#1heesecake Factory Investor Presentation August 2, 2023#2Safe Harbor Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This includes, without limitation, financial guidance and projections, including underlying assumptions, and statements with respect to expectations of the Company's future financial condition, results of operations, cash flows, plans, targets, goals, objectives, performance, growth potential, engines and opportunities and expected growth rates; industry-leading comparable sales growth, retention and competitive position; quality control and supply chain efficiencies; operational execution and retention; annualized average unit volume; the Company's differentiation and strong foothold in the off-premise channel; statements from the Company's corporate social responsibility report; the opportunity for additional domestic and foreign locations and licensees and territories; target returns for new restaurant openings; international expansion; North Italia and Fox Restaurant Concepts ("FRC") as growth drivers and FRC as an incubation engine; anticipated unit growth roadmap; and unit growth rates. 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 various factors including: economic, public health and political conditions that impact consumer confidence and spending, including rising interest rates, periods of heightened inflation and market instability, and armed conflicts; supply chain disruptions; demonstrations, political unrest, potential damage to or closure of our restaurants and potential reputational damage to us or any of our brands; pandemics and related containment measures, including the potential for quarantines or restriction on in-person dining; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of North Italia and the FRC 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; increases in minimum wages and benefit costs; the economic health of our landlords and other tenants in retail centers in which our restaurants are located, and our ability to successfully manage our lease arrangements with landlords; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to us; the timing of our new unit development; compliance with debt covenants; strategic capital allocation decisions including with respect to share repurchases or dividends; the ability to achieve projected financial results; the resolution of uncertain tax positions with the Internal Revenue Service and the impact of tax reform legislation; changes in laws impacting our business; adverse weather conditions in regions in which our restaurants are located; factors that are under the control of government agencies, landlords and other third parties; the risks, 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. Cheesecake Factory 2#3● ● ● Investment Highlights Experiential dining category leader with diversified growth engines Leveraging the Company's differentiation and strong foothold in the off-premise channel to support the business in the on-going dynamic environment Best-in-class operational execution and industry-leading retention Significant and accelerating growth opportunities driving one of the highest expected growth rates in the casual dining industry heesecake Factory. 3#4The Cheesecake Factory - Global Footprint Opportunity for 300 Domestic Locations Over Time & Continued International Expansion VR Toronto Company-Owned: 211 (Including Toronto, Canada) Th Guadalajara Monterrey Mexico City (5) Saudi Arabia (4) Kuwait (3) Bahrain (1) Qatar (3) UAE (6) Beijing Shanghai (3) Macau Hong Kong International - Licensed: 30 High quality, high profile locations worldwide heesecake Factory. 