Portillo's Inc. · NASDAQ:PTLO
Portillo's — Q3 2023 Earnings Presentation
17 slides from Portillo's's earnings presentation, Nov 2, 2023
Slide 1: Third Quarter Earnings Supplemental
Third Quarter Earnings Supplemental November 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: Q3 2023 Performance
Q3 2023 PERFORMANCE REVENUE PROFITABILITY 10.4% $15.1 million $166.8 million Q3 Operating Income Q3 Total revenue Growth Q3 Total revenue $6.5 million Q3 Net Income SAME RESTAURANT SALES GROWTH (1) $41.9 million Q3 Restaurant-Level Adjusted EBITDA(2) $27.3 million Q3 Adjusted EBITDA(2) (1) Same rest
Slide 4: Q3 YTD 2023 Performance
Q3 YTD 2023 PERFORMANCE REVENUE PROFITABILITY 12.8% $41.0 million $492.0 million Q3 YTD Operating Income Q3 YTD Total Q3 YTD Total revenue Revenue Growth $15.2 million (1) SAME RESTAURANT SALES GROWTH Q3 YTD Net Income $119.4 million Q3 YTD Restaurant-Level Adjusted EBITDA(2) $76.1 million Q3 YTD Ad
Slide 5: Development Update - Class of 2023
DEVELOPMENT UPDATE - CLASS OF 2023 Opened Subsequent to Q3 2023 Cicero, IL Kissimmee, FL Tucson, AZ Allen, TX Currently Under Construction Arlington, TX Algonquin, IL The Colony, TX Gilbert, AZ Queen Creek, AZ Rosemont, IL Clermont, FL Fort Worth, TX 4 in Completed Class of 2022 8 in Class of 2023 2
Slide 6: 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) $643 $57 $17 $18 $587
Slide 7: 2023 and Long-Term Outlook
2023 AND LONG-TERM OUTLOOK FISCAL 2023 FINANCIAL TARGETS Unit Growth 4 new openings in the "Class of 2022" 8 new openings in the "Class of 2023" Commodity Inflation Mid single digits General & Administrative Expenses $78 - $80 million Pre-Opening Expenses $7.5 - $8.0 million Capital Expenditures $75
Slide 8: Appendix
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Slide 9: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended Three Quarters Ended September 24, 2023 September 25, 2022 September 24, 2023 September 25, 2022 REVENUES, NET $ 166,805 100.0 % $ 151,121 100.0 % $ 492,047 100.0 % $ 436,226 100.0 % COST AND EXPENSES: Restaurant operating expenses: Food, beverage and packaging
Slide 10: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended Three Quarters Ended September 24, September 25, September 24, September 25, 2023 2022 2023 2022 Total Restaurants (a) 78 71 78 71 AUV (in millions) (a) N/A N/A $ 8.9 $ 8.4 Change in same-restaurant sales (b) 3.9 % 5.8 % 6.1 % 5.2 % Adjusted EBITDA (in thousands
Slide 11: 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 12: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Quarter Ended Three Quarters Ended September 24, September 25, September 24, September 25, 2023 2022 2023 2022 Net income $ 6,546 $ 3,198 $ 15,171 $ 14,504 Depreciation and amortization 6,178 5,289 17,788 15,803 Interest expense 6,573 7,090 20,539 19,286 Interest incom
Slide 13: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION LTM Fiscal Year Ended September 24, 2023 December 25, 2022 December 26, 2021 December 27, 2020 Net income (loss) $ 17,824 $ 17,157 $ (13,416) $ 12,263 Depreciation and amortization 22,893 20,907 23,312 24,584 Interest expense 28,898 27,644 39,694 45,031 Interest income
Slide 14: 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 15: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION Quarter Ended Three Quarters Ended September 24, September 25, September 24, September 25, 2023 2022 2023 2022 Operating Income $ 15,097 $ 10,586 $ 40,973 $ 34,839 General and administrative expenses 18,898 18,059 57,285 49,185 Pre-opening expenses 2,4
Slide 16: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION LTM Fiscal Year Ended September 24, December 25, December 26, December 27, 2023 2022 2021 2020 Operating Income $ 47,414 $ 41,279 $ 30,012 $ 57,294 General and administrative expenses 74,992 66,892 87,089 39,854 Pre-opening expenses 7,974 4,715 3,565 2
Slide 17: Contact Information
CONTACT INFORMATION Investor Contact: Barbara Noverini, CFA investors@portillos.com Media Contact: ICR, Inc. portillosPR@icrinc.com