Portillo's Inc. · NASDAQ:PTLO
Portillo's — Q1 2023 Earnings Presentation
16 slides from Portillo's's earnings presentation, May 4, 2023
Slide 1: First Quarter Earnings Supplemental
First Quarter Earnings Supplemental May 4, 2023
Slide 2: Cautionary Note on Forward-Looking Statements & Non-GAAP Measures
CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). All statements other than statements of historical fact are forward-looking statements. Forwa
Slide 3: Q1 2023 Performance
Q1 2023 PERFORMANCE REVENUE PROFITABILITY 16.0% $8.5 million $156.1 million Q1 Operating Income Q1 Total revenue Growth Q1 Total revenue $1.3 million (1) SAME RESTAURANT SALES GROWTH Q1 Net Loss $34.8 million Q1 Restaurant-Level Adjusted EBITDA(2) $19.6 million Q1 Adjusted EBITDA(2) (1) Same restaur
Slide 4: Development Update - Class of 2023
DEVELOPMENT UPDATE - CLASS OF 2023 Sunbelt = Projected Openings: ~60+% of Class of 2022 • Texas (3-4) Pipeline Completion 9 projected openings • Central Florida (0-1) • Arizona (1-2) Q1 2023 Q2 2023 Q3 2023 Q4 2023 • Chicagoland (3) • Michigan (0-1) Restaurants (1) 8.6% ch '23 CAGR 75 r 201 5 - Ma 3
Slide 5: Financial Profile
FINANCIAL PROFILE TOTAL REVENUE OPERATING INCOME NET INCOME (LOSS) * 2021 includes $38.7 million of additional transaction-related fees and expenses * 2021 includes $38.7 million of additional transaction-related fees and expenses ($ in millions) ($ in millions) ($ in millions) $609 $57 $17 $15 $587
Slide 6: 2023 and Long-Term Outlook
2023 AND LONG-TERM OUTLOOK FISCAL 2023 FINANCIAL TARGETS Unit Growth 4 new openings in the "Class of 2022" 9 new openings in the "Class of 2023" Commodity Inflation Mid single digits General & Administrative Expenses $72 - $77 million Pre-Opening Expenses $7.5 - $8.0 million Capital Expenditures $70
Slide 7: Appendix
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Slide 8: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended March 26, 2023 March 27, 2022 REVENUES, NET $ 156,061 100.0 % $ 134,482 100.0 % COST AND EXPENSES: Restaurant operating expenses: Cost of goods sold, excluding depreciation and amortization 53,626 34.4 % 46,266 34.4 % Labor 40,459 25.9 % 37,313 27.7 % Occupancy
Slide 9: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended March 26, 2023 March 27, 2022 Total Restaurants (a) 75 70 AUV (in millions) (a) $ 8.7 $ 8.3 Change in same-restaurant sales (b) 9.1 % 8.2 % Adjusted EBITDA (in thousands) (b) $ 19,634 $ 17,630 Adjusted EBITDA Margin (b) 12.6 % 13.1 % Restaurant-Level Adjusted EB
Slide 10: Adjusted EBITDA Definitions
ADJUSTED EBITDA DEFINITIONS Adjusted EBITDA and Adjusted EBITDA Margin How These Measures Are Useful Adjusted EBITDA represents net income (loss) before depreciation and We believe that Adjusted EBITDA and Adjusted EBITDA Margin are important amortization, interest expense and income taxes, adjusted
Slide 11: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Quarter Ended March 26, 2023 March 27, 2022 Net (loss) income $ (1,273) $ 550 Depreciation and amortization 5,670 5,205 Interest expense 7,444 6,099 Loss on debt extinguishment 3,465 — Income tax (benefit) expense (559) 165 EBITDA 14,747 12,019 Deferred rent (1) 1,225
Slide 12: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION LTM Fiscal Year Ended March 26, 2023 December 25, 2022 December 26, 2021 December 27, 2020 Net income (loss) $ 15,334 $ 17,157 $ (13,416) $ 12,263 Depreciation and amortization 21,372 20,907 23,312 24,584 Interest expense 28,989 27,644 39,694 45,031 Loss on debt exting
Slide 13: Restaurant-Level Adjusted EBITDA Definitions
RESTAURANT-LEVEL ADJUSTED EBITDA DEFINITIONS Restaurant-Level Adjusted EBITDA and Restaurant-Level Adjusted EBITDA Margin Restaurant-Level Adjusted EBITDA is defined as revenue, less restaurant operating Limitations of the Usefulness of This Measure expenses, which include cost of goods sold, exclud
Slide 14: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION Quarter Ended March 26, 2023 March 27, 2022 Operating Income $ 8,493 $ 6,814 General and administrative expenses 18,778 15,687 Pre-opening expenses 2,344 556 Depreciation and amortization 5,670 5,205 Net Income attributable to equity method investment
Slide 15: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION LTM Fiscal Year Ended March 26, 2023 December 25, 2022 December 26, 2021 December 27, 2020 Operating Income $ 42,958 $ 41,279 $ 30,012 $ 57,294 General and administrative expenses 69,983 66,892 87,089 39,854 Pre-opening expenses 6,503 4,715 3,565 2,209
Slide 16: Contact Information
CONTACT INFORMATION Investor Contact: Barbara Noverini, CFA investors@portillos.com Media Contact: ICR, Inc. portillosPR@icrinc.com