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): April 25, 2019

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):

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

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

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

oPre-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 2.02RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The following information is 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 (the “Securities Act”), 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 May 1, 2019, a copy of which is furnished as Exhibit 99.1 to this report, The Cheesecake Factory Incorporated (the “Company”) reported financial results for the first quarter of fiscal 2019, which ended on April 2, 2019.

ITEM 8.01OTHER EVENTS.

On April 25, 2019 the Board of Directors of the Company declared a quarterly cash dividend of $0.33 per share which will be paid on May 29, 2019 to the stockholders of record of each share of the Company’s common stock at the close of business on May 16, 2019. Future dividends, if any, will be subject to Board approval.

On May 1, 2019, The Company posted an updated 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 9.01FINANCIAL STATEMENTS AND EXHIBITS.

(d)         Exhibits

99.1	Press release dated May 1, 2019 entitled, “The Cheesecake Factory Reports Results for First Quarter of Fiscal 2019”
99.2	The Cheesecake Factory Investor Presentation dated May 2019

2

EXHIBIT INDEX

Exhibit	Description
99.1	Press release dated May 1, 2019 entitled, “The Cheesecake Factory Reports Results for First Quarter of Fiscal 2019”
99.2	The Cheesecake Factory Investor Presentation dated May 2019

3

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.

Date:  May 1, 2019	THE CHEESECAKE FACTORY INCORPORATED
	By:	/s/ Matthew E. Clark
		Matthew E. Clark
		Executive Vice President and Chief Financial Officer

4

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

FIRST QUARTER OF FISCAL 2019

CALABASAS HILLS, Calif., — May 1, 2019 — The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the first quarter of fiscal 2019, which ended on April 2, 2019.

Total revenues were $599.5 million in the first quarter of fiscal 2019 compared to $584.7 million in the first quarter of fiscal 2018. Net income and diluted net income per share were $27.0 million and $0.60, respectively, in the first quarter of fiscal 2019.

Excluding the after-tax impact of the $1.5 million loss on the Company’s minority investments, net income and diluted net income per share for the first quarter of fiscal 2019 would have been $28.1 million and $0.62, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this release.

Comparable restaurant sales at The Cheesecake Factory restaurants increased 1.3% in the first quarter of fiscal 2019.

“Both comparable sales at The Cheesecake Factory restaurants and adjusted earnings per share were at the higher end of our expectations during the first quarter,” said David Overton, Chairman and Chief Executive Officer. “Strong performance within the off-premise channel and across our marketing initiatives contributed to the top-line results. Importantly, our operators executed well, driving solid flow-through to support profitability.”

Overton concluded, “The year is off to a great start and we look forward to continuing to deliver memorable experiences to our guests, bringing The Cheesecake Factory to new markets, both domestic and abroad, and positioning the Company for additional long-term growth potential.”

Development

The Company continues to expect to open as many as six Cheesecake Factory restaurants in fiscal 2019, including the Oxnard, California location that opened in April. In addition, the first location of the Company’s new fine fast-casual concept, Social Monk Asian Kitchen, opened during the first quarter of 2019, as expected.

During fiscal 2019, the Company also continues to expect as many as five restaurants to open internationally under licensing agreements. This includes the fourth location in Mexico, which opened in February. In addition, the

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

licensed Cheesecake Factory location in Beirut ceased operations today due to the geopolitical environment in Lebanon.

Capital Allocation

The Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share of the Company’s common stock. The dividend is payable on May 29, 2019 to shareholders of record at the close of business on May 16, 2019.

During the first quarter of fiscal 2019, the Company repurchased approximately 246,000 shares of its common stock at a cost of $11.1 million.

Conference Call and Webcast

The Company will hold a conference call to review its results for the first quarter of fiscal 2019 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 May 31, 2019.

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 219 restaurants throughout the United States, including Puerto Rico, and Canada, comprised of 202 restaurants under The Cheesecake Factory® mark; 14 restaurants under the Grand Lux Cafe® mark; two restaurants under the RockSugar Southeast Asian Kitchen® mark and one restaurant under the Social Monk Asian Kitchen™ mark. Internationally, 21 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 2019, the Company was named to the FORTUNE Magazine “100 Best Companies to Work For®” list for the sixth consecutive year. To learn more about the Company, visit www.thecheesecakefactory.com.

