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CAKE Cheesecake Factory

The Cheesecake Factory Incorporated is an American restaurant company and distributor of cheesecakes based in the United States. The company operates 220 full-service restaurants: 206 under The Cheesecake Factory brand, 13 under the Grand Lux Cafe brand, and one under the RockSugar Southeast Asian Kitchen brand. The Cheesecake Factory also operates two bakery production facilities—in Calabasas, California, and Rocky Mount, North Carolina—and licenses two bakery-based menus for other food service operators under The Cheesecake Factory Bakery Cafe marque. Its cheesecakes and other baked goods can also be found in the cafes of many Barnes & Noble stores. David M. Overton, the company's founder, opened the first Cheesecake Factory restaurant in Beverly Hills, California, in 1978. The restaurant established the future chain's pattern of featuring an eclectic menu, large portions, and signature cheesecakes. In 2020, Fortune magazine ranked The Cheesecake Factory at number 12 on their Fortune List of the Top 100 Companies to Work For in 2020 based on an employee survey of satisfaction.

Company profile

Ticker
CAKE
Exchange
CEO
David Overton
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
CHEESECAKE FACTORY INCORPORATED
SEC CIK
IRS number
510340466

CAKE stock data

(
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Calendar

24 Feb 21
13 Apr 21
29 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Jan 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
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Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 154.09M 154.09M 154.09M 154.09M 154.09M 154.09M
Cash burn (monthly) 29.89M (positive/no burn) 13.46M 29.67M (positive/no burn) (positive/no burn)
Cash used (since last report) 104.65M n/a 47.13M 103.86M n/a n/a
Cash remaining 49.44M n/a 106.95M 50.22M n/a n/a
Runway (months of cash) 1.7 n/a 7.9 1.7 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
5 Apr 21 Keith Carango Common Stock Payment of exercise Dispose F No No 58.55 270 15.81K 20,309
12 Mar 21 Matthew Eliot Clark Common Stock Sell Dispose S No No 58.29 4,000 233.16K 14,370
12 Mar 21 Matthew Eliot Clark Common Stock Option exercise Aquire M No No 48.19 4,000 192.76K 18,370
12 Mar 21 Matthew Eliot Clark Employee Stock Option Common Stock Option exercise Dispose M No No 48.19 4,000 192.76K 4,000
8 Mar 21 Matthew Eliot Clark Common Stock Sell Dispose S No No 58.08 100 5.81K 14,370
8 Mar 21 Matthew Eliot Clark Common Stock Sell Dispose S No No 58.04 100 5.8K 14,470
8 Mar 21 Matthew Eliot Clark Common Stock Sell Dispose S No No 58 3,300 191.4K 14,570
8 Mar 21 Matthew Eliot Clark Common Stock Option exercise Aquire M No No 48.19 3,500 168.67K 17,870
8 Mar 21 Matthew Eliot Clark Employee Stock Option Common Stock Option exercise Dispose M No No 48.19 3,500 168.67K 8,000
8 Mar 21 Cheryl Slomann Common Stock Sell Dispose S Yes No 57.5566 1,778 102.34K 6,651

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 224 226 -0.9%
Opened positions 40 47 -14.9%
Closed positions 42 44 -4.5%
Increased positions 65 71 -8.5%
Reduced positions 75 64 +17.2%
13F shares
Current Prev Q Change
Total value 1.81B 1.44B +25.9%
Total shares 54.76M 55.65M -1.6%
Total puts 1.36M 1.45M -6.2%
Total calls 750.3K 1.22M -38.5%
Total put/call ratio 1.8 1.2 +52.5%
Largest owners
Shares Value Change
RC Cake 12.15M $229.92M 0.0%
BLK Blackrock 7.53M $279.17M +3.3%
Vanguard 4.27M $158.4M +0.4%
Kayne Anderson Rudnick Investment Management 3.93M $145.69M +5.1%
Bamco 1.9M $70.23M +13.8%
STT State Street 1.38M $51.22M -2.5%
BK Bank Of New York Mellon 1.21M $44.93M -2.3%
Dimensional Fund Advisors 1.08M $39.88M -7.3%
Holocene Advisors 1.07M $39.48M NEW
WFC Wells Fargo & Co. 889.79K $32.98M +2.4%
Largest transactions
Shares Bought/sold Change
Holocene Advisors 1.07M +1.07M NEW
Candlestick Capital Management 875.54K +875.54K NEW
Westfield Capital Management 773.53K +773.53K NEW
Intrinsic Edge Capital Management 0 -690.87K EXIT
Citadel Advisors 734.01K +625.58K +576.9%
Grantham, Mayo, Van Otterloo & Co. 0 -601.41K EXIT
Arrowstreet Capital, Limited Partnership 702.93K -597.56K -45.9%
Steadfast Capital Management 0 -538.89K EXIT
Norges Bank 466.87K +466.87K NEW
Balyasny Asset Management 0 -408.76K EXIT

Financial report summary

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Management Discussion
  • Revenues decreased 20.1% to $1,983.2 million for fiscal 2020 compared to $2,482.7 million for fiscal 2019, primarily due to a decline in comparable restaurant sales, reflecting the impact of the COVID-19 pandemic, partially offset by additional revenue related to the acquired restaurants and new restaurant openings.
  • The Cheesecake Factory comparable sales declined by 28.2%, or $601.9 million, from fiscal 2019, driven by a decline in customer traffic of 41.5%, partially offset by average check growth of 13.3% (based on an increase of 3.1% in menu pricing and a 10.2% positive change in mix). We implemented effective menu price increases of approximately 1.5% in both the first and third quarters of fiscal 2020. Sales through the off-premise channel comprised approximately 43% of our restaurant sales during fiscal 2020 as compared to 16% in fiscal 2019 as most of our restaurants shifted to an off-premise-only model at the beginning of the COVID-19 pandemic and consumer behavior shifted toward off-premise dining throughout the pandemic. We account for each off-premise order as one customer for traffic measurement purposes. Therefore, average check is higher as most off-premise orders are for more than one customer. In turn, the high mix of sales in the off-premise channel was the primary driver of the positive change in mix and also contributed to the decline in traffic, along with the broader impact of the COVID-19 pandemic. The Cheesecake Factory average sales per restaurant operating week decreased 28.2% to $148,939 in fiscal 2020 from $207,310 in fiscal 2019. Total operating weeks at The Cheesecake Factory restaurants increased 1.2% to 10,642 in fiscal 2020 compared to 10,520 in the prior year. North Italia comparable sales declined approximately 28% during fiscal 2020. North Italia average sales per restaurant operating week for fiscal 2020 was $89,515 based on 1,146 operating weeks.
  • Restaurants become eligible to enter the comparable sales base in their 19th month of operation. At December 29, 2020, there were six The Cheesecake Factory restaurants and four North Italia restaurants not yet in the comparable sales base. International licensed locations and restaurants that are no longer in operation, including those which we have relocated, are excluded from comparable sales calculations.
Content analysis
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Readability
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