Portillo's Inc. · NASDAQ:PTLO
Portillo's — Q2 2023 Earnings Presentation
17 slides from Portillo's's earnings presentation, Aug 2, 2023
Slide 1: Second Quarter Earnings Supplemental
Second Quarter Earnings Supplemental August 3, 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: Q2 2023 Performance
Q2 2023 PERFORMANCE REVENUE PROFITABILITY 12.3% $17.4 million $169.2 million Q2 Operating Income Q2 Total revenue Growth Q2 Total revenue $9.9 million Q2 Net Income SAME RESTAURANT SALES GROWTH (1) $42.7 million Q2 Restaurant-Level Adjusted EBITDA(2) $29.2 million Q2 Adjusted EBITDA(2) (1) Same rest
Slide 4: Q2 YTD 2023 Performance
Q2 YTD 2023 PERFORMANCE REVENUE PROFITABILITY 14.1% $25.9 million $325.2 million Q2 YTD Operating Income Q2 YTD Total Q2 YTD Total revenue Revenue Growth $8.6 million (1) SAME RESTAURANT SALES GROWTH Q2 YTD Net Income $77.6 million Q2 YTD Restaurant-Level Adjusted EBITDA(2) $48.9 million Q2 YTD Adju
Slide 5: Development Update - Class of 2023
DEVELOPMENT UPDATE - CLASS OF 2023 Sunbelt = ~66+% of Pipeline Class of 2022 8 projected openings Projected Openings: Completion • Sunbelt - AZ, FL, TX (5) Q1 2023 Q2 2023 Q3 2023 Q4 2023 • Chicagoland (3) Restaurants (1) 8.8% e '23 CAGR 76 Jun 2015 - 38 2014 2015 2016 2017 2018 2019 2020 2021 2022
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) $627 $57 $17 $587 $14
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 $72 - $77 million Pre-Opening Expenses $7.5 - $8.0 million Capital Expenditures $70
Slide 8: Appendix
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Slide 9: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended Two Quarters Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 REVENUES, NET $ 169,182 100.0 % $ 150,623 100.0 % $ 325,242 100.0 % $ 285,105 100.0 % COST AND EXPENSES: Restaurant operating expenses: Food, beverage and packaging costs 56,229 33.2 % 51
Slide 10: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended Two Quarters Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 Total Restaurants (a) 76 71 76 71 AUV (in millions) (a) N/A N/A $ 8.8 $ 8.3 Change in same-restaurant sales (b) 5.9 % 1.9 % 7.4 % 4.8 % Adjusted EBITDA (in thousands) (b) $ 29,223 $ 27,61
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 and income taxes, adjusted
Slide 12: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Quarter Ended Two Quarters Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 Net income $ 9,898 $ 10,756 $ 8,625 $ 11,306 Depreciation and amortization 5,941 5,309 11,610 10,514 Interest expense 6,523 6,097 13,966 12,196 Loss on debt extinguishment — — 3,46
Slide 13: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION LTM Fiscal Year Ended June 25, 2023 December 25, 2022 December 26, 2021 December 27, 2020 Net income (loss) $ 14,476 $ 17,157 $ (13,416) $ 12,263 Depreciation and amortization 22,004 20,907 23,312 24,584 Interest expense 29,415 27,644 39,694 45,031 Loss on debt extingu
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 Two Quarters Ended June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 Operating Income $ 17,384 $ 17,439 $ 25,876 $ 24,253 General and administrative expenses 19,609 15,439 38,387 31,126 Pre-opening expenses 275 423 2,619 979 Depreci
Slide 16: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION LTM Fiscal Year Ended December 25, December 26, December 27, June 25, 2023 2022 2021 2020 Operating Income $ 42,903 $ 41,279 $ 30,012 $ 57,294 General and administrative expenses 74,153 66,892 87,089 39,854 Pre-opening expenses 6,355 4,715 3,565 2,209
Slide 17: Contact Information
CONTACT INFORMATION Investor Contact: Barbara Noverini, CFA investors@portillos.com Media Contact: ICR, Inc. portillosPR@icrinc.com