From FORTUNE. ©2019 Fortune Media IP Limited. FORTUNE 100 Best Companies to Work For is a trademark of Fortune Media IP Limited and is used under license. FORTUNE and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, Licensee.

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 continuing to deliver memorable experiences to guests, bringing The Cheesecake Factory to new markets, both domestic and abroad, positioning the Company for additional long-term growth potential and restaurant openings during fiscal 2019. 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 factors outside of the Company’s control including: economic and political conditions that impact consumer confidence and spending; impact of recently enacted tax reform; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of the North Italia, Flower Child and Social Monk Asian Kitchen 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 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; 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; the risk, 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.

The Cheesecake Factory Incorporated

Condensed Consolidated Financial Statements

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

	13 Weeks Ended						13 Weeks Ended
	April 2, 2019						April 3, 2018
Consolidated Statements of Income	Amount			Percent of Revenues			Amount			Percent of Revenues
Revenues	$	599,481		100.0		%	$	584,697		100.0	%
Costs and expenses:
Cost of sales	136,187			22.7		%	134,220			23.0	%
Labor expenses	217,310			36.2		%	209,575			35.8	%
Other operating costs and expenses	153,221			25.6		%	144,976			24.8	%
General and administrative expenses	39,123			6.5		%	39,274			6.7	%
Depreciation and amortization expenses	21,362			3.6		%	24,002			4.1	%
Preopening costs	2,130			0.4		%	1,099			0.2	%
Total costs and expenses	569,333			95.0		%	553,146			94.6	%
Income from operations	30,148			5.0		%	31,551			5.4	%
Loss on investment in unconsolidated affiliates	(1,450		)	(0.2		)%	(89		)	0.0	%
Interest and other income/(expense), net	2			0.0		%	(1,417		)	(0.3	)%
Income before income taxes	28,700			4.8		%	30,045			5.1	%
Income tax provision	1,716			0.3		%	4,016			0.6	%
Net income	$	26,984		4.5		%	$	26,029		4.5	%
Basic net income per share	$	0.61		$	0.57
Basic weighted average shares outstanding	44,255			45,552
Diluted net income per share	$	0.60		$	0.56
Diluted weighted average shares outstanding	44,984			46,574
Selected Segment Information
Revenues:
The Cheesecake Factory restaurants	$	548,633					$	535,123
Other	50,848						49,574
Total	$	599,481					$	584,697
Income/(loss) from operations:
The Cheesecake Factory restaurants	$	61,245					$	61,566
Other	5,325						6,362
Corporate	(36,422		)				(36,377		)
Total	$	30,148					$	31,551

Selected Consolidated Balance Sheet Information	April 2, 2019 (1)		January 1, 2019
Cash and cash equivalents	$	22,529	$	26,578
Total assets	2,074,954		1,314,133
Total liabilities	1,533,600		743,074
Stockholders’ equity	541,354		571,059

(1) Adoption of the new lease accounting standard (ASC 842) at January 2, 2019, resulted in the increase of lease-related assets and liabilities of $788.4 million and $844.6 million, respectively, and a reduction to retained earnings of $42.4 million, net of tax.

The Cheesecake Factory Restaurants	13 Weeks Ended		13 Weeks Ended
Supplemental Information	April 2, 2019		April 3, 2018
Comparable restaurant sales	1.3	%	2.1	%
Restaurants opened during period	—		—
Restaurants open at period-end	201		199
Restaurant operating weeks	2,613		2,587

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 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 uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Reconciliations of our anticipated adjusted diluted net income per share ranges to their corresponding GAAP measures have not been provided as we cannot determine the probable significance or timing of certain reconciling items which are outside of our control and therefore cannot be reasonably predicted.

