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  "documentTitle": "Cheesecake Factory | Investor Presentation Deck | 28 slides",
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  "authorName": "The Cheesecake Factory",
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      "kind": "callout",
      "text": "Industry Rationalization: Market Share Opportunity",
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      "text": "Off-Premise Sales Have Stabilized At Elevated Levels Post-Pandemic",
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      "text": "Sales by Channel4 (AUV $ millions) $10.8 $1.7 $9.1 2019 $12.1 $3.0 $9.1 2022* Off-Premise On-Premise",
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      "text": "Annual Restaurant Unit Growth 2 US Population Growth³ 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 0.8% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.6% 0.5% 0.5% 1.4% 1.8% 2.1% 1.3% 1.5% 1.5% 1.8% 2.5% 2.2% 1.9%",
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      "text": "Casual Dining¹ 14% Independents 86% Chains",
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      "kind": "paragraph",
      "text": "As of May 2021, the NRA estimated that 15% (~90,000) of restaurants have closed.",
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      "kind": "quote",
      "text": "\"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",
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      "text": "* FY 2022 on a 53-week basis Sources: 'Morgan Stanley Report April 6, 2020; 2Bureau of Labor Statistics; 3U.S. Census; 4Annualized average unit volumes based on average weekly sales in each period.",
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      "text": "We Believe Stable, Agile Brands Will Be Best Positioned Moving Forward",
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