8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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): July 27, 2017

THE CHEESECAKE FACTORY INCORPORATED

(Exact Name of Registrant as Specified in Charter)

Delaware	0-20574	51-0340466
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

26901 Malibu Hills Road
Calabasas Hills, California 91301

(Address of Principal Executive Offices)

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 (see General Instruction A.2. below):

o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company o

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. o

ITEM 2.02        RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The following information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” 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.

In a press release dated August 2, 2017, a copy of which is attached as Exhibit 99.1 to this report, The Cheesecake Factory Incorporated (the “Company”) reported financial results for the second quarter of fiscal 2017, which ended on July 4, 2017. Total revenues were $569.9 million in the second quarter of fiscal 2017 as compared to $558.9 million in the second quarter of fiscal 2016. Net income and diluted net income per share were $38.2 million and $0.78, respectively, in the second quarter of fiscal 2017. The Company recorded a pre-tax, non-cash charge of $0.4 million during the second quarter of fiscal 2017 related to the relocation of one The Cheesecake Factory restaurant and the lease expiration of one The Cheesecake Factory restaurant. Excluding this item, net income and diluted net income per share were $38.4 million and $0.78, respectively.

Comparable restaurant sales at The Cheesecake Factory restaurants declined 0.5% in the second quarter of fiscal 2017, as previously announced.

ITEM 8.01         OTHER EVENTS.

On July 27, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.29 per share on the Company’s common stock. The dividend is payable on August 29, 2017 to stockholders of record at the close of business on August 16, 2017. Future dividends, if any, will be subject to approval of the Board of Directors.

During the second quarter of fiscal 2017, the Company repurchased approximately 0.4 million shares of its common stock at a cost of $21.3 million. The Company continues to expect that it will return substantially all of its free cash flow to stockholders in fiscal 2017 in the form of dividends and share repurchases.

The Company posted an Investor Presentation on the Company’s Investor Relations website at investors.thecheesecakefactory.com.  A copy of the presentation is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

ITEM 9.01     FINANCIAL STATEMENTS AND EXHIBITS.

(d)         Exhibits

99.1     Press release dated August 2, 2017 entitled, “The Cheesecake Factory Reports Results for Second Quarter of Fiscal 2017”

99.2     Investor Presentation August 2017

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.

Date:  August 2, 2017	THE CHEESECAKE FACTORY INCORPORATED
	By:	/s/ Matthew E. Clark
		Matthew E. Clark
		Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description
99.1	Press release dated August 2, 2017 entitled, “The Cheesecake Factory Reports Results for Second Quarter of Fiscal 2017”
99.2	Investor Presentation August 2017

EX-99.1

EXHIBIT 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE	Contact: Stacy Feit
	(818) 871-3000
	investorrelations@thecheesecakefactory.com

THE CHEESECAKE FACTORY REPORTS RESULTS FOR

SECOND QUARTER OF FISCAL 2017

Increases Quarterly Dividend by 21%

Calabasas Hills, Calif., – August 2, 2017 – The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the second quarter of fiscal 2017, which ended on July 4, 2017.

Total revenues were $569.9 million in the second quarter of fiscal 2017 as compared to $558.9 million in the second quarter of fiscal 2016. Net income and diluted net income per share were $38.2 million and $0.78, respectively, in the second quarter of fiscal 2017.

The Company recorded a pre-tax, non-cash charge of $0.4 million during the second quarter of fiscal 2017 related to the relocation of one The Cheesecake Factory restaurant and the lease expiration of one The Cheesecake Factory restaurant. Excluding this item, net income and diluted net income per share were $38.4 million and $0.78, respectively.

Comparable restaurant sales at The Cheesecake Factory restaurants declined 0.5% in the second quarter of fiscal 2017, as previously announced.

“As we communicated in June, we saw volatility in week to week sales trends in the second quarter, indicative of uncertainty on the part of many consumers and unfavorable weather in the East and Midwest,” said David Overton, Chairman and Chief Executive Officer. “In spite of the softer sales, our operators effectively managed the business, maintaining solid restaurant margins to protect profitability.”

