Portillo's Inc. · NASDAQ:PTLO
Portillo's — Q1 2022 Earnings Presentation
14 slides from Portillo's's earnings presentation, May 5, 2022
Slide 1: First Quarter Earnings Supplemental
First Quarter Earnings Supplemental May 5, 2022
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 2022 Performance
Q1 2022 PERFORMANCE REVENUE PROFITABILITY 14.6% $6.8 million $134.5 million Q1 Operating Income Q1 Total revenue Q1 Total revenue Growth $0.6 million (1) SAME RESTAURANT SALES GROWTH Q1 Net Income $28.0 million Q1 Restaurant-Level Adjusted EBITDA(2) $17.6 million Q1 Adjusted EBITDA(2) (1) Same resta
Slide 4: Unit Growth
UNIT GROWTH Restaurants (1) 70 8.8% 2 CAGR - Mar '2 2015 Berkshire Partners Acquisition 38 2014 2015 2016 2017 2018 2019 2020 2021 2022 (1) Includes C&O of which Portillo's owns 50% of the equity.
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) $57 $552 $49 $12 $535 $
Slide 6: 2022 and Long-Term Outlook
2022 AND LONG-TERM OUTLOOK 2022 FINANCIAL TARGETS Unit Growth 7 new openings Commodity Costs +13 - 15% General & Administrative Expenses $70 - $75 million Pre-Opening Expenses $6.0 - $6.5 million Capital Expenditures $60 - $65 million LONG-TERM FINANCIAL TARGETS Unit Growth 10%+ Same Restaurant Sale
Slide 7: Appendix
9..° S APPENDIX be ee te te te er or eres ere eee eee er eres es cf
Slide 8: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended March 27, 2022 March 28, 2021 REVENUES, NET $ 134,482 100.0 % $ 117,307 100.0 % COST AND EXPENSES: Restaurant operating expenses: Cost of goods sold, excluding depreciation and amortization 46,266 34.4 % 35,024 29.9 % Labor 37,313 27.7 % 31,030 26.5 % Occupancy
Slide 9: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended March 27, 2022 March 28, 2021 Total Restaurants (a) 70 65 AUV (in millions) (a) $ 8.3 $ 7.6 Change in same-restaurant sales (b) 8.2 % 0.8 % Adjusted EBITDA (in thousands) $ 17,630 $ 18,534 Adjusted EBITDA Margin 13.1 % 15.8 % Restaurant-Level Adjusted EBITDA (in
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 Fiscal Year Ended March 27, 2022 March 28, 2021 December 26, 2021 December 27, 2020 December 29, 2019 2022 LTM Net Income $ 550 $ 124 $ (13,416) $ 12,263 $ 5,555 $ (12,990) Depreciation and amortization 5,205 6,289 23,312 24,584 24,364 22,228 Interest exp
Slide 12: 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 13: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION Quarter Ended Fiscal Year Ended March 27, 2022 March 28, 2021 December 26, 2021 December 27, 2020 December 29, 2019 2022 LTM Operating Income $ 6,814 $ 10,853 $ 30,012 $ 57,294 $ 48,922 $ 25,973 General and administrative expenses 15,687 11,835 87,089
Slide 14: Contact Information
CONTACT INFORMATION Investor Contact: Barbara Noverini, CFA investors@portillos.com Media Contact: ICR, Inc. portillosPR@icrinc.com