# EDGAR Filing Document

**Accession Number:** 0000887596
**File Stem:** 0001104659-23-024317
**Filing Date:** 2023-2
**Character Count:** 59248
**Document Hash:** 5970d9e44075b544a324bcd7e644f976
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-024317.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001104659-23-024317

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20230216

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CHEESECAKE FACTORY INC
- **CENTRAL INDEX KEY:** 0000887596
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **IRS NUMBER:** 510340466
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0103

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-20574
- **FILM NUMBER:** 23653621

**BUSINESS ADDRESS:**
- **STREET 1:** 26901 MALIBU HILLS RD
- **CITY:** CALABASAS HILLS
- **STATE:** CA
- **ZIP:** 91301
- **BUSINESS PHONE:** 818-871-3000

**MAIL ADDRESS:**
- **STREET 1:** 26901 MALIBU HILLS RD
- **CITY:** CALABASAS HILLS
- **STATE:** CA
- **ZIP:** 91301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHEESECAKE FACTORY INCORPORATED
- **DATE OF NAME CHANGE:** 19930328

?xml version="1.0" encoding="utf-8"?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **February 16, 2023**

**THE CHEESECAKE FACTORY INCORPORATED**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **0-20574** | **51-0340466** |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

---

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| | |
|:---|:---|
| **26901 Malibu Hills Road**<br>**Calabasas Hills** **, California** | **91301** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code **(818) 871-3000**

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title of each class:** | **Name of each exchange on which registered:** |
| Common Stock, par value $.01 per share CAKE | Nasdaq Stock Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

*The following information under Item 2.02 of Form 8-K, "Results of Operations and Financial Condition" and Item 7.01 of Form 8-K, "Regulation FD Disclosure" is intended to be furnished. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing.*

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| | |
|:---|:---|
| **ITEM 2.02** | **RESULTS OF OPERATIONS AND FINANCIAL CONDITION** |

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In a press release dated February 22, 2023, a copy of which is furnished as Exhibit 99.1 to this report, The Cheesecake Factory Incorporated (the "Company") reported financial results for the fourth quarter of fiscal 2022, which ended on January 3, 2023.

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| | |
|:---|:---|
| **ITEM 7.01** | **REGULATION FD DISCLOSURE** |

---

Also on February 22, 2023, the Company posted an updated Investor Presentation on the Company's Investor Relations website at investors.thecheesecakefactory.com. A copy of the presentation is furnished as Exhibit 99.2 hereto and is incorporated by reference herein.

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| | |
|:---|:---|
| **ITEM 8.01** | **OTHER EVENTS** |

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On February 16, 2023, the Board of Directors of the Company (the "Board") declared a quarterly cash dividend of $0.27 per share which will be paid on March 21, 2023 to the stockholders of record of each share of the Company's common stock at the close of business on March 8, 2023. Future decisions to pay or to increase or decrease dividends are at the discretion of the Board and will depend upon operating performance and other factors.

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| | |
|:---|:---|
| **ITEM 9.01** | **FINANCIAL STATEMENTS AND EXHIBITS** |

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(d) Exhibits

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| | |
|:---|:---|
| [99.1](tm237452d1_ex99-1.htm) | [Press release dated February 22, 2023 entitled "The Cheesecake Factory Reports Results for Fourth Quarter of Fiscal 2022 and Provides Business Update"](tm237452d1_ex99-1.htm) |
| [99.2](tm237452d1_ex99-2.htm) | [The Cheesecake Factory Investor Presentation dated February 22, 2023](tm237452d1_ex99-2.htm) |
| 104.1 | Cover Page Interactive Data File (embedded within the inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date:&nbsp;&nbsp;&nbsp;&nbsp;February 22, 2023 | THE CHEESECAKE FACTORY INCORPORATED | THE CHEESECAKE FACTORY INCORPORATED |
|  | By: | /s/ Matthew E. Clark |
|  |  | Matthew E. Clark |
|  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm237452d1_ex99-1img001.jpg)

**PRESS RELEASE**

<u>FOR IMMEDIATE RELEASE</u> Contact: Etienne Marcus <br> (818) 871-3000 <br> <u>investorrelations@thecheesecakefactory.com</u>

**THE CHEESECAKE FACTORY REPORTS RESULTS FOR**

**FOURTH QUARTER OF FISCAL 2022 AND PROVIDES BUSINESS UPDATE**

***CALABASAS HILLS, Calif., – February 22, 2023*** – The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the fourth quarter of fiscal 2022, which ended on January 3, 2023.

Total revenues were $892.8 million in the fourth quarter of fiscal 2022 compared to $776.7 million in the fourth quarter of fiscal 2021. The fourth quarter of fiscal 2022 included 14 weeks compared to 13 weeks in the fourth quarter of fiscal 2021; the additional week in fiscal 2022 contributed approximately $78.4 million of sales. Net loss and diluted net loss per common share were $3.3 million and $0.07, respectively, in the fourth quarter of fiscal 2022.

The Company recorded $41.5 million related to pre-tax charges of asset impairments and FRC acquisition-related items. Excluding the after-tax impact of these items, adjusted net income and adjusted net income per share for the fourth quarter of fiscal 2022 were $27.4 million and $0.56, respectively. Please see the Company's reconciliation of non-GAAP financial measures at the end of this press release.

Comparable restaurant sales at The Cheesecake Factory restaurants increased 4.0% year-over-year in the fourth quarter of fiscal 2022 (14 weeks vs. 14 weeks). Relative to fiscal 2019, fourth quarter comparable restaurant sales at The Cheesecake Factory restaurants increased 11.4% (14 weeks vs. 14 weeks). Through February 21<sup>st</sup>, first quarter-to-date comparable sales for The Cheesecake Factory restaurants increased approximately 9.5% year-over-year and 17.0% as compared to the same period in fiscal 2019.

"Our fourth quarter performance was a solid finish to a challenging year marked by persistent inflation, volatility and a dynamic operating environment" said David Overton, Chairman and Chief Executive Officer. "Our best-in-class operators continued to do an excellent job of managing their restaurants, building sales and delivering delicious, memorable experiences for our valued guests."