4#5NORTH 176414 ● Potential for 200 domestic locations over time • 33 locations in 13 states & Washington D.C. All dishes handmade from scratch daily ● • Unique menu items tailored to local markets ● Filling White Space for an On-Trend, Contemporary Italian Offering NORTH ITALIA 2Q23 Comp Sales (vs. 2Q22): 8% 2Q23 Comp Sales (vs. 2Q19): 30% ● Serving lunch, dinner, weekend brunch & weekday happy hour • Average check: ~$30-$40 • ~25% alcohol mix NORTH NORTH ITALIA 2 COCOR heesecake Factory. TOSH det#6Fox Restaurant Concepts (FRC) Expected to Serve as an Incubation Engine Innovating Concepts of the Future Potential Growth BLANCO FLOWER CHILD COCINA HEALTHY FOOD FOR A HAPPY WORLD BUTCHER QUALITY FOOD & PREMIUM DRINKS DOUGHBIRD PIZZA + CHICKEN ARROGANTE HENRY THE CREATEST NEIGHBORHOOD RESTAURAN CANTINA Olive & ivy RESTAURANT MARKETPLACE Boutique Brands * CULINARY DROPOUT FAMOUS PIZZA FLY BYE CRISPY CHICKEN Zin The Greene House Inspired California Cuisine bur ger Pushing Daisies W OR wildflower AMERICAN CUISINE 68 Total FRC Locations Across the U.S. FLOWER CHILD HEALTHY FOOD FOR A HAPPY WORLD MUST BE TOOL PLAY ON HAPPY PARKING P heesecake Factory. 6#7Accelerating Unit Growth Across Concepts AS MANY AS 20 NEW UNITS PLANNED FOR 2023 New Restaurants Opened in 2023 ARCHIT TOEA BAPPY WORLD NORTH 29bu FLOWER CHILD Flower Child Tucson, AZ 14 New Restaurants Opened in 2021 NORTH d' 200 Doughbird Nashville, TN wara Yathart 2 The Cheesecake Factory locations 6 North Italia locations 3 Blanco locations 2 Flower Child locations 1 The Culinary Dropout location RESTAURAN DOUGHBIRD PIZZA + CHICKEN Doughbird Tucson, AZ co The Cheesecake Factory South Beach, FL 13 New Restaurants Opened in 2022 NATO: 200EEGA M OWER CHILD FLYBYE THE HENRY THE CREATEST NEIGHBORHOOD RESTAURANT 74 7 HENRY HENRY HENRY The Henry Miami, FL 3 The Cheesecake Factory locations 4 North Italia locations 3 Flower Child locations 2 Fly Bye locations 1 Pushing Daisies location NORTH A NORTHAM#8AL heesecake Factory#9An Experiential Dining Category Leader Integrated Bakery Food Breadth of Menu & Innovation 235 Items Made Fresh, From Scratch Integrated Bakery Innovative, High-Quality Cheesecakes and Other Baked Dessert Items Service & Ambiance Best-in-Class Service, Hospitality and Operational Execution#10Integrated Bakery - The "Cheesecake" Magic Industry-Leading Dessert Sales Produces over 60 cheesecakes and other baked desserts FY 2019* 16% * Percent of total sales FY 2022* 17% ● Enables creativity, quality control and supply chain efficiencies. heesecake Factory. 10#11Best-in-Class Operational Execution and Industry-Leading Retention Average Tenure by Position* Senior VP of Operations Regional Vice Presidents Area Directors of Operations Area Kitchen Operations Managers General Managers Executive Kitchen Managers 33 years 25 years 22 years 21 years 12 years 11 years "We found that food and beverage innovation is table stakes; you need to do it, but it's not sustainable. The ironclad correlation with success? It was GM retention." - Wally Doolin, Black Box Intelligence** 10th CONSECUTIVE YEAR FORTUNE Recognized as a best workplace for diversity, millennials and women FORTUNE 2022 People COMPANIES 100 BEST CARE BEST COMPANIES TO WORK FOR® 2023 FOR MILLENNIALS™ 2023 *Tenure data as of latest published 10-K; **Restaurant Business, May 2018 PEOPLE Companies That Care seal is a registered trademark of Meredith and is used under license. From Fortune ©2023 Fortune Media IP Limited. All rights reserved. Used under license. Fortune and Fortune 100 Best Companies to Work For are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, The Cheesecake Factory Incorporated. heesecake Factory. 