Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2025	Jun. 25, 2024
Cash flows from operating activities:
Net income including noncontrolling interests	$ 242,752	$ 239,065
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	99,544	84,408
Deferred income taxes	(6,467)	(4,254)
Loss on disposition of assets	3,475	1,646
Impairment and closure costs	39	26
Equity income from investments in unconsolidated affiliates	(1,651)	(543)
Distributions of income received from investments in unconsolidated affiliates	605	541
Provision for doubtful accounts	4	(8)
Share-based compensation expense	23,249	18,378
Changes in operating working capital, net of acquisitions:
Receivables	128,182	106,883
Inventories	(4,029)	(2,879)
Prepaid expenses and other current assets	5,452	9,138
Other assets	(21,682)	(10,377)
Accounts payable	1,323	11,293
Deferred revenue-gift cards	(125,806)	(123,428)
Accrued wages	(10,162)	16,858
Prepaid income taxes and income taxes payable	(6,622)	9,220
Accrued taxes and licenses	(7,231)	3,338
Other accrued liabilities	13,870	(3,540)
Operating lease right-of-use assets and lease liabilities	4,226	3,515
Other liabilities	26,909	18,067
Net cash provided by operating activities	365,980	377,347
Cash flows from investing activities:
Capital expenditures-property and equipment	(169,912)	(155,478)
Acquisitions of franchise restaurants, net of cash acquired	(93,878)	0
Proceeds from sale of investments in unconsolidated affiliates	1,321	0
Proceeds from sale of property and equipment	135	197
Proceeds from sale leaseback transactions	2,807	9,126
Net cash used in investing activities	(259,527)	(146,155)
Cash flows from financing activities:
Debt issuance costs	(1,525)	0
Distributions to noncontrolling interest holders	(4,953)	(5,625)
Acquisitions of noncontrolling interests	0	(5,279)
Proceeds from restricted stock and other deposits, net	390	397
Indirect repurchase of shares for minimum tax withholdings	(18,083)	(10,829)
Repurchase of shares of common stock, including excise taxes as applicable	(60,414)	(35,139)
Dividends paid to shareholders	(90,292)	(81,509)
Net cash used in financing activities	(174,877)	(137,984)
Net (decrease) increase in cash and cash equivalents	(68,424)	93,208
Cash and cash equivalents-beginning of period	245,225	104,246
Cash and cash equivalents-end of period	176,801	197,454
Supplemental disclosures of cash flow information:
Interest paid	447	454
Income taxes paid	54,936	35,768
Capital expenditures included in current liabilities	$ 45,186	$ 35,565

Texas Roadhouse, Inc. 10-Q