"During the quarter we opened eight new restaurants and successfully implemented incremental pricing to support our stated objective of recovering our operating margins. We believe the strong consumer demand we experienced at our new restaurant openings and continued positive sales trends following our pricing actions demonstrates the strength and resilience of our concepts. Building on this momentum, we remain intently focused on effectively managing through higher costs and potential macro headwinds to protect our longterm sales and margins. Given the strength of our operations team, our brands and our commitment to managing the business for longterm, profitable growth, we believe we are well-positioned to take market share and drive shareholder value in the quarters and years ahead."

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26901 Malibu Hills Road, Calabasas Hills, CA 91301 • Telephone (818) 871-3000 • Fax (818) 871-3100

**Development**

During the fourth quarter of fiscal 2022, we opened eight new restaurants, including two Cheesecake Factory restaurants in Nashville, TN and Corpus Christi, TX and two North Italia restaurants in The Woodlands, TX, a suburb of Houston, and Torrance, CA and four FRC restaurants, including two Flower Child locations in Austin, TX and Chandler, AZ, a Fly Bye in Phoenix, AZ and Pushing Daisies, FRC's newest concept in Nashville, TN. In addition, one Cheesecake Factory restaurant opened internationally in Mexico under a licensing agreement during the fourth quarter of fiscal 2022.

**Liquidity and Capital Allocation**

As of January 3, 2023, the Company had total available liquidity of $354 million, including a cash balance of $115 million and availability on its revolving credit facility of $239 million. Total principal amount of debt outstanding was $475 million, including $345 million in principal amount of 0.375% convertible senior notes due 2026 and $130 million in principal amount drawn on the Company's revolving credit facility.

The Company repurchased approximately 663,700 shares of its common stock at a cost of $21.6 million in the fourth quarter of fiscal 2022, and also announced today that its Board of Directors declared a quarterly dividend of $0.27 per share to be paid on March 21, 2023 to shareholders of record at the close of business on March 8, 2023.

**Conference Call and Webcast**

The Company will hold a conference call to review its results for the fourth quarter of fiscal 2022 today at 2:00 p.m. Pacific Time. The conference call will be webcast live on the Company's website at investors.thecheesecakefactory.com and a replay of the webcast will be available through March 24, 2023.

**About The Cheesecake Factory Incorporated**

From Fortune©2022 Fortune Media IP Limited. All rights reserved. Used under license. Fortune and Fortune 100 Best Companies to Work For are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, The Cheesecake Factory Incorporated.

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26901 Malibu Hills Road, Calabasas Hills, CA 91301 • Telephone (818) 871-3000 • Fax (818) 871-3100

**Safe Harbor Statement**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, without limitation, statements regarding sales trends and strength, returning to pre-pandemic margins, pricing actions to offset higher costs, increasing market share, development expectations, liquidity, the quarterly dividend and the Company's share repurchase program. Such forward-looking statements include all other statements that are not historical facts, as well as statements that are preceded by, followed by or that include words or phrases such as "believe," "plan," "will likely result," "expect," "intend," "will continue," "is anticipated," "estimate," "project," "may," "could," "would," "should" and similar expressions. These statements are based on current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. These forward-looking statements may be affected by various factors including: the COVID-19 pandemic and related containment measures, including the potential for quarantines or restrictions on in-person dining; supply chain disruptions; demonstrations, political unrest, potential damage to or closure of the Company's restaurants and potential reputational damage to the Company or any of its brands; economic, public health and political conditions that impact consumer confidence and spending, including rising interest rates, periods of heightened inflation and market instability, the COVID-19 pandemic and other health epidemics or pandemics, and armed conflicts; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of North Italia and the Fox Restaurant Concepts restaurants, Social Monk Asian Kitchen and other concepts; the risks of doing business abroad through Company-owned restaurants and/or licensees; foreign exchange rates, tariffs and cross border taxation; changes in unemployment rates; changes in laws impacting the Company's business, including laws and regulations related to COVID-19 impacting restaurant operations and customer access to off- and on-premise dining; increases in minimum wages and benefit costs; the economic health of the Company's landlords and other tenants in retail centers in which its restaurants are located, and the Company's ability to successfully manage its lease arrangements with landlords; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to the Company; the timing of new unit development; compliance with debt covenants; strategic capital allocation decisions including with respect to share repurchases or dividends; the ability to achieve projected financial results; the resolution of uncertain tax positions with the Internal Revenue Service and the impact of tax reform legislation; adverse weather conditions in regions in which the Company's restaurants are located; factors that are under the control of government agencies, landlords and other third parties; the risks, costs and uncertainties associated with opening new restaurants; and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"). Forward-looking statements speak only as of the dates on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by law. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company's latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov.

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26901 Malibu Hills Road, Calabasas Hills, CA 91301 • Telephone (818) 871-3000 • Fax (818) 871-3100