11#12Cult Status & Strong Consumer Engagement Investigating the NBA's Obsession With The Cheesecake Factory We surveyed NBA players about the strange cult fanaticism America's no.1-ranked casual-dining chain inspires-and why the brown bread remains the G.O.A.T There's a New Cheesecake Factory in DC, and the White House Press Corps Is Psyched "TODAY'S THE FREAKING DAY," tweeted one reporter on opening day. BuzzFeed 24 Cheesecake Factory Jokes That Are Almost As Good As The Brown Bread "The Cheesecake Factory menu is the same size as the Bible and has about the same cultural significance." f 5M fans x 350K followers 1M+ followers 우 325K followers NBC FOX abc Note: Statistics as of July 25, 2023 Millions of Viewers Themed filters reaching 5M+ users Adam Rippon @AdamRippon Halfway through this book and can't put it down Post Appetizers ANTO Kaip pat de Ca PRITZEL SITES WITH CHEDDAK CHEESE FOND Red and Chade Chand Whe FRD MACARON AND CHE Med Chine SOUTHERN FREDY EROL SAMPLER and Che Bad S SWEET CORN TAMALE CAKES 10 14.11 Tipped M HOT SPINACH AND CHEESE DP 170 ww of rady. KEN BEHEES 12992 101 Chicken and th Garde de Copende Dal 16.30 that th La Pudin HAMMARE 2520 2610 p REALO BASTS 6 Che D Che Cathe 100 CEWRAPS 1735 Leto The That Sonder at Kad Chill and T P230-480 cair 400-500 al 7551695 de, t Sind me information de prent Ch 1:58 PM - Sep 24, 2022. Twitter for iPhone 12.9K Retweets 744 Quote Tweets 197.2K Likes APPETIZER SALA how Ch Town GREEN A SALADE TheCHAR Appetizers Gled Shringa dal 160 GREEK ACTORY CHOPED AL MLAR Feb 15, 2017 Written by: Josh Martin Get Chea ADDITIONS 335 Giled Cider C G 220 kad 200 23 14.30 at a CHEESE 1000 Me FLATBREAD PIZZ 10.35 and Tomato S MARGHERITA 760cal 11.30 PM, Boud and ma PEPPERONI 1110 LMS 7 2.000 days wed for altri a Anal atrition in po Karen Howell @karenehowell Very cool to include the Cheesecake Factory menu in this special ceremony. Capitol Hill 11:29 AM 8:43 AM 1/20/21. Twitter for iPhone 12.9K Retweets 1,104 Quote Tweets 155K Likes ... heesecake Factory 12#13Broad Consumer Demographic and Appeal 6 Nation's Restaurant News CONSUMER PICKS 2020 $12.1 #1 Quality #2 Service #3 Ambiance $8.1 $7.0 Highest Unit Volumes ($ in millions) heesecake Maggiano's Texas Factory Roadhouse $6.0 $5.5 BJ's $4.7 $3.9 Restaurant News CONSUMER PICKS 2021 ✔ Rated #1 Full-Service Chain for Food Quality $3.4 $3.2 $3.2 Olive Long Horn Outback Carrabba's Chili's Bonefish Garden $35 Yard House With a Moderate Average Check $33 $29 $29 $27 The Harris Poll 2020 EquiTrend Brand of the Year Casual Dining Source: Latest SEC 10-K filings and company presentations; Average check for The Cheesecake Factory defined as on-premise average check. $26 $24 I Bonefish Maggiano's heesecake Outback Long Horn Carraba's Factory $23 $21 $20 Olive Texas Garden Roadhouse BJ's $16 Chili's heesecake Factory. 13#149% FY13 Leveraging This Differentiation in the Off-Premise Channel Off-Premise Sales (% of Total Revenue) 12% 14% FY17 FY18 FY19 Melody 43% 16% -$2.7 million per restaurant (annualized based on 2Q23*) 25% 23% 22% FY20 32% Reflecting COVID-19 dining restrictions FY21 FY22 1Q23 gecale Factor 2Q23 heesecake Factory *Annual unit volume equivalent based on total system restaurant average weekly sales Checheescalefactors.com fry 4 Upgraded Takeout Packaging me SOWE M LOCATIONS FTCARDS CARERS SESERVATIONS G Eat the Food You Love™ Have Your Cheesecake and Ice Cream Too 944 besecake Factory 78 Q & B DOORDASH Your favorite restaurants, delivered Customize your order Fresh Strawberry CHEESECAKE&DESENTOPTIONS