Exhibit 99.1

 

Texas Roadhouse, Inc. Announces Fourth Quarter 2017 Results

Increases Quarterly Dividend 19.0% to $0.25 per Share

 

LOUISVILLE, KY. (February 20, 2018) — Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 26, 2017.

 

 

 

Fourth Quarter

 

Year to Date

 

($000’s)

 

2017

 

2016

 

% Change

 

2017

 

2016

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

545,076

 

$

484,710

 

12.5

%

$

2,219,531

 

$

1,990,714

 

11.5

%

Income from operations

 

37,459

 

30,839

 

21.5

%

186,206

 

171,900

 

8.3

%

Net income

 

28,618

 

20,725

 

38.1

%

131,526

 

115,598

 

13.8

%

Diluted EPS

 

$

0.40

 

$

0.29

 

37.0

%

$

1.84

 

$

1.63

 

13.0

%

 

Results for the fourth quarter included the following highlights:

 

·                  Comparable restaurant sales increased 5.8% at company restaurants, including a positive impact of approximately 0.4% related to the calendar shift of the Christmas holiday, and 4.7% at domestic franchise restaurants;

·                  Diluted earnings per share increased 37.0% to $0.40 from $0.29 in the prior year primarily due to restaurant margin performance and a lower income tax rate;

·                  Restaurant margin dollars increased 11.9% to $92.2 million from $82.4 million in the prior year and restaurant margin, as a percentage of restaurant sales, decreased 11 basis points to 17.0%.  The decrease was primarily driven by labor inflation, partially offset by the benefit of lower food costs;

·                  Our income tax rate decreased to 19.8% from 28.8% in the prior year primarily due to the impact of new tax legislation enacted in the current quarter, which resulted in a $3.1 million reduction in income tax expense, or $0.04 per diluted share; and

·                  Seven company restaurants and two international franchise restaurants were opened.

 

Results for the year-to-date period included the following highlights:

 

·                  Comparable restaurant sales increased 4.5% at company restaurants and 4.2% at domestic franchise restaurants;

·                  Diluted earnings per share increased 13.0% to $1.84 from $1.63 in the prior year;

·                  Restaurant margin dollars increased 10.2% to $406.4 million from $368.9 million in the prior year and restaurant margin, as a percentage of restaurant sales, decreased 24 basis points to 18.4%, primarily driven by labor inflation, partially offset by the benefit of lower food costs;

·                  A pre-tax charge of $14.9 million ($9.2 million after-tax), or $0.13 per diluted share, was recorded in the first quarter of 2017, related to the settlement of a legal matter.  The impact of the legal charge was partially offset by a pre-tax charge recorded in 2016 of $7.3 million ($4.5 million after-tax), or $0.06 per diluted share, related to a separate legal matter;

·                  Our income tax rate decreased to 26.1% from 29.8% in the prior year primarily due to the impact of new accounting rules adopted in 2017 related to share-based compensation and the impact of new tax legislation, which combined resulted in a $6.5 million reduction in income tax expense, or $0.09 per diluted share; and

·                  27 company restaurants, including four Bubba’s 33, and five franchise restaurants, including four international, were opened.

 



 

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, “We delivered another strong year of results, with double digit revenue and diluted earnings per share growth for both the fourth quarter and full year.  We achieved our 32nd consecutive quarter of positive comparable restaurant sales growth with comparable restaurant sales growth of 5.8% for the quarter, driven by strong traffic gains.  In addition, our solid balance sheet and healthy cash flow allowed us to open 27 restaurants this year while returning $58.2 million of excess capital to shareholders through our dividend program.”

 

Taylor continued, “For 2018, our top-line momentum has continued with comparable restaurant sales growth of 4.7% during the first 55 days of the year.  In addition, our development pipeline is in great shape and we are on track to open approximately 30 company restaurants.”