**The Cheesecake Factory Incorporated**

**Condensed Consolidated Financial Statements**

**(unaudited; in thousands, except per share and statistical data)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **14 Weeks Ended** | **14 Weeks Ended** | **13 Weeks Ended** | **13 Weeks Ended** | **53 Weeks Ended** | **53 Weeks Ended** | **52 Weeks Ended** | **52 Weeks Ended** |
| <br>**Consolidated Statements of Income** | **January 3, 2023** | **January 3, 2023** | **December 28, 2021** | **December 28, 2021** | **January 3, 2023** | **January 3, 2023** | **December 28, 2021** | **December 28, 2021** |
|  | **Amount** | **Percent of <br> Revenues** | **Amount** | **Percent of <br> Revenues** | **Amount** | **Percent of <br> Revenues** | **Amount** | **Percent of <br> Revenues** |
| Revenues | $892802 | 100.0% | $776693 | 100.0% | $3303156 | 100.0% | $2927540 | 100.0% |
| Costs and expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Food and beverage cost | 220469 | 24.7% | 178896 | 23.0% | 810926 | 24.6% | 653133 | 22.3% |
| &nbsp;&nbsp;&nbsp;Labor expenses | 318629 | 35.7% | 288127 | 37.1% | 1211951 | 36.7% | 1072628 | 36.6% |
| &nbsp;&nbsp;&nbsp;Other operating costs and expenses | 237783 | 26.6% | 209793 | 27.0% | 881627 | 26.7% | 792311 | 27.0% |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 56115 | 6.3% | 47679 | 6.1% | 205753 | 6.2% | 186136 | 6.4% |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expenses | 25616 | 2.9% | 22849 | 3.0% | 92380 | 2.8% | 89654 | 3.1% |
| &nbsp;&nbsp;&nbsp;Impairment of assets and lease termination expenses | 31074 | 3.5% | 17545 | 2.3% | 31387 | 1.0% | 18139 | 0.6% |
| &nbsp;&nbsp;&nbsp;Acquisition-related contingent consideration, compensation<br> and amortization expenses | 10448 | 1.2% | 6918 | 0.9% | 13368 | 0.4% | 19510 | 0.7% |
| &nbsp;&nbsp;&nbsp;Preopening costs | 7791 | 0.8% | 3907 | 0.5% | 16829 | 0.4% | 13711 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 907925 | 101.7% | 775714 | 99.9% | 3264221 | 98.8% | 2845222 | 97.2% |
| (Loss)/ income from operations | (15123) | (1.7)% | 979 | 0.1% | 38935 | 1.2% | 82318 | 2.8% |
| Interest and other expense, net | (2137) | (0.2)% | (1504) | (0.2)% | (6043) | (0.2)% | (10698) | (0.4)% |
| (Loss)/ income before income taxes | (17260) | (1.9)% | (525) | (0.1)% | 32892 | 1.0% | 71620 | 2.4% |
| Income tax benefit | (13962) | (1.5)% | (2635) | (0.3)% | (10231) | (0.3)% | (753) | (0.1)% |
| Net (loss)/ income | (3298) | (0.4)% | 2110 | 0.2% | 43123 | 1.3% | 72373 | 2.5% |
| Dividends on Series A preferred stock <sup>(1)</sup> |  | 0.0% |  | 0.0% |  | 0.0% | (18661) | (0.6)% |
| Undistributed earnings allocated to Series A preferred stock | - | 0.0% | - | 0.0% | - | 0.0% | (4581) | (0.2)% |
| Net (loss)/ income available to common stockholders | $(3298) | (0.4)% | $2110 | 0.2% | $43123 | 1.3% | $49131 | 1.7% |
| Basic net (loss)/ income per common share | $(0.07) |  | $0.04 |  | $0.87 |  | $1.03 |  |
| Basic weighted average shares outstanding | 48951 |  | 50243 |  | 49815 |  | 47529 |  |
| Diluted net (loss)/ income per common share <sup>(2)</sup> | $(0.07) |  | $0.04 |  | $0.86 |  | $1.01 |  |
| Diluted weighted average shares outstanding | 48951 |  | 51053 |  | 50414 |  | 48510 |  |

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(1) During the second quarter of fiscal 2021, the Company completed the repurchase of 150,000 shares of its previously outstanding convertible preferred stock and the conversion of the remaining 50,000 shares of convertible preferred stock into approximately 2.4 million shares of the Company's common stock, which simplified the Company's capital structure and eliminated future convertible preferred dividends. For GAAP accounting purposes, $13.6 million of the total consideration paid was deemed to be a dividend during the second quarter of fiscal 2021.

(2) Diluted net (loss)/ income per common share reflects an adjustment for reallocation of undistributed earnings to preferred stock of $84,883 for the fifty-two weeks ended December 28, 2021.

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26901 Malibu Hills Road, Calabasas Hills, CA 91301 • Telephone (818) 871-3000 • Fax (818) 871-3100

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Selected Segment Information** | **14 Weeks Ended**<br>**January 3, 2023** | **13 Weeks Ended**<br>**December 28, 2021** | **53 Weeks Ended**<br>**January 3, 2023** | **52 Weeks Ended**<br>**December 28, 2021** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Cheesecake Factory restaurants | $674467 | $594590 | $2528043 | $2293225 |
| &nbsp;&nbsp;&nbsp;North Italia | 65514 | 51155 | 228622 | 171901 |
| &nbsp;&nbsp;&nbsp;Other FRC | 66507 | 54197 | 237552 | 182175 |
| &nbsp;&nbsp;&nbsp;Other | 86314 | 76751 | 308939 | 280239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $892802 | $776693 | $3303156 | $2927540 |
| (Loss)/ Income from operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Cheesecake Factory restaurants | $50872 | $48129 | $220765 | $242599 |
| &nbsp;&nbsp;&nbsp;North Italia | 3553 | 3304 | 13934 | 8624 |
| &nbsp;&nbsp;&nbsp;Other FRC | 5346 | 1758 | 23577 | 16323 |
| &nbsp;&nbsp;&nbsp;Other | (74894) | (52212) | (219341) | (185228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(15123) | $979 | $38935 | $82318 |
| Preopening costs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Cheesecake Factory restaurants | $4362 | $1253 | $9525 | $4868 |
| &nbsp;&nbsp;&nbsp;North Italia | 1550 | 1175 | 4305 | 4510 |
| &nbsp;&nbsp;&nbsp;Other FRC | 1004 | 1239 | 1361 | 3188 |
| &nbsp;&nbsp;&nbsp;Other | 875 | 240 | 1638 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $7791 | $3907 | $16829 | $13711 |
| Impairment of assets and lease termination expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Cheesecake Factory restaurants | $19760 | $11904 | $19701 | $11904 |
| &nbsp;&nbsp;&nbsp;North Italia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other FRC | 3909 | 1305 | 3909 | 1305 |
| &nbsp;&nbsp;&nbsp;Other | 7405 | 4336 | 7777 | 4930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $31074 | $17545 | $31387 | $18139 |
| Depreciation and amortization expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Cheesecake Factory restaurants | $18803 | $16766 | $66539 | $65987 |
| &nbsp;&nbsp;&nbsp;North Italia | 1638 | 1185 | 5714 | 4078 |
| &nbsp;&nbsp;&nbsp;Other FRC | 1519 | 1379 | 6231 | 4802 |
| &nbsp;&nbsp;&nbsp;Other | 3656 | 3519 | 13896 | 14787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $25616 | $22849 | $92380 | $89654 |

