reportable segments.

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Fiscal Year Ended								​
​	​	December 27, 2022		​	December 28, 2021		​	December 29, 2020		​
Restaurant margin	​	$	627,501	​	$	581,732	​	$	265,640	​
​	​	​	​	​	​	​	​	​	​	​
Add:	​	​	​	​	​	​	​	​	​	​
Franchise royalties and fees	​	​	26,128	​	​	24,770	​	​	17,946	​
​	​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​
Pre-opening	​	​	21,883	​	​	24,335	​	​	20,099	​
Depreciation and amortization	​	​	137,237	​	​	126,761	​	​	117,877	​
Impairment and closure, net	​	​	1,600	​	​	734	​	​	2,263	​
General and administrative	​	​	172,712	​	​	157,480	​	​	119,503	​
Income from operations	​	$	320,197	​	$	297,192	​	$	23,844	​
​	​	​	​	​	​	​	​	​	​	​

​

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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