Fourth Quarter 2017
Investor Presentation
Cautionary Statements
Forward‐Looking Statements
This presentation may include forward‐looking statements. These statements reflect the current views of the
Company’s senior management with respect to future events and financial performance. These statements
include forward‐looking statements with respect to the Company’s business and industry in general.
Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,”
“may,” “should,” “anticipate” and similar statements of a future or forward‐looking nature identify forward‐
looking statements for purposes of the federal securities laws or otherwise. Forward‐looking statements
address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that
could cause the Company’s actual results to differ materially from those indicated in these statements. The
statements made herein speak only as of the date of this presentation.
Non‐GAAP Financial Measures
This presentation contains certain non‐GAAP financial measures. A “non‐GAAP financial measure” is defined as
a numerical measure of a company’s financial performance that excludes or includes amounts so as to be
different than the most directly comparable measure calculated and presented in accordance with GAAP in the
statements of income, balance sheets or statements of cash flow of the Company. The Company has provided a
reconciliation of non‐GAAP financial measures to the most directly comparable financial measure in the
Appendix to this presentation. The non‐GAAP financial measures used within this presentation are Adjusted
EBITDA and Restaurant‐Level Operating Profit. These measures are presented because management uses this
information to monitor and evaluate financial results and trends and believes this information to also be useful
for investors. For additional information about our non‐GAAP financial measures, see our earnings releases and 2
filings with the Securities and Exchange Commission.
Senior Management Presenters
Steve Hislop
President and
Chief Executive Officer
Jon Howie
Vice President and
Chief Financial Officer
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“If you’ve seen one Chuy’s, you’ve seen one Chuy’s!”
Chuy’s is Tex‐Mex Unchained!
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Leave the cookie cutters to the other guys. Each Chuy’s has genuine character: a noisy,
sprawling Tex‐Mex hacienda full of feel‐good drinks and home‐cooked foods.
Chuy’s Highlights
Fresh, Authentic Mexican and Tex‐Mex Inspired Cuisine
Considerable Dining Value with Broad Customer Appeal
Upbeat Atmosphere Coupled with Irreverent Brand Helps
Differentiate Concept
Flexible Business Model with Industry Leading Unit
Economics
Deep Rooted and Inspiring Company Culture
Highly Experienced Management Team
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Industry Leading Operating Metrics
• Comparable restaurant base generated LTM average unit volumes of $4.5 million
– Highest volume restaurant had LTM sales of $9.1 million
– Serve approximately 303,000 customers per location per year, on average
• Comparable restaurant base generated LTM restaurant‐level operating margins of 20%
Average Unit Volume ($Millions)
$0.0
6
Source: Calculations based on Company Filings and 2017 Technomic Industry Report as of most recent available fiscal year and estimates. Chuy’s based on
latest filed LTM period.
Proven Concept with Over a 30‐Year History
82 new
restaurants opened
and
19 new states
entered during the last
117 months
Pre‐2008 Restaurants
Restaurants Opened Since 2008
80 89
69
59
48
39
31
23
12 17
8 8
1
1982 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Founded in Acquired by Steve Hislop Onset of Opened first Opened in
Austin Goode joined as growth location AL, KY
Opened in
IN, KY, TN
Opened in Opened in Opened in Opened in Opened in November
FL, OK, TN AR, FL, VA, AR, IN, FL, AL, AR, FL, VA, LA, NC, Opened in
7
Partners President & initiatives outside of and TN and GA and KY NC, SC, MO NC, VA OH and OK TN, FL GA, OH, KS,
(Nov ) CEO TX and OH and GA and MD CO, IL, FL
(Nashville) and MD
Total Restaurants at End of Period
Fresh, Authentic Mexican Cuisine
• Offer authentic Mexican food using only the freshest ingredients
• Recipes and cooking techniques originated from friends and family of our founders, who are
from Mexico, New Mexico and Texas
• Commitment to made‐from‐scratch, freshly prepared cooking
• Generous portions support value priced offering
• Customizable food offering is core to the Chuy’s concept
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We Take One Thing Seriously: Our Food!
Homemade Sauces “Big As Yo’ Face” Burritos
• A homemade, 12” flour
Tex‐Mex tortilla stuffed with refried
beans, cheese and choice of
Ranchero beef or chicken. Served with
Hatch Green Chile choice of sauce & choice of
Mexican or green chile rice
Green Chile
• Price: $8.79 ‐ $10.59
Tomatillo
Deluxe Tomatillo
Creamy Jalapeno
Chicka‐Chicka Boom‐Boom Texas Martini
• Freshly‐roasted, hand‐pulled • Served “shaken, not stirred,”
chicken & cheese with Boom‐ this south‐of‐the‐border
Boom sauce, made with martini features tequila,
cheese, roasted New Mexican Patrón Citrónge, fresh lime
green chiles, tomatillos, green juice and a jalapeño‐stuffed
onions, cilantro and lime juice. olive
Served with choice of Mexican • Three drinks for the
or green chile rice & refried or price of one 9
charro beans
• Price: $9.49
• Price: $10.79
Note: Prices above represent menu prices in Texas and Oklahoma as of September 24, 2017 which may vary from prices in other states.