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**The Cheesecake Factory restaurants operating information:** | **14 Weeks Ended**<br>**January 3, 2023** | **13 Weeks Ended**<br>**December 28, 2021** | **53 Weeks Ended**<br>**January 3, 2023** | **52 Weeks Ended**<br>**December 28, 2021** |
| &nbsp;&nbsp;&nbsp;Comparable restaurant sales vs. prior year | 4.0% | 33.8% | 7.0% | 44.0% |
| &nbsp;&nbsp;&nbsp;Comparable restaurant sales vs. 2019 | 11.4% | 7.7% | 10.5% | 3.3% |
| &nbsp;&nbsp;&nbsp;Restaurants opened during period | 2 | 1 | 3 | 2 |
| &nbsp;&nbsp;&nbsp;Restaurants open at period-end | 211 | 208 | 211 | 208 |
| &nbsp;&nbsp;&nbsp;Restaurant operating weeks | 2939 | 2700 | 11052 | 10758 |
| **North Italia operating information:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Comparable restaurant sales vs. prior year | 9% | 37% | 15% | 48% |
| &nbsp;&nbsp;&nbsp;Comparable restaurant sales vs. 2019 | 26% | 14% | 22% | 7% |
| &nbsp;&nbsp;&nbsp;Restaurants opened during period | 2 | 1 | 4 | 6 |
| &nbsp;&nbsp;&nbsp;Restaurants open at period-end | 33 | 29 | 33 | 29 |
| &nbsp;&nbsp;&nbsp;Restaurant operating weeks | 454 | 372 | 1604 | 1352 |
| **Other Fox Restaurant Concepts (FRC) operating information: <sup>(1)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Restaurants opened during period | 2 | 2 | 3 | 4 |
| &nbsp;&nbsp;&nbsp;Restaurants open at period-end | 34 | 31 | 34 | 31 |
| &nbsp;&nbsp;&nbsp;Restaurant operating weeks | 462 | 393 | 1681 | 1460 |
| **Other operating information: <sup>(2)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Restaurants opened during period | 2 |  | 3 | 2 |
| &nbsp;&nbsp;&nbsp;Restaurants open at period-end | 40 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;Restaurant operating weeks | 558 | 519 | 2072 | 1993 |
| **Number of company-owned restaurants:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Cheesecake Factory | 211 |  |  |  |
| &nbsp;&nbsp;&nbsp;North Italia | 33 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other FRC | 34 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other | 40 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 318 |  |  |  |
| **Number of international-licensed restaurants:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Cheesecake Factory | 30 |  |  |  |

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(1) The Other FRC segment includes all FRC brands except Flower Child.

(2) The Other segment includes the Flower Child, Grand Lux Cafe and Social Monk Asian Kitchen concepts, as well as the Company's third-party bakery, international and consumer packaged goods businesses, unallocated corporate expenses and gift card costs.

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| | | |
|:---|:---|:---|
| **Selected Consolidated Balance Sheet Information** | **January 3, 2023** | **December 28, 2021** |
| Cash and cash equivalents | $114777 | $189627 |
| Long-term debt, net of issuance costs <sup>(1)</sup> | 468032 | 466017 |

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(1) Includes $338 million net balance of 0.375% convertible senior notes due 2026 (principal amount of $345 million less $7.0 million in unamortized issuance costs) and $130 million drawn on the Company's revolving credit facility. The unamortized issuance costs were recorded as a contra-liability and netted with long-term debt on the Condensed Consolidated Balance Sheet and are being amortized as interest expense.

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26901 Malibu Hills Road, Calabasas Hills, CA 91301 • Telephone (818) 871-3000 • Fax (818) 871-3100

**Reconciliation of Non-GAAP Results to GAAP Results**

In addition to the results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP") in this press release, the Company is providing non-GAAP measurements which present net (loss)/income and net (loss)/income per share excluding the impact of certain items. The non-GAAP measurements are intended to supplement the presentation of the Company's financial results in accordance with GAAP. These non-GAAP measures are calculated by eliminating from net (loss)/income and diluted net (loss)/income per share the impact of items the Company does not consider indicative of its ongoing operations. To reflect the then-potential impact of the conversion of the Company's convertible preferred stock into common stock for the period that it was outstanding prior to the repurchase and conversion on June 15, 2021, the Company excluded the preferred dividend and assumed all convertible preferred shares convert to common stock. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons.