The Cheesecake Factory Incorporated

Reconciliation of Non-GAAP Financial Measures

(unaudited; in thousands, except per share data)

	13 Weeks Ended		13 Weeks Ended
	April 2, 2019		April 3, 2018
Net income (GAAP)	$	26,984	$	26,029
After-tax impact from:
— Loss on investment (1)	1,073		66
Adjusted net income (non-GAAP)	$	28,057	$	26,095
Diluted net income per share (GAAP)	$	0.60	$	0.56
After-tax impact from:
— Loss on investment	0.02		0.00
Adjusted diluted net income per share (non-GAAP)	$	0.62	$	0.56

(1) The pre-tax amounts associated with these items were $1.5 million in fiscal 2019 and $0.1 million in fiscal 2018. These amounts were recorded in loss on investment in unconsolidated affiliates. The tax effect assumes a 26% tax rate based on the federal statutory rate and an estimated blended state tax rate.

EX-99.2

Exhibit 99.2 Investor Presentation May 2019

Safe Harbor Statement This presentation 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. This includes, withou t limitation, financial guidance and projections and statements with respect to expectations of our future financial condition, results of operations, cash flows, plans, targets, goals, objectives, performance, growth potential, competitive position and business; our ability to: leverage our competitive strengths, including investing in or acquiring new restaurant concepts and expanding The Cheesecake Factory® brand to other retail opportunities; deliver comparable sales growth; provide a differentia ted experience to customers; outperform the casual dining industry and increase our market share; leverage sales increases and manage flow through; manage cost pressures , including increasing wage rates, group medical insurance costs and legal expenses, and stabilize margins; grow earnings; remain relevant to consumers; attract and retain qualified management and other staff; manage risks associated with the magnitude and complexity of regulations in the jurisdictions where our restaurants are locat ed; increase shareholder value; find suitable sites and manage increasing construction costs; profitably expand our concepts domestically and in Canada, and work with our licensees to expand our concept internationally; support the growth of North Italia and Flower Child restaurants; operate Social Monk Asian Kitchen; expand c onsumer packaged goods licensing revenue; and utilize our capital effectively and continue to increase cash dividends and repurchase our shares. 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 “belie ve,” “plan,” “will likely result,” “expect,” “intend,” “will continue,” “is anticipated,” “estimate,” “project,” “may,” “could,” “would,” “should” and similar expressions. These st atements are based on our current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements. These f orward-looking statements also may be affected by factors outside of our control including: economic and political conditions that impact consumer confidence and spending; impact of recently enacted tax reform; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of the North Italia and Flo wer Child restaurants and Social Monk Asian Kitchen; 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; the economic health of our landlords and other tenants in retail centers in which our restaura nts are located; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to us; adverse weather conditions in region s in which our restaurants are located; factors that are under the control of government agencies, landlords and other third parties; and the risk, costs and uncertainties a ssociated 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. 2

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

Current Environment – Consumer & Industry Trends 4

What Always “Consumers don't just want to eat, they want to experience something memorable.” – NPD Group Remains the Same “Superior service and ambiance grow guest counts for top performing restaurant brands.” – TDn2K “Food quality is the most important factor in selecting a restaurant to visit.” – Alix Partners 2018 Survey 5

What’s Evolving More Discerning Guests Retail Trends Need for Convenience Desire for Value – “Deal Economy” Power of Social Media Labor Force Trends & Availability 6

We Are Well-Positioned

The Cheesecake Factory - Global Footprint High quality, high profile locations worldwide Arabia (5) 8 International - Licensed Mexico: 4Middle East: 14China, Including Hong Kong: 3 y Mexico Toronto Company-Owned: 202 Monterre Guadalajara City (2) Beijing Shanghai Hong Kong Kuwait (3) Bahrain (1) Qatar Saudi(3) (2) UAE

The Cheesecake Factory - A Highly Differentiated Concept Service and 9 Ambiance, Hospitality Integrated Bakery Best-in-Class Operational Execution Breadth of Menu & Innovation

Breadth of Menu & Innovation are Key Competitive Advantages 250 Menu Items - Made Fresh, From Scratch 10

Dining With Us Is an Experience Ambiance, Service and Hospitality Drive Sales 11

Integrated Bakery – The “Cheesecake” Magic • Produces over 70 cheesecakes and other baked desserts Enables creativity, quality control Industry-Leading Dessert Sales 16% • and supply chain efficiencies 12

