起司工坊 2025年季度报告

Act).Yes☐No☒As of April 28, 2025,49,528,017shares of the registrant’s Common Stock, $.01 par value per share, were outstanding. INDEXPage Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)4Condensed Consolidated Statements of Cash Flows (Unaudited)5Notesto Condensed Consolidated Financial Statements (Unaudited)6 Item2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations Item3.Quantitative and Qualitative Disclosures About Market RiskItem4.Controls and Procedures THE CHEESECAKE FACTORY INCORPORATEDCONDENSED CONSOLIDATED BALANCE SHEETS ASSETS (In thousands)(Unaudited) Thirteen 1.Significant Accounting Policies certain categories of expenses such as inventory purchases, employee compensation and depreciation that arecomponents of existing expense captions presented on the face of the income statement. The amendment is The fair value of the acquisition-related contingent consideration and compensation liabilities wasdetermined utilizing a Monte Carlo model based on estimated future revenues, margins and volatility factors,among other variables and estimates and has no minimum or maximum payment. The undiscounted range ofoutcomes per the Monte Carlo model utilized to determine the fair value of the acquisition-related contingentconsideration and compensation liabilities on April 1, 2025 was$0.0million to$142.4million. Results couldchange materially if different estimates and assumptions were used. During the first three months of fiscal 2025 On October 6, 2022, we entered into a Fourth Amended and Restated Loan Agreement (the “LoanAgreement” and the revolving credit facility provided thereunder, the “Revolver Facility”). The Revolver Facility,which terminates on October 6, 2027, provides us with revolving loan commitments that total $400million, ofwhich $50million may be used for issuances of letters of credit. The Revolver Facility contains a commitment As of December 31, 2024, we had net availability for borrowings of$256.5million, based on a$110.0million outstanding debt balance and$33.5million in standby letters of credit under the Revolver Facility.In thefirst quarter of fiscal 2025 we repaid$110.0million on the Revolver Facility. As of April 1, 2025, we had netavailability for borrowings of$366.5million, based on no outstanding debt balance and$33.5million in standbyletters of credit under the Revolver Facility. with all the foregoing covenants in effect at that date. Borrowings under the Loan Agreement bear interest, at the Company’s election, at a rate equal to either:(i) the sum of (A) adjusted term SOFR (as defined in the Loan Agreement, the “Term SOFR Rate”) plus (B) a rate variable based on the Net Adjusted Leverage Ratio, ranging from1.00% to1.75%, or (ii) the sum of (A) thehighest of (x) the rate of interest last quoted by The Wall Street Journal as the prime rate in effect in the UnitedStates, (y) the greater of the rate calculated by the Federal Reserve Bank of New York as the federal fundseffective rate or the rate that is published by the Federal Reserve Bank of New York as the overnight bank fee variable based on the Net Adjusted Leverage Ratio, ranging from0.125% to0.25%, on the daily amount ofunused commitments under the Loan Agreement. Letters of credit bear fees that are equivalent to the interest rate indebtedness that is expressly subordinated to the 2030 Notes; (iii) effectively subordinated to our existing andfuture secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and (iv)structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and our option at any time, and from time to time, on or after June 20, 2024 and on or before the 30th scheduled the last reported sale price per share of our common stock exceeds130% of the conversion price on (i) each of atleast20trading days, whether or not consecutive, during the30consecutive trading days ending on, and including, the trading day immediately before the date we send the related redemption notice; and (ii) the tradingday immediately before the date we send such notice. However, we may not redeem less than all of the outstanding Notes unless at least $150.0million aggregate principal amount of Notes are outstanding and notcalled for redemption as of the time we send the related redemption notice. In addition, calling any Note forredemption will constitute a Make-Whole Fundamental Change with respect to that 2026 Note, in which case theconversion rate applicable to the conversion of that 2026 Note will be increased in certain circumstances if it isconverted after it is called for redemption. 2026 Notes at a cash repurchase price equal to the principal amount of the 2026 Notes to be repurchased, plusaccrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition ofFundamental Change includes certain business combination trans