**The Cheesecake Factory Incorporated** 

**Reconciliation of Non-GAAP Financial Measures**

**(unaudited; in thousands, except per share data)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **14 Weeks Ended**<br>**January 3, 2023** | **13 Weeks Ended**<br>**December 28, 2021** | **53 Weeks Ended**<br>**January 3, 2023** | **52 Weeks Ended**<br>**December 28, 2021** |
| Net (loss)/ income available to common stockholders (GAAP) | $(3298) | $2110 | $43123 | $49131 |
| &nbsp;&nbsp;&nbsp;Dividends on Series A preferred stock |  |  |  | 18661 |
| &nbsp;&nbsp;&nbsp;Net income attributable to Series A preferred stock to apply if-converted method |  |  |  | 4581 |
| &nbsp;&nbsp;&nbsp;COVID-19 related costs <sup>(1)</sup> |  |  |  | 4917 |
| &nbsp;&nbsp;&nbsp;Impairment of assets and lease termination expenses <sup>(2)</sup> | 31074 | 17545 | 31387 | 18139 |
| &nbsp;&nbsp;&nbsp;Acquisition-related contingent consideration, compensation and amortization expenses <sup>(3)</sup> | 10448 | 6918 | 13368 | 19510 |
| &nbsp;&nbsp;&nbsp;Termination of Interest rate swap |  |  |  | 2354 |
| &nbsp;&nbsp;&nbsp;Uncertain tax positions <sup>(4)</sup> |  | 4667 |  | 7139 |
| &nbsp;&nbsp;&nbsp;Tax effect of adjustments <sup>(5)</sup> | (10795) | (6361) | (11637) | (11679) |
| Adjusted net (loss)/ income (non-GAAP) | $27429 | $24879 | $76241 | $112753 |
| Diluted net (loss)/ income per common share (GAAP) | $(0.07) | $0.04 | $0.86 | $1.01 |
| &nbsp;&nbsp;&nbsp;Dividends on Series A preferred stock |  |  |  | 0.35 |
| &nbsp;&nbsp;&nbsp;Net income attributable to Series A preferred stock to apply if-converted method |  |  |  | 0.09 |
| &nbsp;&nbsp;&nbsp;Assumed impact of potential conversion of Series A preferred stock into common stock <sup>(6)</sup> |  |  |  | (0.08) |
| &nbsp;&nbsp;&nbsp;COVID-19 related costs |  |  |  | 0.09 |
| &nbsp;&nbsp;&nbsp;Impairment of assets and lease termination expenses | 0.63 | 0.34 | 0.62 | 0.34 |
| &nbsp;&nbsp;&nbsp;Acquisition-related contingent consideration, compensation and amortization expenses | 0.21 | 0.14 | 0.27 | 0.37 |
| &nbsp;&nbsp;&nbsp;Termination of Interest rate swap |  |  |  | 0.04 |
| &nbsp;&nbsp;&nbsp;Uncertain tax positions |  | 0.09 |  | 0.13 |
| &nbsp;&nbsp;&nbsp;Tax effect of adjustments | (0.22) | (0.12) | (0.23) | (0.22) |
| Adjusted net (loss)/ income per share (non-GAAP) <sup>(7)</sup> | $0.56 | $0.49 | $1.51 | $2.13 |

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(1) Represents incremental costs associated with COVID-19 such as sanitation, personal protective equipment, sick and vaccination pay, and healthcare benefits for furloughed staff members.

(2) A detailed breakdown of impairment of assets and lease termination expenses recorded in the fourteen and fifty-three weeks ended January 3, 2023 and thirteen and fifty-two weeks ended December 28, 2021 can be found in the Selected Segment Information table.

(3) Represents changes in the fair value of the deferred consideration and contingent consideration and compensation liabilities related to the North Italia and FRC acquisition, as well as amortization of acquired definite-lived licensing agreements.

(4) Reserve for uncertain tax position. Uncertain tax positions taken in a tax return are recognized in the financial statements when it is more likely than not that the position will be sustained upon examination by tax authorities based on its technical merits, taking into account available administrative remedies and litigation.

(5) Based on the federal statutory rate and an estimated blended state tax rate, the tax effect on all adjustments assumes a 26% tax rate for the fiscal 2022 and 2021 periods.

(6) Represents the impact of assuming the conversion of Series A preferred stock into common stock (0 and 4,431,140 shares for the thirteen and fifty-two weeks ended December 28, 2021, respectively), resulting in an assumption of 50,243,003 and 51,959,879 weighted-average common shares outstanding for the thirteen and fifty-two weeks ended December 28, 2021, respectively.

(7) Adjusted net (loss)/ income per share may not add due to rounding.

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26901 Malibu Hills Road, Calabasas Hills, CA 91301 • Telephone (818) 871-3000 • Fax (818) 871-3100

## Exhibit 99.2

#### Exhibit 99.2

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Presentation February 22, 2023 |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safe Harbor Statement 2 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This includes, without limitation, financial guidance and projections, including underlying assumptions, and statements with respect to expectations of the Company's future financial condition, results of operations, cash flows, plans, targets, goals, objectives, performance, growth potential, engines and opportunities, expected growth rates, industry-leading comparable sales growth and competitive position; quality control and supply chain efficiencies; operational execution and retention; annualized average unit volume; the Company's differentiation and strong foothold in the off-premise channel; recovery from the COVID-19 pandemic; statements from the Company's corporate social responsibility report; the opportunity for additional domestic and foreign locations and licensees and territories; target returns for new restaurant openings; performance of international licensed locations; North Italia and Fox Restaurant Concepts ("FRC") as growth drivers and FRC as an incubation engine; anticipated