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Segment Information

6 Months Ended

Jun. 27, 2023

Segment Information

Segment Information

(12) 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.

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Management uses restaurant margin as the primary measure for assessing performance of our segments. Restaurant margin represents restaurant and other sales less restaurant-level operating costs, including food and beverage costs, labor, rent and other operating costs. Restaurant margin also includes sales and operating costs related to our non-royalty based retail initiatives. Restaurant margin is used by our chief operating decision maker to evaluate restaurant-level operating efficiency and performance.

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In calculating restaurant margin, we exclude certain non-restaurant-level costs that support operations, including pre-opening and general and administrative expenses, but do not have a direct impact on restaurant-level operational efficiency and performance. 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 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.

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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.

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

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​	​	​	​	​	​	​	​	​	​	​	​
​	For the 13 Weeks Ended June 27, 2023
​	Texas Roadhouse		​	Bubba's 33		​	Other		​	Total
Restaurant and other sales	$	1,096,252	​	$	61,560	​	$	6,573	​	$	1,164,385
Restaurant operating costs (excluding depreciation and amortization)	​	924,047	​	​	51,928	​	​	5,654	​	​	981,629
Restaurant margin	$	172,205	​	$	9,632	​	$	919	​	$	182,756
​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	$	30,768	​	$	3,434	​	$	3,211	​	$	37,413
Capital expenditures	​	76,455	​	​	9,750	​	​	1,642	​	​	87,847
​	​	​	​	​	​	​	​	​	​	​	​
​	For the 13 Weeks Ended June 28, 2022
​	Texas Roadhouse		​	Bubba's 33		​	Other		​	Total
Restaurant and other sales	$	960,153	​	$	54,612	​	$	3,292	​	$	1,018,057
Restaurant operating costs (excluding depreciation and amortization)	​	799,102	​	​	47,037	​	​	3,182	​	​	849,321
Restaurant margin	$	161,051	​	$	7,575	​	$	110	​	$	168,736
​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	$	28,104	​	$	3,302	​	$	3,014	​	$	34,420
Capital expenditures	​	51,316	​	​	6,415	​	​	1,807	​	​	59,538
​	​	​	​	​	​	​	​	​	​	​	​
​	For the 26 Weeks Ended June 27, 2023
​	Texas Roadhouse		​	Bubba's 33		​	Other		​	Total
Restaurant and other sales	$	2,197,178	​	$	122,929	​	$	11,861	​	$	2,331,968
Restaurant operating costs (excluding depreciation and amortization)	​	1,847,983	​	​	104,844	​	​	10,689	​	​	1,963,516
Restaurant margin	$	349,195	​	$	18,085	​	$	1,172	​	$	368,452
​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	$	60,656	​	$	6,881	​	$	6,103	​	$	73,640
Capital expenditures	​	133,592	​	​	16,005	​	​	4,983	​	​	154,580
​	​	​	​	​	​	​	​	​	​	​	​
​	For the 26 Weeks Ended June 28, 2022
​	Texas Roadhouse		​	Bubba's 33		​	Other		​	Total
Restaurant and other sales	$	1,886,882	​	$	105,837	​	$	6,310	​	$	1,999,029
Restaurant operating costs (excluding depreciation and amortization)	​	1,572,364	​	​	90,469	​	​	6,277	​	​	1,669,110
Restaurant margin	$	314,518	​	$	15,368	​	$	33	​	$	329,919
​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	$	55,645	​	$	6,492	​	$	5,903	​	$	68,040
Capital expenditures	​	90,993	​	​	13,792	​	​	3,782	​	​	108,567
​	​	​	​	​	​	​	​	​	​	​	​

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

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​	​	​	​	​	​	​	​	​	​	​	​
​	13 Weeks Ended					​	26 Weeks Ended
​	June 27, 2023		​	June 28, 2022		​	June 27, 2023		​	June 28, 2022
Restaurant margin	$	182,756	​	$	168,736	​	$	368,452	​	$	329,919
​	​	​	​	​	​	​	​	​	​	​	​
Add:	​	​	​	​	​	​	​	​	​	​	​
Franchise royalties and fees	​	6,818	​	​	6,549	​	​	13,591	​	​	13,063
​	​	​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​	​
Pre-opening	​	5,671	​	​	5,323	​	​	11,048	​	​	9,614
Depreciation and amortization	​	37,413	​	​	34,420	​	​	73,640	​	​	68,040
Impairment and closure, net	​	78	​	​	411	​	​	133	​	​	(235)
General and administrative	​	51,000	​	​	49,213	​	​	100,865	​	​	89,507
Income from operations	$	95,412	​	$	85,918	​	$	196,357	​	$	176,056
​	​	​	​	​	​	​	​	​	​	​	​

​

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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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