Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), the
fast-casual restaurant concept known for its menu of Chicago-style
favorites, today reported financial results for the fourth quarter
and fiscal year ended December 31, 2023.
Michael Osanloo, President and Chief Executive Officer of
Portillo’s, said “Portillo’s has been a beloved brand for 60 years,
and we only continue to get better. In 2023, we grew revenue and
adjusted EBITDA by double-digits. We generated record operating
cash flow. We opened 12 new restaurants. We ended the year with
positive traffic and multi-year highs in guest satisfaction. We do
this by building on what makes us great — impeccable operations and
an excellent value proposition. This is our playbook. It’s how we
drive the kind of results you saw from us in 2023. And we’re just
getting started.”
Financial Highlights for the Fourth Quarter 2023 (14
weeks)* vs. Prior Year (13 weeks)*:
- Total revenue increased 24.5% or $37.0 million to $187.9
million;
- Same-restaurant sales** increased 4.4%;
- Operating income increased $8.0 million to $14.5 million;
- Net income increased $7.0 million to $9.6 million;
- Restaurant-Level Adjusted EBITDA**** increased $13.7 million to
$45.7 million; and
- Adjusted EBITDA**** increased $8.1 million to $26.1
million.
Financial Highlights for Fiscal Year 2023 (53 weeks)*
vs. Prior Year (52 weeks)*:
- Total revenue increased 15.8% or $92.8 million to $679.9
million;
- Same-restaurant sales*** increased 5.7%;
- Operating income increased $14.2 million to $55.4 million;
- Net income increased $7.7 million to $24.8 million;
- Restaurant-Level Adjusted EBITDA**** increased $32.7 million to
$165.2 million; and
- Adjusted EBITDA**** increased $17.3 million to $102.3
million.
*We use a 52- or 53-week fiscal year ending on the Sunday on or
prior to December 31. Fourth quarter 2023 and fiscal 2023 consisted
of 14 weeks and 53 weeks, respectively, and fourth quarter 2022 and
fiscal 2022 consisted of 13 weeks and 52 weeks, respectively. The
additional week (the “53rd week”) in the fourth quarter 2023 and
fiscal 2023 included Christmas day, resulting in six operating
days.**For the fourth quarter 2023, same-restaurant sales compares
the 14 weeks from September 25, 2023 through December 31, 2023 to
the 14 weeks from September 26, 2022 through January 1, 2023. In
order to compare like-for-like periods for the fourth quarter 2024,
same-restaurant sales will compare the 13 weeks from September 30,
2024 through December 29, 2024 to the 13 weeks from October 2, 2023
through December 31, 2023.***For fiscal 2023, same-restaurant sales
compares the 53 weeks from December 26, 2022 through December 31,
2023 to the 53 weeks from December 27, 2021 through January 1,
2023. In order to compare like-for-like periods for fiscal 2024,
same-restaurant sales will compare the 52 weeks from January 1,
2024 through December 29, 2024 to the 52 weeks from January 2, 2023
through December 31, 2023.****Adjusted EBITDA and Restaurant-Level
Adjusted EBITDA are non-GAAP measures. Please see definitions and
the reconciliations of these non-GAAP measures accompanying this
release.
53rd Week Impact
We use a 52- or 53-week fiscal year ending on the Sunday on or
prior to December 31. The fourth quarter 2023 and fiscal year 2023
results include the favorable impact of a 53rd operating week,
which affects all fourth quarter and full year comparisons to
fiscal 2022. The additional week in the fourth quarter 2023
included Christmas Day, resulting in six operating days. The 53rd
week resulted in the following impacts in 2023:
- Total revenue includes an impact of approximately $13.9 million
in both the fourth quarter 2023 and fiscal year 2023.
- Operating income includes an impact of approximately $1.6
million in both the fourth quarter 2023 and fiscal year 2023.
- Net income includes an impact of approximately $1.2 million in
the fourth quarter 2023 and fiscal year 2023.
- Restaurant-Level Adjusted EBITDA includes an impact of
approximately $3.5 million in both the fourth quarter 2023 and
fiscal year 2023.
- Adjusted EBITDA includes an impact of approximately
$2.4 million in both the fourth quarter 2023 and fiscal year
2023.
Recent Developments and Trends
In the year ended December 31, 2023, we saw continued revenue
growth and same-restaurant sales growth. Total revenue grew 15.8%
during the year ended December 31, 2023. Same-restaurant sales grew
5.7% during the year ended December 31, 2023, compared to 5.4%
during the year ended December 25, 2022. During the fourth quarter
of 2023, total revenue grew 24.5% and same-restaurant sales
increased 4.4% compared to same-restaurant sales growth of 6.0% for
the fourth quarter ended December 25, 2022.
We believe unit growth is a key driver of shareholder value
creation. During the quarter and year ended December 31, 2023, we
opened six and 12 new restaurants, respectively, bringing our total
restaurant count to 84, including a restaurant owned by C&O, of
which Portillo's owns 50% of the equity. In fiscal 2023 we opened
new restaurants in the Arizona, Florida, Illinois, and Texas
markets. We made significant strides in Texas with the opening of
four new restaurants in the Dallas-Fort Worth market. The one
restaurant opened in the fourth quarter of 2022 and twelve new
restaurants opened in fiscal 2023 positively impacted revenues in
the fourth quarter ended December 31, 2023 by approximately
$16.9 million. The three restaurants opened in fiscal 2022 and
twelve restaurants opened in fiscal 2023 positively impacted
revenues by approximately $48.4 million in the year ended
December 31, 2023.