unit growth roadmap; and unit growth rates. Such forward-looking statements include all other statements that are not historical facts, as well as statements that are preceded by, followed by or that include words or phrases such as "believe," "plan," "will likely result," "expect," "intend," "will continue," "is anticipated," "estimate," "project," "may," "could," "would," "should" and similar expressions. These statements are based on current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. These forward-looking statements may be affected by various factors including: the COVID-19 pandemic and related containment measures, including the potential for quarantines or restrictions on in-person dining; supply chain disruptions; demonstrations, political unrest, potential damage to or closure of our restaurants and potential reputational damage to us or any of our brands; economic, public health and political conditions that impact consumer confidence and spending, including rising interest rates, periods of heightened inflation and market instability, of the COVID-19 pandemic and other health epidemics or pandemics, and armed conflicts; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of North Italia and the FRC concepts; the risks of doing business abroad through Company-owned restaurants and/or licensees; foreign exchange rates, tariffs and cross border taxation; changes in unemployment rates; changes in laws impacting our business, including laws and regulations related to COVID-19 impacting restaurant operations and customer access to off- and on-premises dining; increases in minimum wages and benefit costs; the economic health of our landlords and other tenants in retail centers in which our restaurants are located, and our ability to successfully manage our lease arrangements with landlords; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to us; the timing of our new unit development; compliance with debt covenants; strategic capital allocation decisions including with respect to share repurchases or dividends; the ability to achieve projected financial results; economic and political conditions that impact consumer confidence and spending; the resolution of uncertain tax positions with the Internal Revenue Service and the impact of tax reform legislation; adverse weather conditions in regions in which our restaurants are located; factors that are under the control of government agencies, landlords and other third parties; the risks, costs and uncertainties associated with opening new restaurants; and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"). Forward-looking statements speak only as of the dates on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by law. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company's latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov. |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Experiential dining category leader with diversified growth engines • Leveraging the Company's differentiation and strong foothold in the off-premise channel to support the business in the on-going dynamic environment • Best-in-class operational execution and industry-leading retention • Significant and accelerating growth opportunities driving one of the highest expected growth rates in the casual dining industry Investment Highlights 3 |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Cheesecake Factory - Global Footprint 4 High quality, high profile locations worldwide Company-Owned: 210 (Including Toronto, Canada) Toronto International – Licensed: 30 Mexico City (5) Guadalajara Saudi Arabia (4) UAE (6) Kuwait (3) Qatar (3) Bahrain (1) Shanghai (3) Hong Kong Beijing Monterrey Macau Opportunity for 300 Domestic Locations Over Time & Continued International Expansion |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filling White Space for an On-Trend, Contemporary Italian Offering 5 • Potential for 200 domestic locations over time • 33 locations in 13 states & Washington D.C. • All dishes handmade from scratch daily • Unique menu items tailored to local markets • Serving lunch, dinner, weekend brunch & weekday happy hour • Average check: ~$30-$40 • ~25% alcohol mix FY 2021 Comp Sales (vs. FY 2019): 8% FY 2022\* Comp Sales (vs. FY 2021): 15% \*FY 2022 vs. FY 2021 on a 53-week basis |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Restaurant Concepts (FRC) Expected to Serve as an Incubation Engine Innovating Concepts of the Future 6 Potential Growth Boutique Brands 65 Total FRC Locations Across the U.S. |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerating Unit Growth Across Concepts 14 New Restaurants Opened in 2021 As many as 20 - 22 new units planned for 2023 13 New Restaurants Opened in 2022 7 The Culinary Dropout Flower Child Flower Child North Italia North Italia North Italia North Italia North Italia North Italia Blanco Blanco Blanco The Cheesecake Factory The Cheesecake Factory Denver, CO Atlanta, GA Gilbert, AZ Birmingham, AL San Antonio, TX Miami, FL Franklin, TN Gilbert, AZ Orlando, FL Nashville, TN Oak Brook, IL Denver, CO Washington, DC Huntsville, AL Pushing Daisies Flower Child Flower Child Flower Child North Italia North Italia North Italia North Italia The Cheesecake Factory The Cheesecake Factory The Cheesecake Factory Fly Bye Fly Bye Katy, TX Nashville, TN Corpus Christi, TX Buckhead, GA Perimeter, GA The Woodlands, TX Torrance, CA Fort Worth, TX Austin, TX Chandler, AZ Desert Ridge, AZ Camelback Rd, AZ Nashville, TN |

