1.What are the revenue growth rates, gross profit %, net income %, current ratio, and inventory turnover?
- what company is doing better?
Total liabilities and shareholders' equity $2,725,066 $ 2,527,317 6 of 6 CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year ended December 31, 2019 2018 2017 Operating activities Net income $ 475,602 $ 445,374 $ 327,438 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 130,368 110,474 96,054 Deferred income tax (benefit) provision 11,666 (20,671) 2,103 Loss on disposal of assets 13,194 6,976 6,751 Bad debt allowance (23) 19 Stock-based compensation expense 57,911 96,440 63,657 Excess tax benefit on stock-based compensation (74,442) (21,667) (38,379) Other 582 104 507 Changes in operating assets and liabilities: Accounts receivable (3,504) (10,966) (7,238) Inventory 262 (2,307) (1,950) Prepaid expenses and other current assets (5,259) (658) (6,806) Other assets (5,619) 1,071 (1,354) Accounts payable 19.525 2,168 2,052 Accrued liabilities (7,440) 35,019 12,020 Income tax payable/receivable 32,756 8,831 44,334 Deferred rent 32,911 27,025 25,715 Other long-term liabilities 4,826 4,845 3,857 Net cash provided by operating activities 683,316 682,067 528,780 Investing activities Purchases of leasehold improvements, property and equipment (257,418) (252,590) (199,926) Purchases of investments (559,372) (521,004) (387,639) Maturities of investments 352,650 254,750 159,250 Net cash used in investing activities (464,140) (518,844) (428,315) Financing activities Acquisition of treasury stock (460,675) (88,338) (138,903) Excess tax benefit on stock-based compensation 74,442 21,667 38,379 Stock plan transactions and other financing activities (207) (66) 173 Net cash used in financing activities (386,440) (66,737) (100,351) Effect of exchange rate changes on cash and cash equivalents (4,196) (224) 536 Net change in cash and cash equivalents (171,460) 96,262 650 Cash and cash equivalents at beginning of year 419,465 323,203 322,553 Cash and cash equivalents at end of year $ 248,005 $ 419,465 $ 323,203CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year ended December 31, 2019 2018 2017 Operating activities Net income $ 350,158 $ 176,553 $ 176,253 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 212,778 201,979 163,348 Amortization of operating lease assets 163,952 Deferred income tax (benefit) provision 29.962 10,585 (18,026) Impairment, closure costs, and asset disposals 15,402 61,987 13,345 Bad debt allowance 33 125 214 Stock-based compensation expense 91,396 69.164 65,255 Other (10,592) (2,918) (218) Changes in operating assets and liabilities: Accounts receivable (2,630) (8,298) (140) Inventory (4,530) (1,722) (5,250) Prepaid expenses and other current assets (23,066) (3,811) (6,710) Other assets 2,818 (2,005) (1,476) Accounts payable (973) 32,080 10,908 Accrued payroll and benefits 11,759 29,568 6,188 Accrued liabilities 36.543 14.831 28,179 Unearned revenue 30,400 6.829 4,207 Income tax payable/receivable (32,083) 14,439 (4,173) Deferred rent 21,297 29,996 Operating lease liabilities (151,557) Other long-term liabilities 1.862 869 6,316 Net cash provided by operating activities 721,632 621,552 468,216 Investing activities Purchases of leasehold improvements, property and equipment (333,912) (287,390) (216,777) Purchases of investments (448,754) (485,188) (199,801) Maturities of investments 476,723 385,000 330,000 Proceeds from sale of equipment 13,969 Net cash used in investing activities (291,974) (387,578) (86,578) Financing activities Acquisition of treasury stock (190,617) (160,937) (285,218) Tax withholding on stock-based compensation awards (10,420) (5,411) (702) Stock plan transactions and other financing activities (698) (187) Net cash used in financing activities (201,735) (166,535) (285,894) Effect of exchange rate changes on cash, cash equivalents and restricted cash 406 (1,457) 2,056 Net change in cash, cash equivalents, and restricted cash 228,329 65,982 97,800 Cash, cash equivalents, and restricted cash at beginning of period 280,152 214.170 116,370 Cash, cash equivalents, and restricted cash at end of period $ 508,481 $ 280.152 $ 214,170Financial Information for Company #1 CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) Year ended December 31, 2019 2018 2017 Revenue $5,586,369 $4,864,985 $4,476,412 Restaurant operating costs (exclusive of depreciation and amortization shown separately below): Food, beverage and packaging 1,847,916 1,600,760 1,535,428 Labor 1,472,060 1,326,079 1,205,992 Occupancy 363,072 347,123 327,132 Other operating costs 760,831 680,031 651,644 General and administrative expenses 451.552 375,460 296,388 Depreciation and amortization 212,778 201,979 163,348 Pre-opening costs 11,108 8,546 12,341 Impairment, closure costs, and asset disposals 23,094 66,639 13,345 Total operating expenses 5,142,411 4,606,617 4,205,618 Income from operations 443,958 258,368 270,794 Interest and other income, net 14,327 10,068 4,949 Income before income taxes 458,285 268,436 275,743 Provision for income taxes (108,127) (91,883) (99,490) Net income 350,158 $ 176,553 $ 176,253 Restaurant Activity The following table details restaurant unit data for the years indicated. Year ended December 31, 2019 2018 2017 Beginning of period 2,491 2,408 2,250 