PREFERENCES was BL Real-time tracking Dasher Approaching Geesecal Factor Cheesecake Factory 14#1510:42 ← pm IS Hayworth Ave Make a Reservation The Cheesecake Factory Table for 2, Thu, Apr 21 at 7:00 pm Edit Fairfax Ave S Fairfax Ave Google Further Leaning in to Convenience 6:45 pm W 3rd St Farmers Market Pr Get Directions Reserve a Table S Gilmore Ln S Ogden Dr The Grove Located at this business 189 The Grove Dr. Q Search 89% 7:00 pm Me 3rd St Collections 7:15 pm III More ⠀ The Cheesecake Factory Sponsored- 99449 omg rreservations NOW TAKING RESERVATIONS THECHEESECAKEFACTORY.COM SoCal Yelp Reservations Tables are limited. DOW 74 Like Comment The Cheesecake Factory Bak Factory @Cheesecake BOOK NOW 8 Comments Share Selfies welcome, especially when you'll be smiling about our limited reservations on @Yelp - Yes, you heard us. We offer limited reservations now. 10:00 ↑ = thecheesecakefactory.com/ord LOCATIONS NEAR YOU heesecake Factory, ORDER PICKUP 89% Los Angeles CA 91343 Enter city and state or ZIP/postal code to find a nearby location. 1. Sherman Oaks, CA Sherman Oaks Galleria ORDER DELIVERY 15301 Ventura Boulevard, P-1 Sherman Oaks, CA 91403 Today's Hours: 11:30am - 10:00pm MAKE A RESERVATION ORDER PICKUP ORDER DELIVERY ⠀ GO Factory cheesecakefactory. USE OUR CURBSIDE PICKUP SERVICE Whether you're ordering online or phoning in your order; you don't even have to get out of your car. Gelbecake Factory RESTAURANT BAKERY BAR D □ cheesecakefactory You don't have to leave your car to get the food you love. Try Curbside To-Go, available at most of our restaurants, to get your favorite meals safely. heesecake Factory. 15#16CSR - Contributing to the Well-Being of Our Staff, Local Communities and the Environment We All Share SOURCING 100% Cage-free eggs, 3 years early for bakery operations 80% Pork gestation crate-free sourcing 64% Sustainable seafood ENVIRONMENT NET ZERO Greenhouse gas target 26% Waste diverted away from landfill 22% Lower GHGs per sq. ft. since 2015 10TH Year as one of the FORTUNE 100 Best Companies to Work ForⓇ PEOPLE Companies that Care® award recipient Please refer to the 2022 Cheesecake Factory Corporate Social Responsibility Report. Data and restaurants included in the report represent The Cheesecake Factory, North Italia, Grand Lux Cafe, and Social Monk Asian Kitchen unless noted otherwise. *Does not include North Italia or Social Monk Asian Kitchen. STAFF & DEI&B 93% Of staff believe people are treated fairly regardless of sexual orientation, race, or gender 13yr* Tenure of General Managers & Executive Kitchen Managers 369 HELP Fund Grants Provided From Fortune ©2023 Fortune Media IP Limited. All rights reserved. Used under license. Fortune and Fortune 100 Best Companies to Work For are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, The Cheesecake Factory Incorporated. COMMUNITY 700 Local non-profits supported >$6M Donated to Feeding America® 7.3M Pounds food donated heesecake Factory. 16#17Cheesecake Factory heesecake Factory RESTAURANT BAKERY BAR Financial Resiliency Sales Leadership Growth Opportunities#18Diversifying Our Portfolio Across Experiential For Growth NORTH Culinary forward. First class hospitality. Concepts like no other. GRAND LUX CAFE LUX-CAFE Cheesecake Factory SOCIALI MONK Diversify Across Experiential BLANCO C O C IN A T CANTINA ITALIA FLOWER CHILD HEALTHY FOOD FOR A HAPPY WORLD NORTH ITALIA DOUGHBIRD PIZZA + CHICKEN CULINARY DROPOUT The Greene House Inspired California Cuisine Zin FAMOUS PIZZA bur FLY BYE ARROGANT ger - CRISPY CHICKEN - BUTCHER QUALITY FOOD & PREMIUM DRINKS Olive & iVy RESTAURANT MARKETPLACE FRC Pushing Daisies W THE HENRY THE CREATEST NEIGHBORHOOD RESTAURANT wildflower AMERICAN CUISINE heesecake Factory. 