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&nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img008.jpg)<br>

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Experiential Dining Category Leader Food Integrated Bakery Service & Ambiance Breadth of Menu & Innovation 235 Items Made Fresh, From Scratch Integrated Bakery Best-in-Class Service, Hospitality and Operational Execution Innovative, High-Quality Cheesecakes and Other Baked Dessert Items |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Bakery – The "Cheesecake" Magic • Produces over 60 cheesecakes and other baked desserts • Enables creativity, quality control and supply chain efficiencies FY 2019\* 16% 10 Industry-Leading Dessert Sales \* Percent of total sales FY 2022\* 17% |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best-in-Class Operational Execution and Industry-Leading Retention Average Tenure by Position 33 years 25 years 22 years 21 years 12 years 11 years Senior VP of Operations Regional Vice Presidents Area Directors of Operations Area Kitchen Operations Managers General Managers Executive Kitchen Managers "What we found is that food and beverage innovation is table stakes; you need to do it, but it's not sustainable," The ironclad correlation with success? "It was GM retention." – Wally Doolin, Black Box Intelligence\* \*Restaurant Business, May 2018 PEOPLE Companies That Care seal is a registered trademark of Meredith and is used under license. From Fortune©2022 Fortune Media IP Limited. All rights reserved. Used under license. Fortune and Fortune 100 Best Companies to Work For are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, The Cheesecake Factory Incorporated. 11 Also recognized as a best workplace for diversity, millennials, and women 9 th consecutive year |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Themed filters reaching 5M+ users Cult Status & Strong Consumer Engagement 1M+ followers 5M fans 360K followers Millions of Viewers 12 Note: Statistics as of February 15, 2023 245K followers |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broad Consumer Demographic and Appeal Highest Unit Volumes With a Moderate Average Check ($ in millions) Source: Latest SEC 10-K filings and company presentations; Average check for The Cheesecake Factory defined as on-premise average check. 13 $12.1 $8.1 $6.4 $6.0 $5.1 $4.4 $3.8 $3.3 $3.2 $3.0 Maggiano's Texas Roadhouse BJ's Olive Garden LongHorn Outback Carrabba's Chili's Bonefish $34 $30 $29 $28 $24 $24 $23 $21 $20 $19 $16 Yard House Bonefish Maggiano's Outback LongHorn Carraba's Olive Garden Texas Roadhouse BJ's Chili's Casual Dining Rated #1 Full-Service Chain for Food Quality #1 Quality #2 Service #3 Ambiance |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% 12% 14% 16% 43% 32% 28% 25% 23% 23% Off-Premise Sales (% of Total Revenue) Leveraging This Differentiation in the Off-Premise Channel Upgraded Takeout Packaging \*Average Unit Volumes annualized based on 4Q22 average weekly sales (AWS) and 53 weeks in FY 2022. 14 ~$2.8 million per restaurant (annualized based on 4Q22\*) Reflecting COVID-19 dining restrictions |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further Leaning in to Convenience 15 |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSR – Contributing to the Well-Being of Our Staff, Local Communities and the Environment We All Share 16 Please refer to the 2021 Cheesecake Factory Corporate Social Responsibility Report. |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales Leadership Growth Opportunities Financial Resiliency 17 |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Culinary forward. First class hospitality. Concepts like no other. Diversify Across Experiential Diversifying Our Portfolio Across Experiential For Growth 18 |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driving Strong Sales Growth Across Portfolio +1.1% 4Q22 Comp Sales\* ~$229,500 Equates to $12.2M Annualized Average Unit Volume 4Q22 Average Weekly Sales\* 4Q22 AWS\* Note: Average Unit Volumes annualized based on 4Q22 average weekly sales (AWS) and 53 weeks in FY 2022. \*4Q22 Comp Sales and AWS on a 14-week basis 19 ~$144,300 Equates to $7.6M Annualized Average Unit Volume ~$144,000 Equates to $7.6M Annualized Average Unit Volume vs. 4Q21 vs. 4Q19 4.0% 11.4% vs. 4Q21 vs. 4Q19 9% 26% vs. 4Q21 vs. 4Q19 11% 25% |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Large chains and well-funded restaurants have the resources to ride out a protracted shutdown, but the independent restaurants that make up two-thirds of the American dining landscape – noodle shops, diners and that charming urban restaurant that always had a line out the door – may not survive." - New York Times, March 20, 2020 Sales by Channel4 (AUV $ millions) We Believe Stable, Agile Brands Will Be Best Equipped to Weather Volatility and Thrive Post-COVID 20 Industry Rationalization: Market Share Opportunity Casual Dining1 Sources: 1Morgan Stanley Report April 6, 2020; 2Bureau of Labor Statistics; 3U.S. Census; 4Annualized average unit volumes based on average weekly sales in each period. \* FY 2022 on a 53-week basis Off-Premise Sales Have Stabilized At Elevated Levels Post-Pandemic 86% 14% Independents Chains Off-Premise Only 2 As of May 2021, the NRA estimated that 15% (~90,000) of restaurants have closed. 3 1.4% 1.8% 2.1% 1.3% 1.5% 1.5% 1.8% 2.5% 2.2% 1.9% 0.8% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.6% 0.5%0.5% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Annual Restaurant Unit Growth US Population Growth Off-Premise Only $9.1 $9.1 $1.7 $3.0 2019 2022\* Off-Premise On-Premise $10.8 $12.1 |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 Underlying Key Assumptions(1) 21 (1) Assumes no material operating or consumer disruptions $3.5 Billion to $3.6 Billion Total Sales Targeting 4% Net Income Margin at mid-point of Total Sales Range As many as 20 to 22 New Restaurant Openings Nearly $13 Million CCF AUVs Approximately $165 Million to $175 Million in Capex Q1 2023 quarterly dividend of $0.27 Share repurchase program |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Growth Engines Expected to Drive 7% Unit Growth Annually Target Size (productive sq. ft.) 7,000 – 10,000 6,000 - 7,000 3,500 – 15,000 Targeted Average Unit Volume $11M - $12M $7M - $7.5M Avg. $5M - $5.5M Targeted Sales/productive sq. ft. ~$1,100 ~$1,200 ~$1,000 Target Long-Term Unit Growth ~3% ~20%+ ~15% - 20% Top-Line Unit Growth Contribution ~3% ~2% ~2% Target Restaurant-Level Margin % ~18% ~18% - 20% ~16% - 18% Cash Capex Investment $8M+ $3.5M+ $500/sq. ft. Target Cash-on-Cash Return 20% - 25% 35%+ 25% - 30% Sales/Investment Ratio Varies 2:1 2:1 22 Diversified multi-concept across segment, price point, occasion, real estate and labor Leveraging brand power, operational excellence, scale, supply chain and real estate development expertise Anticipated Unit Growth Roadmap ¹Illustrative example of target returns for new restaurant openings ²Average unit volume and steady-state restaurant-level margin typically reached after 3 years of operations ¹ ² ² |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.2)% (6.8)% (0.3)% 4.0% 4.2% 3.3% 2.6% 4.1% 3.8% 0.4% 0.9% 2.5% (27.4)% 3.3% 7.0% (4.3)% (8.7)% (6.1)% 1.0% 2.0% (0.9)% (1.6)% 0.8% (0.4)% (2.2)% 0.5% 1.4% (24.0)% (0.9)% 7.4% History of Outperforming the Industry 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20201 20212 20222 Knapp-Track Index Comparable Sales - Historical 2-year Stack 23 Industry Outperformance During Economic Downturn Geographical discrepancies in dining restrictions & reopening timelines 1) 2020 results reflect the impact of the COVID-19 pandemic. 