Openings 140 137 183 closures (7) (43) (8) elocations (2) (5) (2) closures - (5) closures (1) closures (15) Total restaurants at end of period 2,622 2,491 2,408 Revenue Year ended December 31, Percentage change 2019 2018 2017 2019/2018 2018/2017 dollars In millions) Revenue $5,586.4 $4,865.0 $4,476.4 14.8% 8.7% Average restaurant sales S 2.2 S 2.0 $ 1.9 10.8% 3.3% Comparable restaurant sales increases 11.1% 4.0% 6.4%Financial Information for Company #2 CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) Year ended December 31, 2019 2018 2017 Revenue $ 4,501,223 $ 4,108,269 $3,214,591 Restaurant operating costs (exclusive of depreciation and amortization shown separately below): Food, beverage and packaging 1,503,835 1,420,994 1,073,514 Labor 1,045,726 904,407 739,800 Occupancy 262,412 230,868 199,107 Other operating costs 514,963 434,244 347,401 General and administrative expenses 250,214 273,897 203,733 Depreciation and amortization 130,368 110,474 96,054 Pre-opening costs 16,922 15,609 15,511 Loss on disposal of assets 13.194 6,976 6,751 Total operating expenses 3,737,634 3,397,469 2,681,871 Income from operations 763,589 710,800 532,720 Interest and other income (expense), net 6,278 3,503 1,751 Income before income taxes 769,867 714,303 534,471 Provision for income taxes (294,265) (268,929) (207,033) Net income $ 475,602 $ 445,374 $ 327,438 Revenue Year ended December 31, Percentage change 2019 2018 2017 2019/2018 2018/2017 dollars In millions Revenue $4,501.2 $4,108.3 $3,214.6 9.6% 27.8% Average restaurant sales $ 2.424 $ 2.472 $ 2.169 (1.9%) 14.0% Comparable restaurant sales increases 0.2% 16.8% 5.6% Number of restaurants as of the end of the period 2,010 1,783 1,595 12.7% 11.8% Number of restaurants opened in the period, net of relocations 227 188 185CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) December 31, 2019 2018 Assets Current assets: Cash and cash equivalents $ 248,005 $ 419,465 Accounts receivable, net of allowance for doubtful accounts of $1,176 and $1,199 as of December 31, 2015 and December 31, 2014, respectively 38,283 34,839 Inventory 15,043 15,332 Prepaid expenses and other current assets 39,965 34,795 Income tax receivable 58,152 16,488 Investments 415,199 338,592 Total current assets 814,647 859,511 Leasehold improvements, property and equipment, net 1,217,220 1,106,984 Long term investments 622,939 496,106 Other assets 48,321 42,777 Goodwill 21,939 21,939 Total assets $2,725,066 $ 2,527,317 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 85,709 $ 69,613 Accrued payroll and benefits 64,958 73,894 Accrued liabilities 129,275 102,203 Total current liabilities 279,942 245,710 Deferred rent 251,962 219,414 Deferred income tax liability 32,305 21,561 Other liabilities 32,883 28,263 Total liabilities 597,092 514,948 Shareholders' equity: Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of December 31, 2015 and December 31, 2014, respectively Common stock $0.01 par value, 230,000 shares authorized, and 35,790 and 35,394 shares issued as of December 31, 2015 and December 31, 2014, respectively 358 354 Additional paid-in capital 1,172,628 1,038,932 Treasury stock, at cost, 5,206 and 4,367 common shares at December 31, 2015 and December 31, 2014, respectively (1,234,612) (748,759) Accumulated other comprehensive income (loss) (8,273) (429) Retained earnings 2,197,873 1,722,271 Total shareholders' equity 2,127,974 2,012,369 Total liabilities and shareholders' equity $2,725,066 $ 2,527,317Comparable restaurant sales increases 11.1% 4.0% 6.4% CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) December 31, 2019 2018 Assets Current assets: Cash and cash equivalents $ 480,626 $ 249,953 Accounts receivable, net 80,545 62,312 Inventory 26,096 21,555 Prepaid expenses and other current assets 57,076 54,129 Income tax receivable 27,705 Investments 400,156 426,845 Total current assets 1,072,204 814,794 Leasehold improvements, property and equipment, net 1,458,690 1,379,254 Restricted cash 27,855 30,199 Operating lease assets 2,505,466 Other assets 18,450 19,332 Goodwill 21.939 21,939 Total assets $ 5,104,604 $ 2,265,518 Liabilities and shareholders' equity Current liabilities: Accounts payable S 115,816 $ 113,071 Accrued payroll and benefits 126,600 113,467 Accrued liabilities 155,843 147,849 Unearned revenue 95,195 70,474 Current operating lease liabilities 173,139 Income tax payable 5,129 Total current liabilities 666,593 449,990 Commitments and contingencies (Note 13) Deferred rent 330,985 Long-term operating lease liabilities 2,678,374 Deferred income tax liabilities 37,814 11,566 Other liabilities 38,797 31,638 Total liabilities 3,421,578 824,179 Shareholders' equity: Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of December 31, 2019 and 2018, respectively Common stock, $0.01 par value, 230,000 shares authorized, 36,323 and 35,973 shares issued as of December 31, 2019 and 2018, respectively 363 360 Additional paid-in capital 1,465,697 1,374,154 Treasury stock, at cost, 8,568 and 8,276 common shares as of December 31, 2019 and 2018, respectively (2,699,119) (2,500,556) Accumulated other comprehensive loss (5,363) (6,236) Retained earnings 2,921,448 2,573,617 Total shareholders' equity 1,683,026 1,441,339 Total liabilities and shareholders' equity $ 5,104,604 $ 2,265,518