Overton continued, “Consistent with our objective to meaningfully increase our dividend over time, our Board approved a 21% increase, underscoring the stability of our cash flow generation and our confidence in the long-term prospects of the business. We are firmly committed to delivering on our mission of absolute guest satisfaction, focusing on the key tenets of the restaurant business - menu innovation, service, hospitality and operational excellence. Concurrently, we are executing on a diversified set of growth opportunities to position the Company to generate sustained shareholder returns.”

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

Development

The Company continues to expect to open as many as eight Company-owned restaurants in fiscal 2017, including one relocation in Hackensack, New Jersey, which opened in June.

In addition, the Company now expects as many as four restaurants to open under licensing agreements internationally in fiscal 2017. This includes the first location in Hong Kong, which opened in May.

Capital Allocation

The Company’s Board of Directors declared a quarterly cash dividend of $0.29 per share on the Company’s common stock. The dividend is payable on August 29, 2017 to shareholders of record at the close of business on August 16, 2017.

During the second quarter of fiscal 2017, the Company repurchased approximately 0.4 million shares of its common stock at a cost of $21.3 million. The Company continues to expect that it will return substantially all of its free cash flow to shareholders in fiscal 2017 in the form of dividends and share repurchases.

Conference Call and Webcast

The Company will hold a conference call to review its results for the second quarter of fiscal 2017 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 September 1, 2017.

About The Cheesecake Factory Incorporated

The Cheesecake Factory Incorporated created the upscale casual dining segment in 1978 with the introduction of its namesake concept. The Company, through its subsidiaries, owns and operates 207 full-service, casual dining restaurants throughout the U.S.A. and Puerto Rico, including 193 restaurants under The Cheesecake Factory® mark; 13 restaurants under the Grand Lux Cafe® mark; and one restaurant under the Rock Sugar Pan Asian Kitchen® mark (rebranding to RockSugar Southeast Asian Kitchen™). Internationally, 16 The Cheesecake Factory® restaurants operate under licensing agreements. The Company’s bakery division operates two bakery production facilities, in Calabasas Hills, CA and Rocky Mount, NC, that produce quality cheesecakes and other baked products for its restaurants, international licensees and third-party bakery customers. In 2017, the Company was named to the FORTUNE Magazine “100 Best Companies to Work For®” list for the fourth consecutive year. To learn more about the Company, visit www.thecheesecakefactory.com.

FORTUNE and FORTUNE 100 Best Companies to Work For® are registered trademarks of Time Inc. and are used under license.  From FORTUNE Magazine, March 15, 2017 ©2017 Time Inc. Used under license. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of, The Cheesecake Factory Incorporated.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements, including uncertainties related to the Company’s ability to: deliver consistent and dependable comparable sales results over a sustained period of time; provide a differentiated experience to guests; outperform the casual dining industry and increase its market share; leverage sales increases and manage flow through; maintain margins; grow earnings; remain relevant to consumers; attract and retain qualified management and other staff; increase shareholder value; profitably expand its concepts domestically and in Canada, and work with its licensees to expand its concept internationally; support the growth of North Italia and Flower Child restaurants; develop a fast casual concept; utilize its capital effectively and continue to increase cash dividends and repurchase its shares; and factors outside of the Company’s control including: economic and political conditions that impact consumer confidence and spending; acceptance and success of The Cheesecake Factory in international markets; the risks of doing business abroad through Company-owned restaurants and/or licensees; foreign exchange rates and potential changes in NAFTA and cross border taxation; changes in unemployment rates; the economic health of the Company’s landlords and other tenants in retail centers in which

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

its restaurants are located; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to the Company; 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; and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. 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 securities laws. 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.