 

2018 Outlook

 

Comparable restaurant sales at company restaurants for the first 55 days of our first quarter of fiscal 2018 increased approximately 4.7% compared to the prior year period, including a positive impact of approximately 0.2% related to the calendar shift of the New Year’s holiday.

 

Management updated the following expectations for 2018:

 

·                  An income tax rate of 15.0% to 16.0%; and

·                  Total capital expenditures of approximately $165.0 million to $175.0 million.

 

Management reiterated the following expectations for 2018:

 

·                  Positive comparable restaurant sales growth;

·                  Approximately 30 company restaurant openings, including up to seven Bubba’s 33 restaurants;

·                  Relatively flat food costs; and

·                  Mid-single digit labor inflation.

 

Cash Dividend Payment

 

On February 16, 2018, our Board of Directors authorized the payment of a quarterly cash dividend of $0.25 per share of common stock.  This payment, which will be distributed on March 29, 2018 to shareholders of record at the close of business on March 14, 2018, represents a 19.0% increase from the cash dividend of $0.21 per share of common stock declared during each quarter of 2017.  Since the inception of our dividend program in 2011, our cash dividend per share of common stock has increased an average of 17.6% per year.

 

Non-GAAP Measures

 

We prepare our consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”).  Within our press release, we make reference to restaurant margin (in dollars and as a percentage of sales).  Restaurant margin represents restaurant sales less restaurant-level operating costs, including cost of sales, labor, rent and other operating costs.  Restaurant margin should not be considered in isolation, or as an alternative, to income from operations.  This non-GAAP measure is not indicative of overall company performance and profitability in that this measure does not accrue directly to the benefit of shareholders due to the nature of the costs excluded.  Restaurant margin is widely regarded as a useful metric by which to evaluate restaurant-level operating efficiency and performance.  In calculating restaurant margin, we exclude certain non-restaurant-level costs that support operations, including pre-opening and general and administrative expenses, but

 



 

do not have a direct impact on restaurant-level operational efficiency and performance.  We also exclude depreciation and amortization expense, substantially all of which relates to restaurant-level assets, as it represents a non-cash charge for the investment in our restaurants.  We also exclude impairment and closure expense as we believe this provides a clearer perspective of ongoing operating performance and a more useful comparison to prior period results.  Restaurant margin as presented may not be comparable to other similarly titled measures of other companies in our industry.  A reconciliation of income from operations to restaurant margin is included in the accompanying financial tables.

 

Conference Call

 

Texas Roadhouse is hosting a conference call today, February 20, 2018 at 5:00 p.m. Eastern Time to discuss these results.  The dial-in number is (800) 239-9838 or (323) 794-2551 for international calls.  A replay of the call will be available for one week following the conference call.  To access the replay, please dial (844) 512-2921 or (412) 317-6671 for international calls, and use 9967049 as the pass code.  There will be a simultaneous Web cast conducted at www.texasroadhouse.com.

 

About the Company

 

Texas Roadhouse is a casual dining concept that first opened in 1993 and today has grown to over 550 restaurants system-wide in 49 states and seven foreign countries.  For more information, please visit the Company’s Web site at www.texasroadhouse.com.

 

Forward-looking Statements

 

Certain statements in this release that are not historical facts, including, without limitation, those relating to our anticipated financial performance, are forward-looking statements that involve risks and uncertainties.  Such statements are based upon the current beliefs and expectations of the management of Texas Roadhouse.  Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, the actual number of restaurants opening; the sales at these and our other company and franchise restaurants; changes in restaurant development or operating costs, such as food and labor; our ability to acquire franchise restaurants; our ability to integrate the franchise restaurants we acquire or other concepts we develop; our ability to continue to generate the necessary cash flows to fund our new restaurant growth, continue our share repurchase program and pay a quarterly cash dividend; strength of consumer spending; pending or future legal claims; breaches of security; conditions beyond our control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting our customers or food supplies; food safety and food-borne illness concerns; acts of war or terrorism and other factors disclosed from time to time in our filings with the U.S. Securities and Exchange Commission.  Investors should take such risks into account when making investment decisions.  Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.  We undertake no obligation to update any forward-looking statements.

