Slide 1: Second Quarter Earnings Supplemental
Second Quarter Earnings Supplemental August 6, 2024
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: Q2 2024 Performance
Q2 2024 PERFORMANCE REVENUE PROFITABILITY 7.5% $181.9 million $18.1 million Q2 Operating Income Q2 Total Revenue Q2 Total revenue Growth CHANGE IN SAME RESTAURANT SALES (1) $8.5 million Q2 Net Income $44.6 million Q2 Restaurant-Level Adjusted EBITDA(2) $29.9 million Q2 Adjusted EBITDA(2) (1) Same re
Slide 4: Q2 YTD 2024 Performance
Q2 YTD 2024 PERFORMANCE REVENUE PROFITABILITY 6.9% $28.2 million $347.7 million Q2 YTD Q2 YTD Total Q2 YTD Total Revenue Operating Income Revenue Growth $13.9 million (1) SAME RESTAURANT SALES GROWTH Q2 YTD Net Income $80.9 million Q2 YTD Restaurant-Level Adjusted EBITDA(2) $51.6 million Q2 YTD Adju
Slide 5: 2024 Development Update
2024 DEVELOPMENT UPDATE Opened YTD Q2 2024 Currently Under Construction Richmond, TX Katy, TX Waterford Lakes, FL Denton, TX Surprise, AZ Willowbrook, TX Stafford, TX Grapevine, TX Opened Subsequent to Q2 2024 New ~6,300 Square Foot Format 10+ units Sunbelt = ~80% of Pipeline Livonia, MI Mansfield,
Slide 6: Strategic Pillars
STRATEGIC PILLARS JOT DOGS- BEEF -BURGERS -SALADS RUN WORLD CLASS INNOVATE & AMPLIFY. BUILD RESTAURANTS TAKE GREAT CARE OF OPERATIONS THE PORTILLO'S WITH INDUSTRY OUR TEAMS EXPERIENCE LEADING RETURNS Flex Our Multi-Channel Craveable & Fresh for Best-In-Class AUVs Meaningful Work Muscle Everyone Envi
Slide 7: Financial Profile
FINANCIAL PROFILE TOTAL REVENUE OPERATING INCOME NET INCOME ($ in millions) ($ in millions) ($ in millions) $55 $58 $30 $25 $41 $680 $702 $587 $17 2022 2023 LTM Q2 2022 2023 LTM Q2 2024 2022 2023 LTM Q2 2024 2024 SAME RESTAURANT SALES (1) RESTAURANT-LEVEL ADJ. EBITDA (Margin) (2) ADJ. EBITDA (Margin
Slide 8: Fiscal 2024 and Long-Term Outlook
FISCAL 2024 AND LONG-TERM OUTLOOK UPDATED FISCAL 2024 FINANCIAL TARGETS Unit Growth 10+ new units Same-Restaurant Sales Flat to slightly positive Commodity Inflation Mid-single digits Labor Inflation Mid-single digits Restaurant-Level Adjusted EBITDA Margin(1) 23% - 24% General & Administrative Expe
Slide 9: Appendix
OPES CEO O ESCO HEE HEE SESE EEE ESE ES ESESEEEESEESES ESTOS ESOS EHESOES EOE SEH ESET ESOS ESEHEESESEHEESESESEH EEE O SESE OS ESS % | APPENDIX
Slide 10: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended Two Quarters Ended June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023 REVENUES, NET $ 181,862 100.0 % $ 169,182 100.0 % $ 347,693 100.0 % $ 325,242 100.0 % COST AND EXPENSES: Restaurant operating expenses: Food, beverage and packaging costs 61,712 33.9 % 56
Slide 11: Revenue Summary - Q2 2024
REVENUE SUMMARY - Q2 2024 Quarter Ended June 30, June 25, % TAKEAWAYS 2024 2023 $ Change Change Sequential improvement in mix and transactions offset impact of lower pricing Same-restaurant sales (70 restaurants) (1) (3) $154,646 $155,631 (985) (0.6)% Same-restaurant sales comparable week shift impa
Slide 12: Revenue Summary - Q2 YTD 2024
REVENUE SUMMARY - Q2 YTD 2024 Two Quarters Ended June 30, June 25, % TAKEAWAYS 2024 2023 $ Change Change YTD comp lapping strong 1st half 2023 comps (Q1 2023: 9.1%, Q2 2023, 5.9%) Same-restaurant sales (70 restaurants) (1) (3) $292,812 $295,406 (2,594) (0.9)% Same-restaurant sales comparable week sh
Slide 13: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended Two Quarters Ended June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023 Total Restaurants (a) 86 76 86 76 AUV (in millions) (a) N/A N/A $ 9.0 $ 8.8 Change in same-restaurant sales (b)(c) (0.6)% 5.9 % (0.9)% 7.4 % Adjusted EBITDA (in thousands) (b) $ 29,866 $
Slide 14: 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, interest income and incom
Slide 15: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Quarter Ended Quarter Ended June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023 Net income $ 8,530 $ 9,898 $ 13,874 $ 8,625 Net income margin 4.7 % 5.9 % 4.0 % 2.7 % Depreciation and amortization 7,106 5,941 14,050 11,610 Interest expense 6,603 6,523 13,133 13,966
Slide 16: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION LTM Fiscal Years Ended June 30, 2024 December 31, 2023 December 25, 2022 Net income $ 30,067 $ 24,818 $ 17,157 Net income margin 4.3 % 3.7 % 2.9 % Depreciation and amortization 26,753 24,313 20,907 Interest expense 26,637 27,470 27,644 Interest income (366) (212) — Los
Slide 17: Restaurant-Level Adjusted EBITDA Definitions
RESTAURANT-LEVEL ADJUSTED EBITDA DEFINITIONS Restaurant-Level Adjusted EBITDA and Restaurant-Level Adjusted Limitations of the Usefulness of This Measure EBITDA Margin Restaurant-Level Adjusted EBITDA and Restaurant-Level Adjusted EBITDA Margin Restaurant-Level Adjusted EBITDA is defined as revenue,
Slide 18: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION Quarter Ended Two Quarters Ended June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023 Operating income $ 18,115 $ 17,384 $ 28,212 $ 25,876 Operating income margin 10.0 % 10.3 % 8.1 % 8.0 % General and administrative expenses 17,941 19,609 36,481 38,
Slide 19: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION LTM Fiscal Years Ended June 30, 2024 December 31, 2023 December 25, 2022 Operating income $ 57,776 $ 55,440 $ 41,279 Operating income margin 8.2 % 8.2 % 7.0 % General and administrative expenses 76,929 78,835 66,892 Pre-opening expenses 9,923 9,019 4,7
Slide 20: Contact Information
CONTACT INFORMATION Investor Contact: Barbara Noverini, CFA investors@portillos.com Media Contact: ICR, Inc. portillosPR@icrinc.com