Exceptional Dining Value
• Significant value proposition to
customers
• Only 13 out of 50 menu items priced
over $10.00(1)
• Average check of $14.68
$10.0
$5.0
$0.0 10
Fast Casual Dining Full Service Dining
2,198 Total Restaurants in 47 U.S. States 80 Total Restaurants in 16 U.S. States
11.5% 2016 Unit Growth 15.9% 2016 Unit Growth
~$11.34 Average Check (~1.0% Alcohol Mix) $14.68 Average Check (18.4% Alcohol Mix)
Sample Offerings: Sample Offerings:
Entrée: Entrée:
Chicken Burrito “Big As Yo Face” Burrito – Oven‐Roasted Chicken
$6.50 $9.99
Includes a side of
Rice & Beans
Chips & Salsa:
$1.95
+
Chips & Salsa:
Unlimited &
Complimentary
Total: $8.45 Total: $9.99
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Note: Chipotle and Chuy’s sample offerings represent menu items and prices from restaurants in the same geographic region as of December 25, 2016.
Source: Company data, public filings and equity research as of December 25, 2016. Chuy’s average check and alcohol mix based on latest filed LTM period.
Upbeat Atmosphere and Appealing, Irreverent Brand
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Growth Opportunities
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Enhanced Restaurant Development Strategy
• Identify & pursue development in major
markets
• “Backfill” smaller existing markets to build
brand awareness
• Flexible real estate strategy
– Conversions and new prototype
construction
• Enhancements to Real Estate Dept.
• Restaurant growth
– 11 new units expected in 2017
• Targeted cash‐on‐cash return beginning in the third operating year of ~30.0% and a sales to
investment ratio of 1.9x.
Casual Dining Fast Casual
LTM
Comparable Blended
New Unit Economics ($000s) Restaurants Target Actual(7) Target Actual(7) Target Target Target Actual(7)
Average Unit Volume $4,462 $3,750(1) $4,802 $4,500 $3,139 $1,800 $1,300 $1,500 $2,400
Restaurant‐Level Operating
894 893 855 496 342 234 240 552
Profit
% Margin 20.0% 15.0% ‐ 16.5% 18.6% 19.0% 15.8% 19.0% 18.0% 16.0% 23.0%
Average Cash Investment $2,200(2) $2,000(6) 3,125 $3,100 $2,400 $1,650 $750 $810 $1,800
Customers Served Per Year(3) ~303,000 ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐
Sales to Investment Ratio 1.9x(4) 1.5x 1.4x 1.3x 1.1x 1.7x 1.9x 1.3x
Source: Public filings and equity research estimates.
Note: Cash‐on‐Cash Return defined as Restaurant‐Level Operating Profit divided by Net Cash Investment excluding Pre‐Opening Expense.
(1) Represents targeted Normalized Average Unit Volume.
(2) Represents Average cash investment based on historical new restaurant openings less land lord allowances and excludes preopening expenses. 15
(3) Estimated as Average Unit Volume divided by LTM Average Check.
(4) Represents targeted Year 3 Sales: Investment Ratio.
(5) Represents targeted Year 3 Cash‐on‐Cash Return.
(6) Represents targeted cash investment less land lord allowances and excludes preopening expenses.
(7) Based on actual data per most recent filing.
Financial Summary
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Comparable Restaurant Sales Growth
Comparable Sales Growth
4.0%
3.0%
2.0%
3.1% 3.3% 3.1%
1.0% 2.2% (1) 2.3%
0.7% 0.8%
0.0%
(1.2)%
‐1.0%
‐2.0%
2010 2011 2012 2013 2014 2015 2016 Q3 2017 YTD
KNAPP‐TRACK
SSS (0.6%) 1.5% 0.6% (1.4%) (0.2%) 1.0% (1.5%) (1.3%)
Number of
Comparable 13 18 24 32 41 51 61 67
Restaurants
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Note: KNAPP‐TRACK is a monthly sales and guest count tracking service for the full service restaurant market in the United States.
Source: KNAPP‐TRACK and Company data.
(1) Adjusted to remove impact of the 53rd week and extra 1.5 operating days in fiscal 2012.