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)

	13 Weeks Ended				13 Weeks Ended				26 Weeks Ended				26 Weeks Ended
Consolidated Statement of Operations	July 4, 2017				June 28, 2016				July 4, 2017				June 28, 2016
	Amount			Percent of Revenues	Amount			Percent of Revenues	Amount			Percent of Revenues	Amount			Percent of Revenues
Revenues	$	569,869		100.0%	$	558,862		100.0%	$	1,133,295		100.0%	$	1,112,555		100.0%
Costs and expenses:
Cost of sales	128,781			22.6%	126,933			22.7%	257,920			22.8%	257,706			23.2%
Labor expenses	193,063			33.9%	185,211			33.2%	386,898			34.1%	370,869			33.3%
Other operating costs and expenses	137,461			24.1%	131,980			23.6%	273,111			24.1%	261,537			23.5%
General and administrative expenses	35,295			6.2%	35,785			6.4%	71,582			6.3%	71,122			6.4%
Depreciation and amortization expenses	23,297			4.1%	21,461			3.8%	46,493			4.1%	42,925			3.9%
Impairment of assets and lease terminations	445			0.1%	—			0.0%	1,231			0.1%	—			0.0%
Preopening costs	1,309			0.2%	2,302			0.4%	2,279			0.2%	4,612			0.4%
Total costs and expenses	519,651			91.2%	503,672			90.1%	1,039,514			91.7%	1,008,771			90.7%
Income from operations	50,218			8.8%	55,190			9.9%	93,781			8.3%	103,784			9.3%
Interest and other expense, net	(1,570		)	(0.3)%	(2,181		)	(0.4)%	(2,826		)	(0.3)%	(4,485		)	(0.4)%
Income before income taxes	48,648			8.5%	53,009			9.5%	90,955			8.0%	99,299			8.9%
Income tax provision	10,482			1.8%	14,424			2.6%	17,746			1.5%	26,760			2.4%
Net income	$	38,166		6.7%	$	38,585		6.9%	$	73,209		6.5%	$	72,539		6.5%
Basic net income per share	$	0.80			$	0.80			$	1.54			$	1.50
Basic weighted average shares outstanding	47,732				48,232				47,683				48,375
Diluted net income per share	$	0.78			$	0.78			$	1.49			$	1.46
Diluted weighted average shares outstanding	49,047				49,598				49,127				49,814
Selected Segment Information
Revenues:
The Cheesecake Factory restaurants	$	520,228			$	511,918			$	1,035,462			$	1,018,234
Other	49,641				46,944				97,833				94,321
Total	$	569,869			$	558,862			$	1,133,295			$	1,112,555
Income/(loss) from operations:
The Cheesecake Factory restaurants (1)	$	75,989			$	82,285			$	146,532			$	156,577
Other	6,291				5,769				12,929				12,681
Corporate	(32,062		)		(32,864		)		(65,680		)		(65,474		)
Total	$	50,218			$	55,190			$	93,781			$	103,784

(1) Includes $0.4 million and $1.2 million, respectively, in the thirteen weeks and twenty six weeks ended July 4, 2017, of accelerated depreciation and impairment expense related to the relocation of one The Cheesecake Factory restaurant and the lease termination of one The Cheesecake Factory restaurant. These amounts were recorded in impairment of assets and lease terminations in the condensed consolidated statements of income.

Selected Consolidated Balance Sheet Information	July 4, 2017	January 3, 2017
Cash and cash equivalents	$     66,314	$     53,839
Total assets	1,299,315	1,293,319
Total liabilities	658,784	690,112
Stockholders’ equity	640,531	603,207

	13 Weeks Ended	13 Weeks Ended	26 Weeks Ended	26 Weeks Ended
The Cheesecake Factory Supplemental Information	July 4, 2017	June 28, 2016	July 4, 2017	June 28, 2016
Comparable restaurant sales	-0.5%	0.3%	-0.1%	1.0%
Restaurants opened during period	1	1	1	2
Restaurants open at period-end	193	189	193	189
Restaurant operating weeks	2,517	2,448	5,039	4,884

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 Generally Accepted Accounting Principles (“GAAP”) in this press release, the Company is providing non-GAAP measurements which present net income and diluted net 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. The Company believes that the presentation of these items provides additional information to facilitate the comparison of past and present financial results.

