The Cheesecake Factory Incorporated

Thank you. I would now like to turn the conference over to Etienne Marcus, Vice President of Finance and Investor Relations. You may begin.

Good afternoon and welcome to our fourth quarter fiscal 2024 earnings call. On the call with me today are David Overton, our Chairman and Chief Executive Officer, David Gordon, our President, and Matt Clark, our Executive Vice President and Chief Financial Officer. Before we begin, let me quickly remind you that during this call, items will be discussed that are not based on historical fact and are considered forward-looking statements within the meeting of the Private Securities Litigation Reform Act of 1995. Actual results could be materially different from those stated or implied in forward-looking statements as a result of the factors detailed in today's press release, which is available on our website at investors.thecheesecakefactory.com and in our filings with the Securities and Exchange Commission. All forward looking statements made on this call speak only as of today's date and the company undertakes no duty to update any forward looking statements. In addition, during this conference call we will be presenting results on an adjusted basis which exclude impairment of assets and lease terminations and acquisition related expenses. An explanation of our use of non gap financial measures and reconciliations to the most directly comparable gap measures appear in our press release on our website as previously described. David Overton will begin today's call with some opening remarks, and David Gordon will provide an operational update. Matt will then review our fourth quarter financial results and provide commentary on our financial outlook before opening the call up to questions. With that, I'll turn the call over to David Overton.

Thank you, Etienne. Before I begin, I'd like to take a moment to acknowledge the recent devastating wildfires in the Los Angeles area and extend our deepest sympathies to all those affected. These events highlight the dedication of our firefighters and first responders who work tirelessly to protect our communities, and we are very grateful for their service. Now, turning to our results. We ended the year on a high note, once again delivering consistent and dependable results with the Cheesecake Factory restaurant comparable sales and traffic outperforming the industry, leading to fourth quarter revenues, earnings, and unit development exceeding our guidance. In fact, in 2024, we generated record high annual revenues and adjusted earnings per share, while also opening more new restaurants in a single year than ever before in our company's history. As I've said before, our performance is a reflection of our steadfast focus on menu innovation, maintaining the contemporary design and decor of our restaurants, and delivering exceptional food quality, service, and hospitality. To this point, we are in the midst of rolling out our latest menu, which features more than 20 new items across a broad range of contemporary cuisines, categories, and price points. The menu has been well received by our guests with positive feedback highlighting the variety and the quality of our new offerings. Our ongoing menu innovation drives a high degree of relevance without the need for discounting, and we believe coupled with our best in class operators will continue to set us apart in the competitive landscape. Turning to development, we opened nine restaurants in the fourth quarter to strong consumer demand, including two Cheesecake Factories, three North Italia's, two Flower Child, and two FRC restaurants. Subsequent to quarter end, we opened five restaurants, including a North Italia, two Flower Child, and two FRC restaurants. And we expect to open as many as three more restaurants in the coming weeks for a total of eight new openings in the first quarter. We're looking to build on our development momentum, and we now expect to open as many as 25 new restaurants in 2025. Additionally, we anticipate as many as two Cheesecake Factory restaurants to open internationally under licensing agreements. In closing, consumer demand for the distinct high-quality dining experiences we provide our guests across our experiential concepts reinforces our confidence in the long-term growth potential of our portfolio. And our results demonstrate the power of our larger platform provides reinforcing our confidence in our strategy to drive sustainable growth and value going forward. With that, I'll now turn the call over to David Gordon to provide an operational update.