Portillo's Inc. · NASDAQ:PTLO
Portillo's — Q3 2024 Earnings Presentation
20 slides from Portillo's's earnings presentation, Nov 5, 2024
Slide 1: Third Quarter Earnings Supplemental
Third Quarter Earnings Supplemental November 5, 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: Q3 2024 Performance
Q3 2024 PERFORMANCE REVENUE PROFITABILITY 6.9% $178.3 million $16.0 million Q3 Operating Income Q3 Total Revenue Q3 Total revenue Growth CHANGE IN SAME RESTAURANT SALES (1) $8.8 million Q3 Net Income $41.9 million Q3 Restaurant-Level Adjusted EBITDA(2) $27.9 million Q3 Adjusted EBITDA(2) (1) Same re
Slide 4: Q3 YTD 2024 Performance
Q3 YTD 2024 PERFORMANCE REVENUE PROFITABILITY 6.9% $44.2 million $525.9 million Q3 YTD Q3 YTD Total Q3 YTD Total Revenue Operating Income Revenue Growth $22.6 million (1) SAME RESTAURANT SALES CHANGE Q3 YTD Net Income $122.9 million Q3 YTD Restaurant-Level Adjusted EBITDA(2) $79.6 million Q3 YTD Adj
Slide 5: 2024 Development Update
2024 DEVELOPMENT UPDATE Opened YTD Q3 2024 Denton, TX Surprise, AZ Livonia, MI Mansfield, TX New ~6,200 Square Foot Format New ~6,200 Square Foot Format Currently LATEST OPENING (Post Q3) Under Willowbrook, TX Construction Grapevine, TX Waterford Lakes, FL Orland Park, IL Katy, TX Richmond, TX Dento
Slide 6: Strategic Pillars
eeeee teeeeeeee Soseses STRATEGIC PILLARS Portillo's [ HOT DOGS - BEEF: BURGERS “SALADS ] BEEF - BURGERS - SALADS RUN WORLD CLASS INNOVATE & AMPLIFY BUILD RESTAURANTS | tae GREAT CARE OF OPERATIONS THE PORTILLO'S Bibb Nosed ae ‘OUR TEAMS EXPERIENCE LEADING RETURNS Flex Our Multi-Channel Craveable &
Slide 7: Financial Profile
FINANCIAL PROFILE TOTAL REVENUE OPERATING INCOME NET INCOME ($ in millions) ($ in millions) ($ in millions) $59 $32 $55 $25 $41 $680 $714 $587 $17 2022 2023 LTM Q3 2022 2023 LTM Q3 2024 2022 2023 LTM Q3 2024 2024 SAME RESTAURANT SALES (1) RESTAURANT-LEVEL ADJ. EBITDA (Margin) (2) ADJ. EBITDA (Margin
Slide 8: Fiscal 2024 and Long-Term Outlook
FISCAL 2024 AND LONG-TERM OUTLOOK UPDATED FISCAL 2024 FINANCIAL TARGETS Unit Growth 10 new units Same-Restaurant Sales Approximately (1.0%) Commodity Inflation Mid-single digits Labor Inflation Approximately 3.0% Restaurant-Level Adjusted EBITDA Margin(1) 23% - 24% General & Administrative Expenses
Slide 9: Appendix
TEP H EHH H EEE H OHH HEE HEHEHE H SEH E ESOS HOHE EHH EHEFH THEE SEH EHEFH FET EEHEEHS ST EHEHF HHH HFEF H HEHEHE HOEHEEFOHOH Hees Portillo's APPENDIX
Slide 10: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 REVENUES, NET $ 178,252 100.0 % $ 166,805 100.0 % $ 525,945 100.0 % $ 492,047 100.0 % COST AND EXPENSES: Restaurant operating expenses: Food, beverage and packaging
Slide 11: Revenue Summary - Q3 2024
REVENUE SUMMARY - Q3 2024 Quarter Ended September September TAKEAWAYS 29, 2024 24, 2023 $ Change % Change The 12 restaurants in the fiscal 2023 row include 4 'Class of 2022' restaurants. Same-restaurant sales (70 restaurants) (1) (3) $150,854 $152,212 (1,358) (0.9)% Same-restaurant sales comparable
Slide 12: Revenue Summary - Q3 YTD 2024
REVENUE SUMMARY - Q3 YTD 2024 Three Quarters Ended September September TAKEAWAYS 29, 2024 24, 2023 $ Change % Change The 12 restaurants in the fiscal 2023 row include 4 Same-restaurant sales (70 restaurants) (1) (3) $443,666 $447,618 (3,952) (0.9)% 'Class of 2022' restaurants. Same-restaurant sales
Slide 13: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended Three Quarters Ended September 29, September 24, September 29, September 24, 2024 2023 2024 2023 Total Restaurants (a) 88 78 88 78 AUV (in millions) (a) N/A N/A $ 8.9 $ 8.9 Change in same-restaurant sales (b)(c) (0.9)% 3.9 % (0.9)% 6.1 % Adjusted EBITDA (in thou
Slide 14: 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 15: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Net income $ 8,773 $ 6,546 $ 22,647 $ 15,171 Net income margin 4.9 % 3.9 % 4.3 % 3.1 % Depreciation and amortization 6,679 6,178 20,729 17,788 Interest expens
Slide 16: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION LTM Fiscal Years Ended September 29, 2024 December 31, 2023 December 25, 2022 Net income $ 32,294 $ 24,818 $ 17,157 Net income margin 4.5 % 3.7 % 2.9 % Depreciation and amortization 27,254 24,313 20,907 Interest expense 26,514 27,470 27,644 Interest income (300) (212)
Slide 17: 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 18: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION Quarter Ended Three Quarters Ended September 29, September 24, September 29, September 24, 2024 2023 2024 2023 Operating income $ 15,988 $ 15,097 $ 44,200 $ 40,973 Operating income margin 9.0 % 9.1 % 8.4 % 8.3 % General and administrative expenses 18,3
Slide 19: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION LTM Fiscal Years Ended September 29, 2024 December 31, 2023 December 25, 2022 Operating income $ 58,667 $ 55,440 $ 41,279 Operating income margin 8.2 % 8.2 % 7.0 % General and administrative expenses 76,336 78,835 66,892 Pre-opening expenses 9,260 9,01
Slide 20: Contact Information
CONTACT INFORMATION Investor Contact: investors@portillos.com Media Contact: ICR, Inc. portillosPR@icrinc.com