18#19Driving Strong Sales Growth Across Portfolio heesecake Factory. 2Q23 Comp Sales vs. 2022 vs. 2Q19 1.5% 14.1% NORTH ITALIA ~$238,700 Equates to $12.4M Annualized Average Unit Volume vs. 2Q22 8% vs. 2019 30% 2Q23 Average Weekly Sales ~$153,700 Equates to $8.0M Annualized Average Unit Volume Note: Average Unit Volumes annualized based on 2Q23 average weekly sales (AWS). FRC 2Q23 AWS vs. 2Q22 vs. 2Q19 4% 21% ~$142,300 Equates to $7.4M Annualized Average Unit Volume Cheesecake Factory 19#20We Believe Stable, Agile Brands Will Be Best Positioned Moving Forward Industry Rationalization: Market Share Opportunity As of May 2021, the NRA estimated that 15% (~90,000) of restaurants have closed. 1.4% 0.8% Annual Restaurant Unit Growth 2 1.8% 2.1% 1.5% 1.5% Casual Dining¹ 14% 86% 1.8% 1.3% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% Independents ▪ Chains US Population Growth ³ 2.5% 2.2% 0.6% 1.9% 0.5% 0.5% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 "Large chains and well-funded restaurants have the resources to ride out a protracted shutdown, but the independent restaurants that make up two-thirds of the American dining landscape - noodle shops, diners and that charming urban restaurant that always had a line out the door - may not survive." - New York Times, March 20, 2020 Off-Premise Sales Have Stabilized At Elevated Levels Post-Pandemic heesecake Factory. Off-Premise ■On-Premise *FY 2022 on a 53-week basis Sources: ¹Morgan Stanley Report April 6, 2020; 2Bureau of Labor Statistics; U.S. Census; 4Annualized average unit volumes based on average weekly sales in each period. Sales by Channel4 (AUV $ millions) $10.8 $1.7 $9.1 2019 $12.1 $3.0 $9.1 2022* Cheesecake Factory 20#212023 Underlying Key Assumptions (1) Consolidated Approx. $3.5B Approx. $12.5M Sales 6% YOY Growth ~ 5% YOY Growth (2) Net Income Margin ● Targeting 4.0% at stated sales level • As many as 20 new restaurant openings • 6 The Cheesecake Factory locations • 5 North Italia locations CCF AUVs Capital Expenditure $160M - $170M • 9 FRC restaurants, including 3 Flower Child locations • Q3 2023 dividend of $0.27 per share(³) Continue to support share repurchase program - at a minimum offset dilution from employee stock-based compensation and support EPS (3) (1) Assumes no material operating or consumer disruptions (2) On a 52 operating week comparison (3) Future decisions to pay or to increase or decrease dividends or to repurchase shares are at the discretion of the Board and will be dependent on several factors heesecake Factory. 21#22Diversified Growth Engines Expected to Drive 7% Unit Growth Annually Diversified multi- concept across segment, price point, occasion, real estate and labor Leveraging brand power, operational excellence, scale, supply chain and real estate development expertise Anticipated Unit Growth Roadmap¹ Target Size (productive sq. ft.) Targeted Average Unit Volume Targeted Sales/productive sq. ft. Target Long-Term Unit Growth Top-Line Unit Growth Contribution Target Restaurant-Level Margin % Cash Capex Investment Target Cash-on-Cash Return Sales/Investment Ratio heesecake Factory. 7,000 - 10,000 $11M - $12M ~$1,100 ~3% 'Illustrative example of target returns for new restaurant openings ²Average unit volume and steady-state restaurant-level margin typically reached after 3 years of operations -3% ~ 18% $8M+ 20% - 25% Varies NORTH ITALIA 6,000 - 7,000 $7M - $7.5M - $1,200 ~20% + ~2% -18% - 20% ~$4M+ 35% + 2:1 FRC 2 3,500 - 15,000 Avg. $5M - $5.5M ~$1,000 -15% - 20% ~2% -16% - 18% $500/sq. ft. 25% - 30% 2:1 Cheesecake Factory. 