Texas Roadhouse, Inc. (NASDAQ:TXRH) Q4 2023 Earnings Conference Call February 15, 2024 5:00 PM ET

Company Participants

Michael Bailen – Head-Investor Relations

Jerry Morgan – Chief Executive Officer

Chris Monroe – Chief Financial Officer

Conference Call Participants

Jeffrey Bernstein – Barclays

Peter Saleh – BTIG

David Tarantino – Baird

Dennis Geiger – UBS

Sara Senatore – Bank of America

David Palmer – Evercore ISI

Jeff Farmer – Gordon Haskett

Lauren Silberman – Deutsche Bank

Andy Barish – Jefferies

Chris O’Cull – Stifel

Andrew Strelzik – BMO

Gregory Francfort – Guggenheim Securities

Brian Vaccaro – Raymond James

Brian Harbour – Morgan Stanley

Jim Sanderson – Northcoast Research

Rahul Krotthapalli – JPMorgan

Jon Tower – Citigroup

Jake Bartlett – Truist Securities

Operator

Good evening, and welcome to the Texas Roadhouse Fourth Quarter Earnings Conference Call. Today’s call is being recorded. All participants are now in a listen-only mode. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to introduce Michael Bailen, Head of Investor Relations for Texas Roadhouse. You may begin your conference.

Michael Bailen

Thank you, Rob, and good evening. By now, you should have access to our earnings release for the fourth quarter ended December 26, 2023. It may also be found on our website at texasroadhouse.com in the Investors section.

I would like to remind everyone that part of our discussion today will include forward-looking statements. These statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them. We refer all of you to our earnings release and our recent filings with the SEC. These documents provide a more detailed discussion of the relevant factors that could cause actual results to differ materially from those forward-looking statements.

In addition, we may refer to non-GAAP measures. If applicable, reconciliations of the non-GAAP measures to the GAAP information can be found in our earnings release.

On the call with me today is Jerry Morgan, Chief Executive Officer of Texas Roadhouse; and Chris Monroe, our Chief Financial Officer. Following the prepared remarks, we will be available to answer your questions. In order to accommodate everyone that would like to ask a question, we kindly ask analysts to please limit yourself to one question.

Now I would like to turn the call over to Jerry.

Jerry Morgan

Thanks, Michael, and good evening, everyone. 2023 was another great year for Texas Roadhouse. We generated over $4.6 billion in revenue and increased average unit volumes to over 7.6 million at Texas Roadhouse. And for the full year, comp sales grew over 10%, with more than half of that increase coming from higher guest traffic.