 

# # #

 



 

Contacts:

 

Investor Relations

Tonya Robinson

(502) 515-7269

 

Media

Travis Doster

(502) 638-5457

 



 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

 

 

 

13 Weeks Ended

 

52 Weeks Ended

 

 

 

December 26,
2017

 

December 27,
2016

 

December 26,
2017

 

December 27,
2016

 

Revenue:

 

 

 

 

 

 

 

 

 

Restaurant sales

 

$

541,196

 

$

480,730

 

$

2,203,017

 

$

1,974,261

 

Franchise royalties and fees

 

3,880

 

3,980

 

16,514

 

16,453

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

545,076

 

484,710

 

2,219,531

 

1,990,714

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Restaurant operating costs (excluding depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

Cost of sales

 

175,688

 

162,638

 

721,550

 

669,203

 

Labor

 

173,258

 

147,395

 

687,545

 

590,256

 

Rent

 

11,569

 

10,103

 

44,807

 

40,580

 

Other operating

 

88,526

 

78,208

 

342,702

 

305,290

 

Pre-opening

 

4,972

 

5,294

 

19,274

 

19,547

 

Depreciation and amortization

 

24,263

 

22,246

 

93,499

 

82,964

 

Impairment and closure

 

641

 

125

 

654

 

179

 

General and administrative

 

28,700

 

27,862

 

123,294

 

110,795

 

 

 

 

 

 

 

 

 

 

 

Total costs and expenses

 

507,617

 

453,871

 

2,033,325

 

1,818,814

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

37,459

 

30,839

 

186,206

 

171,900

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

366

 

353

 

1,577

 

1,255

 

Equity income from investments in unconsolidated affiliates

 

(339

)

(280

)

(1,488

)

(1,111

)

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

37,432

 

30,766

 

186,117

 

171,756

 

Provision for income taxes

 

7,422

 

8,858

 

48,581

 

51,183

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

30,010

 

21,908

 

137,536

 

120,573

 

Less: Net income attributable to noncontrolling interests

 

1,392

 

1,183

 

6,010

 

4,975

 

Net income attributable to Texas Roadhouse, Inc. and subsidiaries

 

$

28,618

 

$

20,725

 

$

131,526

 

$

115,598

 

 

 

 

 

 

 

 

 

 

 

Net income per common share attributable to Texas Roadhouse, Inc. and subsidiaries:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.40

 

$

0.29

 

$

1.85

 

$

1.64

 

Diluted

 

$

0.40

 

$

0.29

 

$

1.84

 

$

1.63

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

71,138

 

70,569

 

70,989

 

70,396

 

Diluted

 

71,753

 

71,215

 

71,527

 

71,052

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

0.21

 

$

0.19

 

$

0.84

 

$

0.76

 

 



 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

 

December 26, 2017

 

December 27, 2016

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

150,918

 

$

112,944

 

Other current assets, net

 

106,163

 

87,315

 

Property and equipment, net

 

912,147

 

830,054

 

Goodwill

 

121,040

 

116,571

 

Intangible assets, net

 

2,700

 

3,622

 

Other assets

 

37,655

 

29,465

 

 

 

 

 

 

 

Total assets

 

$

1,330,623

 

$

1,179,971

 

 

 

 

 

 

 

Current maturities of long-term debt and obligation under capital lease

 

9

 

167

 

Other current liabilities

 

329,989

 

279,360

 

Long-term debt and obligation under capital lease, excluding current maturities

 

51,981

 

52,381

 

Other liabilities, net

 

97,253

 

89,821

 

Texas Roadhouse, Inc. and subsidiaries stockholders’ equity

 

839,079

 

750,226

 

Noncontrolling interests

 

12,312

 

8,016

 

 

 

 

 

 

 

Total liabilities and equity

 

$

1,330,623

 