Cult Status & Strong Consumer Engagement A division of Vice Media LLC 5M+ fans 720K followers 370K followers Millions of Viewers 13

Broad Consumer Demographic and Appeal #2 Top Large Chain With a Moderate Average Check Highest Unit Volumes ($ in millions) $33 $10.7 $28 $27 $23 $23 $23 $22 $19 $17 $5.5 $5.2 $4.8 $3.6 $3.4 $3.0 $2.9 Maggianos Yard House BJ's Texas Olive Outback LongHorn Bonefish Carrabbas Yard House Maggianos Bonefish Carrabbas Outback LongHorn Olive TexasBJ's Roadhouse Garden Garden Roadhouse Source: Latest SEC filings and company presentations 14 $8.3$8.3 $16 #1 Food Quality

Leveraging This Differentiation in the Off-Premise Channel To Go Sales (% of Total Revenue) 14% 15% 13% 11% 9% 7% 5% on per ant 2013 2017 2018 New Takeout Packaging 15 12% 9%~$1.5 milli restaur

Increasing Unaided Awareness to Comparable Sales Growth Drive Attain Top of Mind Status 16

Capitalizing on the Power of the Brand Home® The Cheesecake Factory At 17

Best-in-Class Operational Execution Has Driven Our Success Guest Experience Efficiencies Cost Management Retention Labor Productivity Forecasting 18

Supported by Our Tenured Teams Who Execute Our Complex Concept Everyday Average Tenure by Position 30 years Senior VP of Operations Regional Vice Presidents 21 years “What we found is that food and beverage innovation is Area Directors of Operations 19 years table stakes; you need to do it, but it’s not sustainable,” The ironclad correlation with 17 years Area Kitchen Operations Managers success? “It was GM 12 years General Managers retention.” – Wally Doolin, TDn2K 13 years Executive Kitchen Managers 19

Being A Great Place to Work · • . FORTUNE fer D•ve•s•ty 2018 USA ·· • - kr Mtllerm a , 2018 USA " • . for Women BEST 2018 USA COMPANIES TO WORK FOR. 2019 =========== FromFORTUNE.@2019 Fcxti¥>9Mede/P ed. FORTUNE 100 BeslC«<J)ani?s toWork Fais a tradeff'l<lkof • 2Q Foll!neMedia IP Lhilec1 and15 ussd lllCfer fcenae. FORTUNE arxi FottuneMedaIP areTid <If/Sedwth, and oono/ erxiaseIJ'od.Jclsaservres ct. Licensee. Best Workplaces' Best Workplaces Best Workplaces·

We Raise the Bar Drives Best-in-class training Culture of fun Industry-Leading Retention • • • • • Recognition Commitment to our communities, charitable giving and a sustainable future Industry-leading benefits 21 21

Looking Ahead - Diversified Growth Drivers 222

The Cheesecake Factory – Returns-Focused Opportunity for 300 Domestic & Growth 8 - 10 Canadian Locations Over Time * Illustrative example of target returns for new restaurant openings. 23 Philadelphia Average Unit Economics* ($ millions) Sales $10.7 ~18% $8+ 20% - 25% EBITDA % Cash Capex Investment Cash-on-Cash Return

The Cheesecake Factory – Expanding International Licensed Presence • Continued expansion within current geographies Potential for additional geographies with current licensees Opportunity to add licensees and territories • • Shanghai 24 $0 Capital Expenditure +1¢ Per Restaurant in EPS, on Average

Diversifying Our Portfolio Across Upscale Casual, Experiential For Growth Culinary forward. First class hospitality. Concepts like no other. 25

North Italia – Significant Accretive Growth Opportunity Potential for 200 Domestic Locations Over Time * Illustrative example of target returns for new restaurant openings. 26 Average Unit Economics* ($ millions) Sales ~$7 ~18% - 20% $3 - $3.5 35%+ EBITDA % Cash Capex Investment Cash-on-Cash Return

The Future CAKE Multi-concept with segment, price point, occasion, real estate and labor model diversification • • Leveraging brand power, operational excellence, scale, supply estate development expertise chain and real Anticipated Unit Growth Roadmap Near-Term Longer-Term 27 Target Size (sq. ft.) 7,500 – 10,0005,000 - 6,500 $10.7 million~$7 million Average Unit Volume New Units/Year ~6~6 Top-Line Growth Contribution ~3%~2%