Demonstrated Revenue and Unit Growth
Revenue ($Millions)
$350 $330.6
$300 $287.1 $273.6
$251.6
$250 $245.1
$204.4
$200 $172.6
$150 $130.6
$100
$50
$0
2011 2012 2013 2014 2015 2016 YTD Q3 2016 YTD Q3 2017
Total Restaurants
90 86
80 77
80
70 69
60 59
50 48
40 39
31
30
20 18
10
2011 2012 2013 2014 2015 2016 YTD Q3 2016 YTD Q3 2017
Consistent Cost of Sales Management
Cost of Sales (% of Revenue) Commodity Basket %’s
30.0%
28.2% 18.0%
27.7% 27.4% 24.4%
27.5% 26.9%
26.4%
25.9% 25.8% 25.9% 11.7%
25.0% 15.7%
13.3%
22.5% 16.9%
Adjusted EBITDA ($Millions)
$55.0 $46.3
$45.0 $40.3
$30.8 $37.1 $35.2
$35.0 $29.1
$25.5
$25.0
$18.9
$15.0
$5.0 20
2011 2012 2013 2014 2015 2016 YTD Q3 2016 YTD Q3 2017
Note: Restaurant‐Level Operating Profit represents income from operators plus the sum of general and administrative expenses, the advisory agreement termination fee, the settlement with our former director, offering costs,
restaurant pre‐opening costs, loss on asset impairment, closure costs, and depreciation and amortization.
Note: Adjusted EBITDA represents net income before interest, taxes, depreciation and amortization plus the sum of restaurant pre‐opening costs, loss on asset impairment, closure costs, deferred compensation, the advisory
agreement termination fee, the settlement with our former director, offering costs, management fees and expenses and special one‐time bonus payment.
Balance Sheet
December 28, December 27, December 25, September 24,
2014 2015 2016 2017
Cash $ 3.8 $ 8.5 $ 13.7 $ 17.4
Other Current Assets 9.1 8.7 14.8 12.7
Property & Equipment, Net 118.8 136.5 165.0 185.2
Other Long‐Term Assets 47.5 47.7 47.9 48.1
Total Assets $ 179.2 $ 201.4 $ 241.4 $ 263.4
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Appendix
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Restaurant‐Level Operating Profit
Restaurant‐Level Operating Profit Reconciliation
YTD Q3 YTD Q3
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 2016 2017
Income from operations as reported $ 9.5 $ 13.3 $ 15.4 $ 15.9 $ 18.7 $ 24.3 $ 21.6 $ 18.0
General and Administration 7.5 9.4 10.0 11.7 16.2 17.6 13.5 14.4
Advisory Agreement Termination - 2.0 - - - - - -
Offering Costs - 0.2 0.9 - - - - -
Settlement with Former Director 0.2 - - - - - - -
Loss on asset impairment - - - - 4.4 - - -
Closure costs - - - - - 1.5 0.4 -
Restaurant Pre‐opening 3.4 3.4 3.9 4.6 4.4 5.3 4.1 4.1
Depreciation and Amortization 4.4 6.5 8.9 10.3 12.8 15.1 11.0 12.9
Restaurant‐Level Operating Profit $ 25.0 $ 34.8 $ 39.1 $ 42.5 $ 56.5 $ 63.8 $ 50.6 $ 49.4
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Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation
YTD Q3 YTD Q3
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 2016 2017
Net Income $ 3.5 $ 5.5 $ 11.1 $ 11.5 $ 12.9 $ 17.2 $ 14.9 $ 13.1
Income Tax provision (benefit) 1.6 2.2 4.2 4.3 5.7 7.1 6.6 4.9
Interest Expense 4.4 5.6 0.1 0.1 0.1 0.1 0.1 0.1
Depreciation and Amortization 4.4 6.5 8.9 10.3 12.8 15.1 11.0 13.0
EBITDA $ 13.9 $ 19.8 $ 24.3 $ 26.2 $ 31.5 $ 39.5 $ 32.6 $ 31.1
Deferred Compensation - - - - - - -
Management Fees & Expenses 0.4 0.1 - - - - - -
Advisory Agreement Termination - 2.0 - - - - - -
Offering Costs - 0.2 0.9 - - - - -
Settlement with Former Director 0.2 - - - - - - -
Loss on asset impairment - - - - 4.4 - - -
Closure costs - - - - - 1.5 0.4 -
Restaurant Pre‐opening 3.4 3.4 3.9 4.6 4.4 5.3 4.1 4.1
Special one‐time bonus payment 1.0 - - - - - - -
Adjusted EBITDA $ 18.9 $ 25.5 $ 29.1 $ 30.8 $ 40.3 $ 46.3 $ 37.1 $ 35.2
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