$

1,179,971

 

 



 

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

52 Weeks Ended

 

 

 

December 26, 2017

 

December 27, 2016

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

Net income including noncontrolling interests

 

$

137,536

 

$

120,573

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

Depreciation and amortization

 

93,499

 

82,964

 

Share-based compensation expense

 

26,934

 

26,067

 

Other noncash adjustments, net

 

438

 

12,075

 

Change in working capital

 

27,966

 

15,386

 

Net cash provided by operating activities

 

286,373

 

257,065

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Capital expenditures - property and equipment

 

(161,628

)

(164,738

)

Acquisition of franchise restaurants, net of cash acquired

 

(16,528

)

 

Net cash used in investing activities

 

(178,156

)

(164,738

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Proceeds from revolving credit facility, net

 

 

25,000

 

Repurchase shares of common stock

 

 

(4,110

)

Dividends paid

 

(58,154

)

(52,054

)

Other financing activities, net

 

(12,089

)

(7,553

)

Net cash used in financing activities

 

(70,243

)

(38,717

)

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

37,974

 

53,610

 

Cash and cash equivalents - beginning of period

 

112,944

 

59,334

 

Cash and cash equivalents - end of period

 

$

150,918

 

$

112,944

 

 



 

Texas Roadhouse, Inc. and Subsidiaries

Reconciliation of Income from Operations to Restaurant Margin

(in thousands)

(unaudited)

 

 

 

13 Weeks Ended

 

52 Weeks Ended

 

 

 

December 26, 2017

 

December 27, 2016

 

December 26, 2017

 

December 27, 2016

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

$

37,459

 

$

30,839

 

$

186,206

 

$

171,900

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

Franchise royalties and fees

 

3,880

 

3,980

 

16,514

 

16,453

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

Pre-opening

 

4,972

 

5,294

 

19,274

 

19,547

 

Depreciation and amortization

 

24,263

 

22,246

 

93,499

 

82,964

 

Impairment and closure

 

641

 

125

 

654

 

179

 

General and administrative

 

28,700

 

27,862

 

123,294

 

110,795

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin

 

$

92,155

 

$

82,386

 

$

406,413

 

$

368,932

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin (as a percentage of restaurant sales)

 

17.0

%

17.1

%

18.4

%

18.7

%

 



 

Texas Roadhouse, Inc. and Subsidiaries

Supplemental Financial and Operating Information

($ amounts in thousands, except weekly sales by group)

(unaudited)

 

 

 

Fourth Quarter

 

Change

 

Year to Date

 

Change

 

 

 

2017

 

2016

 

vs LY

 

2017

 

2016

 

vs LY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant openings

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

 

7

 

5

 

2

 

23

 

21

 

2

 

Company - Bubba’s 33

 

0

 

4

 

(4

)

4

 

9

 

(5

)

Company - Other

 

0

 

0

 

0

 

0

 

0

 

0

 

Franchise - Texas Roadhouse - U.S.

 

0

 

0

 

0

 

1

 

1

 

0

 

Franchise - Texas Roadhouse - International

 

2

 

1

 

1

 

4

 

3

 

1

 

Total

 

9

 

10

 

(1

)

32

 

34

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant acquisitions/dispositions

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

 

0

 

0

 

0

 

4

 

0

 

4

 

Company - Bubba’s 33

 

0

 

0

 

0

 

0

 

0

 

0

 

Company - Other

 

0

 

0

 

0

 

0

 

0

 

0

 

Franchise - Texas Roadhouse

 

0

 

0

 

0

 

(4

)

0

 

(4

)

Total

 

0

 

0

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants open at the end of the quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

Company - Texas Roadhouse

 

440

 

413

 

27

 

 

 

 

 

 

 

Company - Bubba’s 33

 

20

 

16

 

4

 

 

 

 

 

 

 

Company - Other

 

2

 

2

 

0

 

 

 

 

 

 

 

Franchise - Texas Roadhouse - U.S.