2) Due to impact of COVID-19 pandemic on 2020 results, 2021 compares against 2019, and 2022 compares against 2021. |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 $0.84 $1.07 $1.42 $1.64 $1.88 $2.10 $1.97 $2.37 $2.83 $2.60 $2.51 $2.61 $(1.49) $2.13 $1.52 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 Capital Allocation Detail $85 $163 $128 $120 $112 $107 $135 $94 $158 $100 $163 $120 $(47) $146 $50 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 ¹Free cash flow defined as cash flow from operations (includes adjustment for excess tax benefit related to stock options exercised in 2008-2016 to conform to current year presentation) less capital expenditures and investment in unconsolidated affiliates prior to the acquisition of North Italia and Fox Restaurant Concepts ²2019 Capex/Investment does not include the acquisition of North Italia and Fox Restaurant Concepts Note: 2020 results reflect the impact of the COVID-19 pandemic and the issuance of 200,000 shares of Series A Convertible Preferred Stock. Please refer to SEC filings for GAAP to Non-GAAP reconciliations and for an explanation regarding an accounting reclassification for prior years $85 $37 $42 $77 $86 $106 $114 $154 $158 $139 $128 $99 $50 $67 $112 $173 $52 $172 $101 $184 $141 $109 $146 $123 $109 $51 $4 $6 $63 $13 $27 $30 $36 $42 $50 $56 $61 $16 $42 64,009 44,545 50,414 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 Capex / Investment ² Share Repurchases Common Stock Dividend Weighted Average Shares Outstanding Durable Business Over Time Adjusted Earnings/(Loss) Per Share Free Cash Flow¹ ($ in millions) ($ in millions) '20 '20 |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Reconciliations In addition to the results provided in accordance with the Generally Accepted Accounting Principles ("GAAP") in this presentation, the Company is providing non-GAAP measurements which present adjusted diluted net income/(loss) per share excluding the impact of certain items and free cash flow. The non-GAAP measurements are intended to supplement the presentation of the Company's financial results in accordance with GAAP. The Company believes that the presentation of these items provides additional information to facilitate the comparison of past and present financial results. 26 |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Reconciliation (1) A detailed breakdown of impairment of assets and lease termination expenses recorded in the fourteen and fifty-three weeks ended January 3, 2023 and thirteen and fifty-two weeks ended December 28, 2021 can be found in the Selected Segment Information table. (2) Represents incremental costs associated with COVID-19 such as sick and vaccination pay, healthcare and meal benefits for furloughed staff members, additional sanitation and personal protective equipment. (3) The tax effect assumes a tax rate based on the federal statutory rate and an estimated blended state tax rate. (4) Fiscal 2017 includes a $38.5 million benefit to the income tax provision related to tax reform enacted in December 2017. (5) Adjusted diluted net income/(loss) per share may not add due to rounding. 27 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net income/(loss) (GAAP) $52,293 $42,833 $81,713 $95,720 $98,423 $114,356 $101,276 $116,523 $139,494 $157,392 $99,035 $127,293 $(277107) $49,131 $53,692 - Impairment of assets and lease termination expenses(1) 2,952 26,541 - 1,547 9,536 (561) 696 6,011 114 10,343 17,861 18,247 219,333 18,139 31,387 - Partial IRS settlement - - - (1794) - - - - - - - - - - - - Termination of Interest rate swap - 7,421 7,376 - - - - - - - - - - 2,354 - - Chairman and CEO employment agreement - 2,550 - - - - - - - - - - - - - Proceeds from variable life insurance contract - (668) - - (419) - - - - - - - - - - - Loss on investment in unconsolidated affiliates - - - - - - - - - 479 4,754 13,439 - - - - Gain on investment in unconsolidated affiliates - - - - - - - - - - - (52672) - - - - Acquisition-related costs - - - - - - - - - - - 5,270 2,699 - - - Acquisition-related contingent consideration, compensation and amortization expenses/(benefit) - - - - - - - - - - - 1,033 (3872) 19,510 (623) - Dividends on Series A preferred stock - - - - - - - - - - - - 13,485 18,661 - - Net income attributable to Series A preferred stock to apply if-converted method - - - - - - - - - - - - - 4,581 - - Direct and incremental Series A preferred stock issuance costs - - - - - - - - - - - - 10,257 - - - Assumed impact of potential conversion of Series A preferred stock into common stock - - - - - - - - - - - - - - - - COVID-19 related costs (2) - - - - - - - - - - - - 22,963 4,917 - - Uncertain tax positions - - - - - - - - - - - - - 7,139 - - Tax effect of adjustments (3) (1181) (14605) (2951) (331) (3814) 224 (278) (2404) (46) (4329) (5880) 3,818 (62692) (11679) (7999) - One-time tax items (4) - - - - - - - - - (38525) - - - - - Adjusted net income/(loss) (non-GAAP) $54,064 $64,072 $86,138 $95,142 $103,726 $114,019 $101,694 $120,130 $139,562 $125,360 $115,770 $116,428 $(74934) $112,753 $76,457 Diluted net income/(loss) per share (GAAP) $0.82 $0.71 $1.35 $1.64 $1.78 $2.10 $1.96 $2.30 $2.83 $3.27 $2.14 $2.86 $(6.32) $1.01 $1.07 - Impairment of assets and lease termination expenses 0.05 0.44 - 0.03 0.17 (0.01) 0.01 0.12 0.00 0.21 0.39 0.41 4.36 0.34 0.62 - Partial IRS settlement - - - (0.03) - - - - - - - - - - - - Termination of Interest rate swap - 0.12 0.12 - - - - - - - - - - 0.04 - - Chairman and CEO employment agreement - 0.04 - - - - - - - - - - - - - - Proceeds from variable life insurance contract - (0.01) - - (0.01) - - - - - - - - - - - Loss on investment in unconsolidated affiliates - - - - - - - - - 0.01 0.10 0.30 - - - - Gain on investment in unconsolidated affiliates - - - - - - - - - - - (1.18) - - - - Acquisition-related costs - - - - - - - - - - - 0.12 0.05 - - - Acquisition-related contingent consideration, compensation and amortization expenses/(benefit) - - - - - - - - - - - 0.02 (0.08) 0.37 (0.01) - Dividends on Series A preferred stock - - - - - - - - - - - - 0.27 0.35 - - Net income attributable to Series A preferred stock to apply if-converted method - - - - - - - - - - - - - 0.09 - - Direct and incremental Series A preferred stock issuance costs - - - - - - - - - - - - 0.20 - - - Assumed impact of potential conversion of Series A preferred stock into common stock - - - - - - - - - - - - 0.80 (0.08) - - COVID-19 related costs - - - - - - - - - - - - 0.46 0.09 - - Uncertain tax positions - - - - - - - - - - - - - 0.13 - - Tax effect of adjustments (0.03) (0.23) (0.05) - (0.06) 0.01 - (0.05) 0.00 (0.09) (0.12) 0.09 (1.25) (0.22) (0.16) - One-time tax items - - - - - - - - - (0.80) - - - - - Adjusted diluted net income/(loss) per share (non-GAAP) (5) $0.84 $1.07 $1.42 $1.64 $1.88 $2.10 $1.97 $2.37 $2.83 $2.60 $2.51 $2.61 $(1.49) $2.13 $1.52 Fiscal Year The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in thousands, except per share data) |

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| &nbsp;&nbsp;![GRAPHIC](tm237452d1_ex99-2img028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Reconciliation (1) The excess tax benefit related to stock options exercised is no longer reclassified from cash flows from operating activities to cash flows from financing activities in the consolidated statements of cash flows. The consolidated statements of cash flows for fiscal 2016, 2015, 2014, 2013, 2012, 2011, 2010, 2009 and 2008 have been adjusted to conform to the current year presentation. 28 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Cash flow from operations (1) $170 $200 $170 $197 $198 $213 $249 $248 $316 $239 $291 $219 $3 $213 $162 Capital expenditures / investments 85 37 42 77 86 106 114 154 158 139 128 99 50 67 112 Free cash flow $85 $163 $128 $120 $112 $107 $135 $94 $158 $100 $163 $120 $(47) $146 $50 Fiscal Year The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in millions) |

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