22#232008 2009 2010 2011 2012 2013 2014 2015 2016 2017 History of Outperforming the Industry Comparable Sales - Historical 2-year Stack Industry Outperformance During Economic Downturn (0.3)% (4.2)% (4.3)% (6.8)% (8.7)% (6.1)% 4.0% heesecake Factory. 1.0% 4.2% 2.0% 3.3% (0.9)% 2.6% Knapp-Track Index (1.6)% 4.1% 0.8% 3.8% (0.4)% 0.4% (2.2)% 1) 2020 results reflect the impact of the COVID-19 pandemic. 2) Due to impact of COVID-19 pandemic on 2020 results, 2021 compares against 2019, and 2022 compares against 2021. 2018 2019 20201 0.9% 0.5% 2.5% 1.4% Geographical discrepancies in dining restrictions & reopening timelines 2021² (27.4)% 3.3% (24.0)% (0.9)% 2022² 7.0% 7.4% Cheesecake Factory 23#24$0.84 Adjusted Earnings/(Loss) Per Common Share $1.07 64,009 $173 $1.42 $85 '08 $1.64 $1.88 $37 '09 Durable Business Over Time $2.10 '08 ¹09 '10 11 '12 '13 '14 15 16 17 18 19 20 21 22 $52 $42 '10 $2.37 $1.97 Capex / Investment 2 $172 $2.83 $77 '11 $13 $101 $86 $158 $2.60 $2.51 $2.61 $135 $2.13 $107 $94 $100 $1.51 LG dimbllit. '08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 $(47) $(1.49) $27 $184 $106 '12 Share Repurchases '13 $30 $141 Capital Allocation Detail $114 '14 $36 $109 $154 $163 $85 '15 $128 $42 $146 $158 '16 Common Stock Dividend $120 $112 $50 $123 $139 Free Cash Flow ¹ '17 $56 $109 $128 44,545 $61 $51 $99 '19 $163 Free cash flow defined as cash flow from operations (includes adjustment for excess tax benefit related to stock options exercised in 2008-2016 to conform to current year presentation) less capital expenditures and investment in unconsolidated affiliates prior to the acquisition of North Italia and Fox Restaurant Concepts 22019 Capex/Investment does not include the acquisition of North Italia and Fox Restaurant Concepts Note: 2020 results reflect the impact of the COVID-19 pandemic and the issuance of 200,000 shares of Series A Convertible Preferred Stock. Please refer to the appendix for GAAP to Non-GAAP reconciliations and to SEC filings for an explanation regarding an accounting reclassification for prior years $16 $50 '20 $120 '18 Weighted Average Shares Outstanding ($ in millions) $6 $67 '21 $146 T $50 ($ in millions) 50,414 $42 $63 $112 7 '22 heesecake Factory. 24#25heesecake Factory Appendix#26Non-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 adjusted diluted net income/(loss) per common 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 to facilitate the comparison of past and present financial results. Cheesecake Factory 26#27Net income/(loss) per common share (GAAP). Impairment of assets and lease termination expenses - Partial IRS settlement - Termination of Interest rate swap - Chairman and CEO employment agreement - Proceeds from variable life insurance contract - Loss on investment in unconsolidated affiliates - Gain on investment in unconsolidated affiliates - Acquisition-related costs (1) - Acquisition-related contingent consideration, compensation and amortization expenses/(benefit) - Dividends on Series A preferred stock - Net income attributable to Series A preferred stock to apply if-converted method - Direct and incremental Series A preferred stock issuance costs - Assumed impact of potential conversion of Series A preferred stock into common stock - COVID-19 related costs (2) - Uncertain tax positions. - Tax effect of adjustments (3) - One-time tax items (4) Adjusted net income/(loss) per common share (non-GAAP) Diluted net income/(loss) per common share (GAAP) - Impairment of assets and lease termination expenses - Partial IRS settlement - Termination of Interest