 

70

 

73

 

(3

)

 

 

 

 

 

 

Franchise - Texas Roadhouse - International

 

17

 

13

 

4

 

 

 

 

 

 

 

Total

 

549

 

517

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company restaurants

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant sales

 

$

541,196

 

$

480,730

 

12.6

%

$

2,203,017

 

$

1,974,261

 

11.6

%

Store weeks

 

5,950

 

5,544

 

7.3

%

23,274

 

21,583

 

7.8

%

Comparable restaurant sales growth (1)

 

5.8

%

1.2

%

 

 

4.5

%

3.5

%

 

 

Texas Roadhouse restaurants only:

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurant sales growth (1)

 

5.9

%

1.3

%

 

 

4.5

%

3.6

%

 

 

Average unit volume (2)

 

$

1,193

 

$

1,134

 

5.2

%

$

4,973

 

$

4,805

 

3.5

%

Weekly sales by group:

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurants (401 units)

 

$

92,330

 

 

 

 

 

 

 

 

 

 

 

Average unit volume restaurants (22 units) (3)

 

$

81,165

 

 

 

 

 

 

 

 

 

 

 

Restaurants less than 6 months old (17 units)

 

$

90,504

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant operating costs (as a % of restaurant sales)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

32.5

%

33.8

%

(137

)bps

32.8

%

33.9

%

(114

)bps

Labor

 

32.0

%

30.7

%

135

bps

31.2

%

29.9

%

131

bps

Rent

 

2.1

%

2.1

%

4

bps

2.0

%

2.1

%

(2

)bps

Other operating

 

16.4

%

16.3

%

9

bps

15.6

%

15.5

%

9

bps

Total

 

83.0

%

82.9

%

11

bps

81.6

%

81.3

%

24

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin

 

17.0

%

17.1

%

(11

)bps

18.4

%

18.7

%

(24

)bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin ($ in thousands)

 

$

92,155

 

$

82,386

 

11.9

%

$

406,413

 

$

368,932

 

10.2

%

Restaurant margin $/Store week

 

$

15,488

 

$

14,862

 

4.2

%

$

17,462

 

$

17,094

 

2.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise restaurants

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise royalties and fees

 

$

3,880

 

$

3,980

 

(2.5

)%

$

16,514

 

$

16,453

 

0.4

%

Store weeks

 

1,117

 

1,108

 

0.9

%

4,381

 

4,360

 

0.5

%

Comparable restaurant sales growth (1)

 

2.9

%

0.8

%

 

 

2.9

%

2.0

%

 

 

U.S. franchise restaurants only:

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable restaurant sales growth (1)

 

4.7

%

2.0

%

 

 

4.2

%

3.3

%

 

 

Average unit volume (2)

 

$

1,224

 

$

1,158

 

5.7

%

$

5,076

 

$

4,878

 

4.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-opening expense

 

$

4,972

 

$

5,294

 

(6.1

)%

$

19,274

 

$

19,547

 

(1.4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

24,263

 

$

22,246

 

9.1

%

$

93,499

 

$

82,964

 

12.7

%

As a % of revenue

 

4.5

%

4.6

%

(14

)bp

4.2

%

4.2

%

5

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

$

28,700

 

$

27,862

 

3.0

%

$

123,294

 

$

110,795

 

11.3

%

As a % of revenue

 

5.3

%

5.7

%

(48

)bps

5.6

%

5.6

%

(1

)bps

 


(1)  Comparable restaurant sales growth reflects the change in year-over-year sales for restaurants open a full 18 months before the beginning of the period measured, excluding sales from restaurants closed during the period.

(2)  Average unit volume includes sales from Texas Roadhouse restaurants open for a full six months before the beginning of the period measured, excluding any sales at restaurants closed during the period.

(3)  Average unit volume restaurants include restaurants open a full six and up to 18 months before the beginning of the period measured.

 

Amounts may not foot due to rounding.

 


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