CHEESECAKE FACTORY INC 10-K

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is traded on The Nasdaq Global Select Market under the symbol CAKE. There were approximately 1,450 holders of record of our common stock at February 14, 2023, and we estimate there were approximately 156,700 beneficial stockholders on that date. On October 26, 2022, our Board increased the authorization to repurchase our common stock by 5.0 million shares to 61.0 million shares. Under this authorization, we have cumulatively repurchased 55.1 million shares at a total cost of $1,765.6 million through January 3, 2023 with 0.7 million shares repurchased at a cost of $21.6 million during the fourth quarter of fiscal 2022. Our share repurchase program does not have an expiration date, does not require us to purchase a specific number of shares and may be modified, suspended or terminated at any time. The timing and number of shares repurchased are subject to legal constraints and financial covenants under our credit facility that limit share repurchases based on a defined ratio. The following table presents our purchases of our common stock during the fiscal quarter ended January 3, 2023 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Total Number of Shares Maximum Number of ​ ​ Number ​ Average ​ Purchased as Part of ​ Shares that May Yet ​ ​ of Shares ​ Price Paid ​ Publicly Announced ​ Be Purchased Under the Period Purchased (1) per Share Plans or Programs Plans or Programs September 28 — November 1, 2022 ​ 255 ​ $ 31.64 253 6,256 November 2 — November 29, 2022 ​ 169 ​ 34.55 156 6,086 November 30 — January 3, 2023 ​ 240 ​ 32.24 240 5,847 Total ​ 664 ​ ​ 649 (1) The total number of shares purchased includes 14,607 shares withheld upon vesting of restricted share awards to satisfy tax withholding obligations. Our Board declared a quarterly dividend in the second quarter of fiscal 2022 and has declared quarterly dividends since then, following the suspension that began in fiscal 2020 due to the impact of COVID-19 on our business and in conjunction with the terms of our Loan Agreement. Future decisions to pay or to increase or decrease dividends or to repurchase shares are at the discretion of the Board and will be dependent on a number of factors, including limitations pursuant to the terms and conditions of the Loan Agreement and applicable law. (See Item 1A – Risk Factors – “Our stock price could be adversely affected if we are unable to pay or increase dividends.”) 37 Table of Contents Price Performance Graph The following graph compares the cumulative five-year total return provided to stockholders on the Company’s common stock relative to the S&P 400 Midcap Index, the NASDAQ US Benchmark TR Index and the S&P 600 Restaurants Index. The graph assumes a $100 initial investment and the reinvestment of dividends in each of the indices. The measurement points utilized in the graph consist of the last trading day in each calendar year, which closely approximates the last day of the respective fiscal year of the Company. The historical stock performance presented below is not intended to and may not be indicative of future stock performance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 The Cheesecake Factory Incorporated ​ $ 100 ​ $ 93 ​ $ 85 ​ $ 82 ​ $ 87 ​ $ 70 S&P 400 Midcap Index ​ $ 100 ​ $ 88 ​ $ 109 ​ $ 121 ​ $ 150 ​ $ 128 NASDAQ US Benchmark TR Index (1) ​ $ 100 ​ $ 95 ​ $ 124 ​ $ 150 ​ $ 189 ​ $ 152 S&P 600 Restaurants Index (2) ​ $ 100 ​ $ 109 ​ $ 121 ​ $ 153 ​ $ 146 ​ $ 115 (1) Underlying data provided by Nasdaq Global Indexes. (2) The S&P 600 Restaurants Index is a comprehensive restaurant industry index that includes casual dining, fast casual and quick-service constituents. This graph shall not be deemed incorporated by reference by any general statement incorporating by reference this Annual Report on Form 10-K into any filing under the Securities Act of 1933 or under the Securities Exchange Act of 1934, except to the extent that the Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts. 38 Table of Contents ITEM 6. [RESERVED]