Levers to Rebuild Margins Leverage Bakery Technology & Projected Sales Growth Maintain flat restaurant margins International & CPG Flow Through Portfolio Management G&A Leverage Efficiencies, Pricing, Cost Management Labor & Other Inflationary Pressures +20 bps +30 bps + 30 bps +50 bps 28 Five Pillars

Balanced Capital Allocation Strategy to Create Value for Shareholders Dividend Growth & Maintenance Capex ~$275 million Operating Cash Flow (E) Share Repurchase Program 29

All Supports Our Long-Term Financial Objective 13% - 14% Total Return to Shareholders, on Average (EPS + Dividend) Revenue Growth ~6% - 7% Operating Margin Expansion ~25 bps Share Repurchases ~3% Dividend ~2% - 3% 30 Total Return to Shareholders (E)

CAKE 5-Year Plan 31 Top-Line Growth Drivers Comparable Sales Growth ~1% - 2% ~5% Unit Growth Total Expected Top-Line Growth 6% - 7% 2023E Financial Targets Revenues ~$3 billion 6%+ $4.50 15% Net Income Margin EPS ROIC

Track Record of Consistent Financial Performance factory -------------

Continuing to Outperform the Industry Comparable Sales - Historical 2-year Stack 2011 2012 2013 2014 2015 2016 2017 2018 1Q19 4.2% 4.1% 4.0% 3.8% 3.4% 3.3% 2.6% 2.0% 1.0% 1.0% 0.9% 0.8% 0.5% 0.4% (0.4)% (0.9)% (1.6)% (2.2)% Knapp-Track Index 33

Leveraged Sales and Managed Costs Profitability to Support Adjusted Earnings Per Share* $2.83 $2.43 $1.88 2010 2011 2012 2013 2014 2015 2016 2017 2018 *Please see Appendix for GAAP to non-GAAP reconciliations. 34 $2.37 $2.60 $2.10$1.97 $1.64 $1.42

Our Restaurants Generate Significant Cash Flow Free Cash Flow and Strong Balance Sheet Provide Significant Financial ($ millions) Flexibility $163 $158 $128 $120 $112 $107 2010 2011 2012 2013 2014 2015 2016 2017 2018 Free cash flow defined as cash flow from operations less capital expenditures/investments. Please see Appendix for GAAP to no n-GAAP reconciliations and for an explanation regarding an accounting reclassification for prior years. 35 $135 $100 $94

Effective Capital Allocation Supports Our Financial Objectives $1+ Billion in Share Repurchases Reducing WASO 3% Per Year Committed to Supporting ($ millions) the Dividend 60,446 46,215 $13 2010 2011 2012 2013 2014 2015 2016 Dividend 2017 WASO 2018 Capex / Investment Share Repurchases 36 $42 $27 $50 $36 $146 $184 $30 $56 $109 $123 $141 $172 $109 $101 $158 $154 $139 $128 $114 $106 $52 $86 $77 $42

Disciplined, Returns-Focused Growth Has Paid Off Return on Invested Capital (ROIC) 17% 14% 13% 2010 2011 2012 2013 2014 2015 2016 2017 2018 ROIC = NOPAT / Average invested capital NOPAT = Income from operations excluding non-recurring expenses (-) income tax provision Invested Capital = Total assets (-) current liabilities (-) cash and cash equivalents *Please see Appendix for GAAP to non-GAAP reconciliations. 37 15%15% 14% 15% 13% 12%

A Compelling Investment Opportunity Highly differentiated concepts delivering a unique guest experience Diversified growth drivers Sustained track record of consistent financial performance • • • • Robust cash flow to support growth and maximize shareholder value 38

Appendix

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 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 that the presentation of these items provides additional information facilitate the comparison of past and present financial results. to 40