The Cheesecake Factory Incorporated

Reconciliation of Non-GAAP Financial Measures

(unaudited; in thousands, except per share data)

	13 Weeks Ended			13 Weeks Ended			26 Weeks Ended			26 Weeks Ended
	July 4, 2017			June 28, 2016			July 4, 2017			June 28, 2016
Net Income (GAAP)		$	38,166		$	38,585		$	73,209		$	72,539
After-tax impact from:
- Impairment of assets and lease terminations (1)		267			-			739			-
Adjusted net income (non-GAAP)		$	38,433		$	38,585		$	73,948		$	72,539
Diluted net income per share (GAAP)		$	0.78		$	0.78		$	1.49		$	1.46
After-tax impact from:
- Impairment of assets and lease terminations		0.00			-			0.02			-
Adjusted diluted net income per share (non-GAAP)(2)		$	0.78		$	0.78		$	1.51		$	1.46

(1) The pre-tax amounts associated with the item in the thirteen weeks and twenty six weeks ended July 4, 2017 were $0.4 million and $1.2 million, respectively, and were recorded in impairment of assets and lease terminations.

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

EX-99.2

Exhibit 99.2 Investor Presentation August 2017

Safe Harbor Statement This presentation contains forward-looking statements about our financial condition, results of operations, performance, plans, goals and other matters. These statements are based on our current expectations and involve known and unknown risks and uncertainties that may cause our actual results or performance to differ materially from those expressed or implied by such statements. These forward-looking statements include statements related to our ability to: provide a differentiated experience to guests; grow our comparable sales; outperform the casual dining industry; deliver consistent financial performance; profitably expand our Company-owned restaurants domestically and in Canada, and work with our licensees to expand our concept internationally; maintain our broad consumer appeal and remain relevant to guests; attract and retain qualified management and other staff; maintain our unit economics; manage costs to protect profitability; provide mid-teens total return to shareholders; leverage technology to enhance the guest experience and to manage costs; leverage our brand in the CPG channel; support the growth of North Italia and Flower Child restaurants; develop a fast casual concept; and utilize capital effectively and continue to repurchase our shares and pay dividends. Forward-looking statements are not guarantees of future performance, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of today’s date, and we undertake no obligation to publicly update or revise any forward-looking statements to take into account or otherwise reflect subsequent events, corrections in underlying assumptions, or changes in circumstances arising after the date that the forward-looking statement was made, unless required to do so by law. Please see the full discussion of risks and uncertainties contained in our filings with the Securities and Exchange Commission, including our latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.sec.gov. The Private Securities Litigation Reform Act of 1995 provides certain “safe harbor” provisions for forward-looking statements. All forward-looking statements made in this presentation are made pursuant to the Act. 2

A Compelling Investment Opportunity • Highly differentiated concepts delivering experience Diversified growth drivers a unique guest • • Track record of consistent financial performance • Robust cash flow to support growth and maximize shareholder value 3

Company Overview and Key Competitive Advantages 4

Our Global Footprint High quality, high profile locations worldwide Kuwait Saudi (5) (1) China (2) (3) 5 Company-Owned 193 13 1 International - Licensed Middle East11 Mexico3 China25 Mexico Guadalajara Mexico City (2) Shanghai ng Kong Lebanon (1) (3) Qatar (1) ArabiaUAE Ho U.S.A. (Company-Owned: 207)

The Cheesecake Factory - A Highly Differentiated Concept Bakery 6 Integrated Ambiance, Service and Hospitality Best-in-Class Operational Execution Leader in Menu Innovation

Industry Leader in Menu Innovation Breadth of menu is a key competitive advantage Quality • 250 menu items made fresh from scratch in-house Relevance • No veto vote – something for everyone across price points Menu updated twice a year • Performance • • Drives sales Continued market share gains Profit • Increases sales at full margin 7

Dining With Us Is an Experience Ambiance, Service and Hospitality Drive Sales 8

Leveraging Technology to Further Enhance the Guest Experience 9 Training Redesign KMS Delivery CakePay App

Integrated Bakery – The “Cheesecake” Magic • Produces over 70 cheesecakes and other baked desserts Industry-Leading Dessert Sales 16% • Enables creativity and quality control 10

