CHEESECAKE FACTORY INC

For the period ended Jan 2, 2024. Filed Feb 26, 2024.

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FY2024 · Filed Feb 26, 2024

CAKE$108.80-1.9%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS** **


	Fiscal Year
	2023		2022		2021
Cash flows from operating activities:
Net income		$101,351		$43,123		$72,373

Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization expenses		93,136		92,380		89,654
Impairment of assets and lease termination expenses		26,998		31,327		17,937
Deferred income taxes		(15,715)		(18,646)		(20,849)
Stock-based compensation		25,781		24,426		22,988
Changes in assets and liabilities:
Accounts and other receivables		(98)		(12,266)		(24,816)
Income taxes receivable/payable		852		14,651		715
Inventories		(2,092)		(12,725)		(3,478)
Prepaid expenses		(14,694)		(11,960)		(1,137)
Operating lease assets/liabilities		(27,113)		(18,404)		(4,106)
Other assets		(14,504)		13,739		(9,227)
Accounts payable		3,971		17,586		(3,678)
Gift card liabilities		3,104		8,634		26,527
Other accrued expenses		37,424		(9,939)		50,103
Cash provided by operating activities		218,401		161,926		213,006

Cash flows from investing activities:
Additions to property and equipment		(151,565)		(112,464)		(66,943)
Additions to intangible assets		(1,658)		(680)		(606)
Other		(274)		329		(1,061)
Cash used in investing activities		(153,497)		(112,815)		(68,610)

Cash flows from financing activities:
Acquisition-related deferred consideration and compensation		(24,243)		(18,316)		(17,000)
Borrowings on credit facility		15,000		130,000		—
Repayments on credit facility		(15,000)		(130,000)		(150,000)
Convertible debt issuance		—		—		345,000
Convertible debt direct and incremental costs		—		—		(10,074)
Series A preferred stock cash-settled conversion		—		—		(443,751)
Series A preferred stock conversion direct and incremental costs		—		—		(74)
Series A preferred stock dividend paid		—		—		(18,661)
Common stock issuance		—		—		175,000
Common stock issuance direct and incremental costs		—		—		(7,950)
Proceeds from exercise of stock options		—		84		24,786
Common stock dividends paid		(53,207)		(42,272)		(337)
Treasury stock purchases		(46,085)		(63,132)		(5,766)
Cash used in financing activities		(123,535)		(123,636)		(108,827)
Foreign currency translation adjustment		144		(325)		(27)
Net change in cash and cash equivalents		(58,487)		(74,850)		35,542
Cash and cash equivalents at beginning of period		114,777		189,627		154,085
Cash and cash equivalents at end of period		$56,290		$114,777		$189,627

Supplemental disclosures:
Interest paid		$9,764		$7,233		$9,586
Income taxes paid		$14,473		$14,688		$13,031
Construction payable		$16,815		$9,346		$4,343

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