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 2017 2018 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) - Deferred tax revaluation (5) Adjusted net income (non-GAAP) $ 81,713 $ 95,720 $ 98,423 $ 114,356 $ 101,276 $ 116,523 $ 139,494 $ 157,392 $ 99,035 - - 4,425 - - 928 (1,506) - - - 5,722 - - (419) - (337) 418 3,607 - - - - 68 6,206 - - - (38,525) 13,217 - - - - - - - - - - - - - - - - $ 86,138 $ 95,142 $ 103,726 $ 114,019 $ 101,694 $ 120,130 $ 139,562 $ 125,073 $ 112,252 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 - Deferred tax revaluation Adjusted diluted net income per share (non-GAAP) (6) $ 1.35 $ 1.64 $ 1.78 $ 2.10 $ 1.96 $ 2.30 $ 2.83 $ 3.27 $ 2.14 - - 0.02 (0.03) - - - 0.11 (0.01) - - - - 0.01 0.07 0.00 0.13 0.29 - - (0.01) - - - - - - - - - - - - - - - - (0.80) - - - - 0.07 - - $ 1.42 $ 1.64 $ 1.88 $ 2.10 $ 1.97 $ 2.37 $ 2.83 $ 2.60 $ 2.43 (1) The pre-tax amounts associated with these items in fiscal 2011, 2012, 2013, 2014, 2015, 2016, 2017 and 2018 were $1,547, $9, 536, $(561), $696, $6,011, $114, $10,343 and $17,861, 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) Fiscal 2017 includes a $38.5 million benefit to the income tax provision related to tax reform enacted in December 2017. (6) Adjusted diluted net income per share may not add due to rounding. 41

Non-GAAP Reconciliation The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in millions) Fiscal Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 Cash flow from operations (1) Capital expenditures / investments Free cash flow $ 170 42 $ 197 77 $ 198 86 $ 213 106 $ 249 114 $ 248 154 $ 316 158 $ 239 139 $ 291 128 $ 128 $ 120 $ 112 $ 107 $ 135 $ 94 $ 158 $ 100 $ 163 (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 and 2010 have been adjusted to conform to the current year presentation. 42

Non-GAAP Reconciliation The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in millions) Fiscal Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Operating income Impairment Less: Estimated income tax expense (1) Net operating profit after taxes (NOPAT) (2) Total assets Less: Current liabilities Less: Cash and cash equivalents Capital Invested (2) $ 73.7 26.5 16.5 $ 128.2 - 33.8 $ 133.5 1.5 35.0 $ 138.7 9.5 39.3 $ 161.0 (0.6) 43.1 $ 144.7 0.7 39.1 $ 165.2 6.0 46.1 $ 201.0 0.1 54.9 $ 152.8 10.4 30.7 $ 118.9 17.9 10.7 $ 83.7 $ 94.4 $ 100.0 $ 109.0 $ 117.2 $ 106.3 $ 125.2 $ 146.2 $ 132.5 $ 126.1 $ 1,046.8 200.5 73.7 $ 1,037.3 202.7 81.6 $ 1,022.6 223.2 48.2 $ 1,092.2 253.0 83.6 $ 1,124.1 264.2 61.8 $ 1,161.4 322.0 58.0 $ 1,233.3 350.2 43.9 $ 1,293.3 376.5 53.8 $ 1,333.1 398.0 6.0 $ 1,314.1 416.5 26.6 $ 772.6 $ 753.0 $ 751.1 $ 755.5 $ 798.1 $ 781.3 $ 839.3 $ 863.0 $ 929.1 $ 871.1 Average invested capital (3) $ 762.8 $ 752.0 $ 753.3 $ 776.8 $ 789.7 $ 810.3 $ 851.1 $ 896.0 $ 900.1 Return on invested capital (ROIC) (4) 12% 13% 14% 15% 13% 15% 17% 15% 14% (1) Effective tax rates for 2009 through 2018 were 16.5%, 26.4%, 25.9%, 26.5%, 26.9%, 26.9%, 26.9%, 27.3%, 18.8% and 7.8% respect ively. The 2017 effective tax rate excludes the one-time favorable benefit of the Tax Cuts and Jobs Act on our deferred taxes. May not add due to rounding Average invested capital = average of capital invested at the end of the period and capital invested twelve months prior ROIC = NOPAT / Average invested capital (2) (3) (4) 43