Broad Consumer Appeal A division of Vice Media LLC The women and men behind The Cheesecake Factory reveal the untold story of how a tiny Beverly Hills restaurant known for its brown bread became a global chain mentioned in Drake songs and on “Keeping up with the Kardashians.” Highest Unit Volumes ($ in millions) With $32 a Moderate Average Check $10.7 $16 Maggianos Yard House BJ'sTexas OliveOutback LongHorn Bonefish Carrabbas Yard House Maggianos Bonefish Outback Carrabbas LongHorn Olive TexasBJ's Roadhouse Garden Garden Roadhouse Source: Latest SEC filings and company presentations 11 $27 $25 $22$21$21$21 $18 $15 $8.4$8.2 $5.7 $4.7$4.5 $3.4$3.3$3.0$3.0

Strong Consumer Engagement Across Channels 5M+ likes 365K followers Millions of Viewers 530K followers 12

Best-in-Class Operational Execution Average Tenure by Position Industry-Leading Retention Dual Management Structure Above 4-Walls 28 years 19 years 18 years 17 years 12 years 12 Senior VP of Operations Regional Vice President Area Director of Operations Area Kitchen Operations Manager General Manager ------------------Executive Kitchen Manager years FORTUNE and 100 Best Companies to Work For® are registered trademarks of Time Inc. and are used under license. From FORTUNE Magazine, 13 March 15, 2017 ©2017 Time Inc. Used under license. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of, The Cheesecake Factory Incorporated. EKM EKM EKM EKM EKM EKM Area Kitchen Operations Manager GM GM GM GM GM GM Area Director of Operations

Leveraging Technology Manage Costs to Analytics 14 Automated Production Call Energy Management Optimization Market-Based Labor Dashboards KMS

Diversified Growth Drivers 15

The Cheesecake Factory – Continued Domestic Growth Opportunity for 300 domestic locations • Expect to open as many as 8 Company-owned restaurants in fiscal 2017 Illustrative example of target returns for new restaurant openings. 16 The Grove, Los Angeles Strong Unit Economics Sales $10.7 $2.5 $8+ $4.2 ~ 20% EBITDAR Cash Capex Investment Capitalized Rent Fully Capitalized ROI

The Cheesecake Factory – Expanding International Licensed Presence • Expect as many as 4 restaurants to open under licensing agreements internationally in fiscal 2017 Continued expansion within current geographies Potential for additional geographies with current licensees Opportunity to add licensees and territories • • • 17 Shanghai $0 Capital Expenditure +1¢ Per Restaurant in EPS

Incremental Growth Opportunities North Italia and Flower Child investment Bringing The Cheesecake Factory to Canada Measured growth of Grand Lux Cafe and RockSugar Further leveraging the power of The Cheesecake Factory brand in the CPG channel Internal development of a fast casual concept 18

Track Record of Consistent Financial Performance 19

Continuing to Outperform the Industry 2010 2011 2012 2013 2014 2015 2.6% 2016 2017 YTD 2.2% 2.0% 2.0% 1.5% 1.5% 1.2% 1.1% 1.0% 0.5% (0.1)% (0.2)% (0.5)% (0.7)% (1.4)% (1.4)% Knapp-Track Index 20

Managing Costs to Protect Profitability Adjusted Earnings Per Share* ~9% CAGR $1.97 2010 2011 2012 2013 2014 2015 2016 2017E** * Please see Appendix for GAAP to non-GAAP reconciliations. ** Midpoint of 2017 guidance range provided August 2, 2017. 21 $2.83 $2.66 $2.37 $2.10 $1.88 $1.64 $1.42

Our Restaurants Generate Significant Cash Flow Cash Flow and Strong Balance Sheet Provide Significant Financial ($ millions) $172 Flexibility $173 $148 2010 2011 2012 2013 2014 2015 2016 2017E Proceeds from Exercise of Stock Options Free Cash Flow 22 Free cash flow defined as cash flow from operations less capital expenditures/investments. Please see Appendix for GAAP to non-GAAP reconciliations. ~$130 $156 $149 $109 $135

