Portillo's Inc. · NASDAQ:PTLO
Portillo's — Q4 2022 Earnings Presentation
19 slides from Portillo's's earnings presentation, Mar 2, 2023
Slide 1: Fourth Quarter Earnings Supplemental
Fourth Quarter Earnings Supplemental March 2, 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: Q4 2022 Performance
Q4 2022 PERFORMANCE REVENUE PROFITABILITY 8.6% $150.9 million $6.4 million Q4 Total Revenue Q4 Total revenue Q4 Operating Income Growth SAME RESTAURANT SALES GROWTH (1) $2.7 million Q4 Net Income $32.0 million Q4 Restaurant-Level Adjusted EBITDA(2) $18.1 million Q4 Adjusted EBITDA(2) (1) Same restau
Slide 4: Fiscal 2022 Performance
FISCAL 2022 PERFORMANCE REVENUE PROFITABILITY 9.7% $41.3 million Fiscal 2022 Total $587.1 million Fiscal 2022 Revenue Growth Fiscal 2022 Total Revenue Operating Income $17.2 million (1) SAME RESTAURANT SALES GROWTH Fiscal 2022 Net Income $132.5 million Fiscal 2022 Restaurant- Level Adjusted EBITDA(2
Slide 5: Impact of Midwest Weather Event
IMPACT OF MIDWEST WEATHER EVENT (1) Period represents a fiscal period.
Slide 6: Development Update - Class of 2022
DEVELOPMENT UPDATE - CLASS OF 2022 Joliet, IL St. Petersburg, FL Schererville, IN Kissimmee, FL January 2022 March 2022 November 2022 December 2022 The Colony, TX Tucson, AZ January 2023 February 2023 Gilbert, AZ is expected to open in March 2023.
Slide 7: Development Update - Class of 2023
DEVELOPMENT UPDATE - CLASS OF 2023 Sunbelt = Projected Openings: ~70+% of Class of 2022 • Texas (3-5) Pipeline Completion 9 projected openings • Central Florida (1-2) • Arizona (1-2) Q1 2023 Q2 2023 Q3 2023 Q4 2023 • Michigan (1-2) • Chicagoland (1-2) Restaurants (1) 72 GR 8.3% mber '22 CA e - Dec 2
Slide 8: Financial Profile
FINANCIAL PROFILE TOTAL REVENUE OPERATING INCOME NET INCOME (LOSS) *Includes $38.7 million of additional transaction-related fees and expenses *Includes $38.7 million of additional transaction-related fees and expenses ($ in millions) ($ in millions) ($ in millions) $57 $17 $587 $12 $535 $455 $41 $3
Slide 9: Fiscal 2023 and Long-Term Outlook
FISCAL 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 Expenditu
Slide 10: Appendix
APPENDIX
Slide 11: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended Fiscal Years Ended December 25, 2022 December 26, 2021 December 25, 2022 December 26, 2021 REVENUES, NET $ 150,878 100.0 % $ 138,908 100.0 % $ 587,104 100.0 % $ 534,952 100.0 % COST AND EXPENSES: Restaurant operating expenses: Cost of goods sold, excluding depre
Slide 12: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended Fiscal Years Ended December 25, 2022 December 26, 2021 December 25, 2022 December 26, 2021 Total Restaurants (a) 72 69 72 69 AUV (in millions) (a) N/A N/A $ 8.5 $ 8.2 Change in same-restaurant sales (b) 6.0 % 10.3 % 5.4 % 10.5 % Adjusted EBITDA (in thousands) (b
Slide 13: 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 14: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Quarter Ended December 25, 2022 December 26, 2021 Net income (loss) $ 2,653 $ (33,820) Depreciation and amortization 5,104 5,087 Interest expense 8,358 7,570 Loss on debt extinguishment — 7,265 Income tax benefit (1,688) (3,531) EBITDA 14,427 (17,429) Deferred rent (1)
Slide 15: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Fiscal Years Ended December 25, 2022 December 26, 2021 December 27, 2020 Net income (loss) $ 17,157 $ (13,416) $ 12,263 Depreciation and amortization 20,907 23,312 24,584 Interest expense 27,644 39,694 45,031 Loss on debt extinguishment — 7,265 — Income tax expense (be
Slide 16: 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 17: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION Quarter Ended December 25, 2022 December 26, 2021 Operating income (loss) $ 6,440 $ (22,516) General and administrative expenses 17,707 51,334 Pre-opening expenses 2,945 1,258 Depreciation and amortization 5,104 5,087 Net Income attributable to equity
Slide 18: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION Fiscal Years Ended December 25, 2022 December 26, 2021 December 27, 2020 Operating income $ 41,279 $ 30,012 $ 57,294 General and administrative expenses 66,892 87,089 39,854 Pre-opening expenses 4,715 3,565 2,209 Depreciation and amortization 20,907 23
Slide 19: Contact Information
CONTACT INFORMATION Investor Contact: Barbara Noverini, CFA investors@portillos.com Media Contact: ICR, Inc. portillosPR@icrinc.com