Portillo's Inc. · NASDAQ:PTLO
Portillo's — Q2 2022 Earnings Presentation
17 slides from Portillo's's earnings presentation, Aug 4, 2022
Slide 1: Second Quarter Earnings Supplemental
Second Quarter Earnings Supplemental August 4, 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: Q2 2022 Performance
Q2 2022 PERFORMANCE REVENUE PROFITABILITY 7.0% $17.4 million $150.6 million Q2 Operating Income Q2 Total revenue Q2 Total revenue Growth $10.8 million (1) SAME RESTAURANT SALES GROWTH Q2 Net Income $38.4 million Q2 Restaurant-Level Adjusted EBITDA(2) $27.6 million Q2 Adjusted EBITDA(2) (1) Same rest
Slide 4: Q2 YTD 2022 Performance
Q2 YTD 2022 PERFORMANCE REVENUE PROFITABILITY 10.5% $24.3 million $285.1 million Q2 YTD Operating Income Q2 YTD Total Q2 YTD Total revenue Revenue Growth $11.3 million (1) SAME RESTAURANT SALES GROWTH Q2 YTD Net Income $66.4 million Q2 YTD Restaurant-Level Adjusted EBITDA(2) $45.2 million Q2 YTD Adj
Slide 5: Unit Growth
UNIT GROWTH Restaurants (1) 71 8.7% GR '22 CA - June 2015 Berkshire Partners Acquisition 38 2014 2015 2016 2017 2018 2019 2020 2021 2022 (1) Includes C&O of which Portillo's owns 50% of the equity.
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 $562 $49 $12 $535 $6 $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 - $65 million LONG-TERM FINANCIAL TARGETS Unit Growth 10%+ Same Restaurant Sale
Slide 8: Appendix
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Slide 9: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended Two Quarters Ended June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 REVENUES, NET $ 150,623 100.0 % $ 140,734 100.0 % $ 285,105 100.0 % $ 258,041 100.0 % COST AND EXPENSES: Restaurant operating expenses: Cost of goods sold, excluding depreciation and amor
Slide 10: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended Two Quarters Ended June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Total Restaurants (a) 71 67 71 67 AUV (in millions) (a) N/A N/A $ 8.3 $ 7.9 Change in same-restaurant sales (b) 1.9 % 25.0 % 4.8 % 12.7 % Adjusted EBITDA (in thousands) $ 27,613 $ 32,539
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 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Net income (loss) $ 10,756 $ 13,749 $ 11,306 $ 13,873 Depreciation and amortization 5,309 6,420 10,514 12,709 Interest expense 6,097 10,712 12,196 21,441 Income tax expense (benefi
Slide 13: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION LTM Fiscal Year Ended June 26, 2022 December 26, 2021 December 27, 2020 December 29, 2019 Net income (loss) $ (15,983) $ (13,416) $ 12,263 $ 5,555 Depreciation and amortization 21,117 23,312 24,584 24,364 Interest expense 30,449 39,694 45,031 43,367 Loss on debt exting
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 Two Quarters Ended June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Operating Income $ 17,439 $ 24,461 $ 24,253 $ 35,314 General and administrative expenses 15,439 12,170 31,126 24,005 Pre-opening expenses 423 671 979 1,960 Depreci
Slide 16: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION LTM Fiscal Year Ended June 26, 2022 December 26, 2021 December 27, 2020 December 29, 2019 Operating Income $ 18,951 $ 30,012 $ 57,294 $ 48,922 General and administrative expenses 94,210 87,089 39,854 43,118 Pre-opening expenses 2,584 3,565 2,209 2,834
Slide 17: Contact Information
CONTACT INFORMATION Investor Contact: Barbara Noverini, CFA investors@portillos.com Media Contact: ICR, Inc. portillosPR@icrinc.com