Slide 1: Third Quarter Earnings Supplemental
Third Quarter Earnings Supplemental November 3, 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: Q3 2022 Performance
Q3 2022 PERFORMANCE REVENUE PROFITABILITY 9.5% $10.6 million $151.1 million Q3 Operating Income Q3 Total revenue Q3 Total revenue Growth $3.2 million (1) SAME RESTAURANT SALES GROWTH Q3 Net Income $34.1 million Q3 Restaurant-Level Adjusted EBITDA(2) $21.6 million Q3 Adjusted EBITDA(2) (1) Same resta
Slide 4: Q3 YTD 2022 Performance
Q3 YTD 2022 PERFORMANCE REVENUE PROFITABILITY 10.1% $34.8 million $436.2 million Q3 YTD Operating Income Q3 YTD Total Q3 YTD Total revenue Revenue Growth $14.5 million (1) SAME RESTAURANT SALES GROWTH Q3 YTD Net Income $100.5 million Q3 YTD Restaurant-Level Adjusted EBITDA(2) $66.9 million Q3 YTD Ad
Slide 5: Unit Growth and New Frontiers
UNIT GROWTH AND NEW FRONTIERS Portillo’s restaurant footprint Restaurants 3 (1) C AGR 71 8.4%ptember '22 - Se 2015 4 1 1 38 45 7 2 2014 2015 2016 2017 2018 2019 2020 2021 2022 4 Current Footprint 2022 Pipeline in Existing Markets 4 2022 Pipeline in New Frontiers (1) Includes C&O of which Portillo's
Slide 6: 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 $12 $575 $49 $6 $535 $479 $45
Slide 7: 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 $60.0 - $65.0 million LONG-TERM FINANCIAL TARGETS Unit Growth 10%+ Same Restaurant
Slide 8: Appendix
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Slide 9: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended Three Quarters Ended September 25, 2022 September 26, 2021 September 25, 2022 September 26, 2021 REVENUES, NET $ 151,121 100.0 % $ 138,003 100.0 % $ 436,226 100.0 % $ 396,044 100.0 % COST AND EXPENSES: Restaurant operating expenses: Cost of goods sold, excluding
Slide 10: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended Three Quarters Ended September 25, 2022 September 26, 2021 September 25, 2022 September 26, 2021 Total Restaurants (a) 71 67 71 67 AUV (in millions) (a) N/A N/A $ 8.4 $ 8.0 Change in same-restaurant sales (b) 5.8 % 6.8 % 5.2 % 10.6 % Adjusted EBITDA (in thousand
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 Three Quarters Ended September 25, 2022 September 26, 2021 September 25, 2022 September 26, 2021 Net income $ 3,198 $ 6,531 $ 14,504 $ 20,404 Depreciation and amortization 5,289 5,516 15,803 18,225 Interest expense 7,090 10,683 19,286 32,124 Income tax ex
Slide 13: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION LTM Fiscal Year Ended September 25, 2022 December 26, 2021 December 27, 2020 December 29, 2019 Net (loss) income $ (19,316) $ (13,416) $ 12,263 $ 5,555 Depreciation and amortization 20,890 23,312 24,584 24,364 Interest expense 26,856 39,694 45,031 43,367 Loss on debt e
Slide 14: 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 15: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION Quarter Ended Three Quarters Ended September 25, 2022 September 26, 2021 September 25, 2022 September 26, 2021 Operating Income $ 10,586 $ 17,214 $ 34,839 $ 52,528 General and administrative expenses 18,059 11,750 49,185 35,755 Pre-opening expenses 791
Slide 16: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION LTM Fiscal Year Ended September 25, 2022 December 26, 2021 December 27, 2020 December 29, 2019 Operating Income $ 12,323 $ 30,012 $ 57,294 $ 48,922 General and administrative expenses 100,519 87,089 39,854 43,118 Pre-opening expenses 3,028 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