Portillo's Inc. · NASDAQ:PTLO
Portillo's — Q1 2024 Earnings Presentation
17 slides from Portillo's's earnings presentation, May 7, 2024
Slide 1: First Quarter Earnings Supplemental
First Quarter Earnings Supplemental May 7, 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: Q1 2024 Performance
Q1 2024 PERFORMANCE REVENUE PROFITABILITY 6.3% $165.8 million $10.1 million Q1 Operating Income Q1 Total Revenue Q1 Total revenue Growth CHANGE IN SAME RESTAURANT SALES (1) $5.3 million Q1 Net Income $36.4 million Q1 Restaurant-Level Adjusted EBITDA(2) $21.8 million Q1 Adjusted EBITDA(2) (1) Same re
Slide 4: 2024 Development Update
2024 DEVELOPMENT UPDATE Opened in Q1 2024 Currently Under Construction 9+ units Denton, TX Livonia, MI in 2024 Opened Subsequent to Q1 2024 Mansfield, TX Sunbelt= 80% of Pipeline • Dallas • Arizona • Houston • Central Florida • Midwest Richmond, TX Surprise, AZ Denton, TX Surprise, AZ + 1 2-3 2-3 Q1
Slide 5: Strategic Pillars
Portillo's JOT DOGS- BEEF - BURGERS -SALADS RUN WORLD CLASS INNOVATE & AMPLIFY BUILD RESTAURANTS TAKE GREAT CARE OF OPERATIONS THE PORTILLO'S WITH INDUSTRY- ‘OUR TEAMS EXPERIENCE LEADING RETURNS Flex Our Multi-Channel Craveable & Fresh for Best-in-Class AUVs Meaningful Work Muscle Everyone Environme
Slide 6: Financial Profile
FINANCIAL PROFILE TOTAL REVENUE OPERATING INCOME NET INCOME ($ in millions) ($ in millions) ($ in millions) $55 $57 $31 $25 $41 $680 $690 $587 $17 2022 2023 LTM Q1 2022 2023 LTM Q1 2024 2022 2023 LTM Q1 2024 2024 SAME RESTAURANT SALES (1) RESTAURANT-LEVEL ADJ. EBITDA (Margin) (2) ADJ. EBITDA (Margin
Slide 7: Fiscal 2024 and Long-Term Outlook
FISCAL 2024 AND LONG-TERM OUTLOOK Fiscal 2024 FINANCIAL TARGETS Unit Growth 9+ new units Commodity Inflation 4% to 6% General & Administrative Expenses $85 to $87 million Pre-Opening Expenses $8.0 to $9.0 million Capital Expenditures $90 to $93 million LONG-TERM FINANCIAL TARGETS Unit Growth 12% - 1
Slide 8: Appendix
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Slide 9: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended March 31, 2024 March 26, 2023 REVENUES, NET $ 165,831 100.0 % $ 156,061 100.0 % COST AND EXPENSES: Restaurant operating expenses: Food, beverage and packaging costs 56,961 34.3 % 53,626 34.4 % Labor 43,302 26.1 % 40,459 25.9 % Occupancy 9,340 5.6 % 8,451 5.4 % O
Slide 10: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended March 31, 2024 March 26, 2023 Total Restaurants (a) 85 75 AUV (in millions) (a) $ 9.0 $ 8.7 Change in same-restaurant sales (b)(c) (1.2)% 9.1 % Adjusted EBITDA (in thousands) (b) $ 21,777 $ 19,634 Adjusted EBITDA Margin (b) 13.1 % 12.6 % Restaurant-Level Adjuste
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 March 31, 2024 March 26, 2023 Net income (loss) $ 5,344 $ (1,273) Net income (loss) margin 3.2 % (0.8)% Depreciation and amortization 6,944 5,670 Interest expense 6,530 7,444 Interest income (79) — Loss on debt extinguishment — 3,465 Income tax benefit (1
Slide 13: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION LTM Fiscal Years Ended March 31, 2024 December 31, 2023 December 25, 2022 Net income $ 31,435 $ 24,818 $ 17,157 Net income margin 4.6 % 3.7 % 2.9 % Depreciation and amortization 25,588 24,313 20,907 Interest expense 26,557 27,470 27,644 Interest income (291) (212) — Lo
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 March 31, 2024 March 26, 2023 Operating income $ 10,097 $ 8,493 Operating income margin 6.1 % 5.4 % General and administrative expenses 18,540 18,778 Pre-opening expenses 1,423 2,344 Depreciation and amortization 6,944 5,670 Net Income at
Slide 16: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION LTM Fiscal Years Ended March 31, 2024 December 31, 2023 December 25, 2022 Operating income $ 57,045 $ 55,440 $ 41,279 Operating income margin 8.3 % 8.2 % 7.0 % General and administrative expenses 78,597 78,835 66,892 Pre-opening expenses 8,098 9,019 4,
Slide 17: Contact Information
CONTACT INFORMATION Investor Contact: Barbara Noverini, CFA investors@portillos.com Media Contact: ICR, Inc. portillosPR@icrinc.com