Effective Capital Allocation Supports Our Financial Objectives ~$1 Billion in Share Repurchases Reducing WASO 3% ($ millions) Per Year 60,446 $13 2010 2011 2012 2013 2014 2015 Dividend 2016 2017E* Capex / Investment Share Repurchases WASO 23 *2017 guidance provided August 2, 2017. ~48,500 $42 $27 ~$50 $36 $146 $184 $30 ~$125 $109 $141 $172 $101 $158 $154 ~$140 $114 $106 $52 $86 $77 $42

Disciplined, Returns-Focused Growth Has Paid Off Return on Invested Capital (ROIC) 14% 13% 2010 2011 2012 2013 2014 2015 2016 2017E ROIC = NOPAT / Average invested capital NOPAT = Income from operations excluding non-recurring expenses (-) income tax provision Invested Capital = Property and equipment + long-term assets + net working capital (-) cash and cash equivalents 24 17% 16% 15%15% 14% 13%

Creating Value for Shareholders Targeting Mid-Teens Total Return to Shareholders (EPS + Dividend) Core Business ~6% International Licensed ~2% Incremental Growth Opportunities ~1-2% Share Repurchases ~3% Dividend ~2% Philadelphia 25 Total Return to Shareholders

A Compelling Investment Opportunity • Highly differentiated concepts delivering experience Diversified growth drivers a unique guest • • Track record of consistent financial performance • Robust cash flow to support growth and maximize shareholder value 26

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Non-GAAP Reconciliation 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 diluted net income 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 facilitate that the presentation of these items provides additional information to the comparison of past and present financial results. 28

Non-GAAP Reconciliation The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in thousands, except per share data) Fiscal Year 2010 2011 2012 2013 2014 2015 2016 Net Income (GAAP) After-tax impact from: - Impairment of assets and lease terminations (1) - Partial IRS settlement (2) - Unwinding of interest rate collars (3) - Proceeds from variable life insurance contract (4) Adjusted net income (non-GAAP) $ 81,713 $ 95,720 $ 98,423 $ 114,356 $ 101,276 $ 116,523 $ 139,494 - - 4,425 - 928 (1,506) - - 5,722 - - (419) (337) 418 3,607 - - - 68 - - - - - - - - - $ 86,138 $ 95,142 $ 103,726 $ 114,019 $ 101,694 $ 120,130 $ 139,562 Diluted net income per share (GAAP) After-tax impact from: - Impairment of assets and lease terminations - Partial IRS settlement - Unwinding of interest rate collars - Proceeds from variable life insurance contract Adjusted diluted net income per share (non-GAAP) (5) $ 1.35 $ 1.64 $ 1.78 $ 2.10 $ 1.96 $ 2.30 $ 2.83 - - 0.02 (0.03) - - 0.11 (0.01) - - - 0.01 0.07 0.00 - - (0.01) - - - - - - - - - 0.07 - $ 1.42 $ 1.64 $ 1.88 $ 2.10 $ 1.97 $ 2.37 $ 2.83 (1) The pre-tax amounts associates with these items in fiscal 2011, 2012, 2013, 2014, 2015 and 2016 were $1,547, $9,536, $(561), $696, $6,011 and $114, respectively, and were recorded in impairment of assets and lease terminations. (2) The pre-tax amounts associated with this item were $719 and $1,075 and were recorded in interest and other (expense)/income, net and income tax provision, respectively. (3) The pre-tax amount associated with this item was $7,376 and was recorded in interest expense. (4) This item is non-taxable and is recorded in interest and other (expense)/income, net. (5) Adjusted diluted net income per share may not add due to rounding. 29

Non-GAAP Reconciliation The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in millions) Fiscal Year 2010 2011 2012 2013 2014 2015 2016 Cash Flow from Operations Capital Expenditures / Investments Free Cash Flow $ 167 42 $ 196 77 $ 195 86 $ 205 106 $ 240 114 $ 235 154 $ 303 158 $ 125 $ 119 $ 109 $ 99 $ 126 $ 81 $ 145 30