rate swap - Chairman and CEO employment agreement - Proceeds from variable life insurance contract Non-GAAP Reconciliation - Loss on investment in unconsolidated affiliates - Gain on investment in unconsolidated affiliates - Acquisition-related costs - Acquisition-related contingent consideration, compensation and amortization expenses/(benefit) Dividends on Series A preferred stock -Net income attributable to Series A preferred stock to apply if-converted method - Direct and incremental Series A preferred stock issuance costs - Assumed impact of potential conversion of Series A preferred stock into common stock - COVID-19 related costs - Uncertain tax positions. - Tax effect of adjustments - One-time tax items Adjusted diluted net income/(loss) per common share (non-GAAP) (5) 2008 $ 52,293 2,952 $ 54,064 $ 0.82 0.05 2009 $ 42,833 26,541 (1,181) (14,605) (0.03) 7,421 2,550 $ (668) $ 64,072 0.71 0.44 - 0.12 0.04 (0.01) (4) Fiscal 2017 includes a $38.5 million benefit to the income tax provision related to tax reform enacted in December 2017. (5) Adjusted diluted net income/(loss) per common share may not add due to rounding. (0.23) 2011 2010 $81,713 $ 95,720 7,376 $ (2,951) $86,138 1.35 - 0.12 (0.05) 1,547 (1,794) $ (331) $ 95,142 The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in thousands, except per share data) 2012 $ 98,423 9,536 (419) 1.64 $ 0.03 (0.03) (3,814) $103,726. (0.01) 2013 $114,356 (561) (0.06) 224 1.78 $ 2.10 0.17 (0.01) $ 114,019 0.01 2014 $ 101,276 696 (278) $ 101,694 $ 1.96 0.01 Fiscal Year 2015 2016 $116,523 $ 139,494 6,011 114 (2,404) $ 120,130 $ 2.30 0.12 (0.05) (46) $139,562 $ 2.83 0.00 0.00 2017 $157,392 10,343 479 2018 $ 99,035 17,861 4,754 0.01 (5,880) $ 3.27 $ 2.14 0.21 0.39 (4,329) (38,525) $125,360 $115,770 $116,428 0.10 2019 $127,293 18,247 (0.12) 13,439 (52,672) 5,270 1,033 (0.09) (0.80) 1.88 $ 2.10 $ 1.97 $ 2.37 $ 2.83 $ 2.60 $ 2.51 $ 2.61 3,818 $ 2.86 0.41 0.30 (1.18) 0.12 0.02 0.09 $ 0.84 $ 1.07 $ 1.42 $ 1.64 $ (1) A detailed breakdown of impairment of assets and lease termination expenses recorded in the fourteen and fifty-three weeks ended January 3, 2023 and thirteen and fifty-two weeks ended December 28, 2021 can be found in the Selected Segment Information table. (2) Represents incremental costs associated with COVID-19 such as sick and vaccination pay, healthcare and meal benefits for furloughed staff members, additional sanitation and personal protective equipment. (3) The tax effect assumes a tax rate based on the federal statutory rate and an estimated blended state tax rate.. 2020 S (277,107) 219,333 $ 2,699 $ (3,872) 13,485 10,257 22,963 (62,692) (74,934) $ (6.32) $ 4.36 0.05 (0.08) 0.27 0.20 0.80 0.46 (1.25) $ (1.49) 2021 49,131 18,139 $ 2,354 19,510 18,661 4,581 $ 112,753 4,917 7,139 (11,679) 1.01 0.34 0.04 0.37 0.35 0.09 (0.08) 0.09 0.13 (0.22) 2022 S 43,123 31,387 $ $ 2.13 $ 13,368 (11,637) 76,241 0.86 0.62 0.27 (0.23) 1.51 heesecake Factory 27#28Cash flow from operations (1) Capital expenditures / investments Free cash flow Non-GAAP Reconciliation 2008 2009 $ 170 $ 200 85 85 $ 37 163 $ $ $ 2010 $ 170 42 128 $ 2011 197 77 120 The Cheesecake Factory Incorporated Reconciliation of Non-GAAP Financial Measures ($ in millions) $ $ 2012 $ 198 86 112 $ Fiscal Year 2015 2013 213 106 2014 $ 249 114 107 $ 135 $ $ 248 154 94 $ 2016 2017 316 $ 239 $ 158 139 $ 158 $ 100 2018 291 128 $ 163 $ 2019 $ 2020 (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, 2010, 2009 and 2008 have been adjusted to conform to the current year presentation. 219 99 50 $ 120 $ (47) 3 2021 $ 213 67 146 $ $ $ 2022 162 112 50 heesecake Factory. 28