In the fourth quarter and for the year ended December 31, 2023,
we continued to see commodity inflation stabilize versus 2022
levels. Commodity inflation was 4.4% and 5.5% for the quarter and
year ended December 31, 2023, respectively, compared to 14.5% and
15.2% for the quarter and year ended December 25, 2022. For the
year ended December 31, 2023, we experienced a decline in labor
expenses, as a percentage of revenue, compared to the year ended
December 25, 2022 primarily due to increases in revenue, partially
offset by higher labor utilization and additional wage investments.
We strategically offset these expenses through menu price increases
and operational efficiencies.
In the year ended December 31, 2023, same-restaurant sales,
operating income, net income, Restaurant-Level Adjusted EBITDA, and
Adjusted EBITDA all improved versus the prior year. We believe this
improvement was the result of our ongoing efforts to deploy
strategic pricing actions, elevate guest experiences, implement
operational efficiencies, and grow our restaurant base.
In fiscal 2024, we expect our overall commodity inflation to
stay consistent with recent trends and are currently estimating
commodity inflation in the mid-single digits. Additionally, we do
anticipate additional wage investments and are currently estimating
mid-single digit wage inflation. We will continue to strategically
offset these expense increases through menu price increases and
operational efficiencies. During January of 2024, we increased
certain menu prices by approximately 1.5%. We will continue to
monitor our cost pressures, the competitive landscape as well as
consumer sentiment to inform our pricing decisions in the coming
quarters.
We believe the strength of our brand, the consistency of our
operations, and the ongoing execution of a disciplined development
strategy all support our business model. Further, we intend to
continue to develop shareholder value through self-funded
restaurant development and an ongoing focus on operational
excellence.
Review of Fourth Quarter 2023 Financial
Results
Revenues for the fourth quarter ended December 31, 2023 were
$187.9 million compared to $150.9 million for the fourth quarter
ended December 25, 2022, an increase of $37.0 million or 24.5%. The
increase is inclusive of the favorable impact of the 53rd week,
which resulted in incremental revenue of $13.9 million. The
increase in revenues was primarily attributed to the opening of new
restaurants, combined with an increase in our same-restaurant sales
in the fourth quarter ended December 31, 2023. Twelve new
restaurants opened in the year ended December 31, 2023 and one
restaurant opened in the fourth quarter of 2022 positively impacted
revenues in the fourth quarter ended December 31, 2023 by
approximately $16.9 million. Same-restaurant sales increased
4.4% during the fourth quarter ended December 31, 2023, which was
attributable to an increase in average check of 3.1% and a 1.3%
increase in transactions. The higher average check was driven by an
approximate 6.0% increase in certain menu prices partially offset
by product mix. For the purpose of calculating same-restaurant
sales for December 31, 2023, sales for 68 restaurants were included
in the Comparable Restaurant Base (as defined below) as of the end
of fiscal 2023.
Total restaurant operating expenses for the fourth quarter ended
December 31, 2023 were $142.1 million compared to $118.8 million
for the fourth quarter ended December 25, 2022, an increase of
$23.3 million or 19.6%. The increase in restaurant operating
expenses was driven by the opening of twelve new restaurants in the
year ended December 31, 2023 and one restaurant opened in the
fourth quarter of 2022. Additionally, food, beverage and packaging
costs were negatively impacted by a 4.4% increase in commodity
prices, partially offset by lower third-party delivery commissions.
Labor expense increases were also driven by incremental investments
to support our team members, including annual rate increases, and
higher variable-based compensation. Operating expenses increased
due to an increase in credit card fees, cleaning, utilities, and
repair and maintenance, partially offset by a decrease in
advertising and marketing expenses, operating supplies, and
professional fees.
General and administrative expenses for the fourth quarter ended
December 31, 2023 were $21.6 million compared to $17.7 million for
the fourth quarter ended December 25, 2022, an increase of $3.8
million or 21.7%. This increase was primarily driven by higher
variable-based compensation, higher advertising expenses, increases
in salaries, wages and benefits attributable to annual rate
increases and the filling of open positions, partially offset by a
decrease in equity-based compensation and insurance.
Operating income for the fourth quarter ended December 31, 2023
was $14.5 million compared to $6.4 million for the fourth quarter
ended December 25, 2022, an increase of $8.0 million due to the
aforementioned increase in revenues, partially offset by an
increase in the aforementioned expenses.
Net income for the fourth quarter ended December 31, 2023 was
$9.6 million compared to $2.7 million for the fourth quarter ended
December 25, 2022, an increase of $7.0 million. The increase in net
income was primarily due to the factors driving the aforementioned
increase in operating income, a decrease in interest expense of
$1.4 million, and an increase in interest income of $0.1 million.
The increase was partially offset by an increase in income tax
expense of $1.3 million and a decrease in the Tax Receivable
Agreement liability adjustment of $1.2 million.
Restaurant-Level Adjusted EBITDA* for the fourth quarter ended
December 31, 2023 was $45.7 million compared to $32.0 million for
the quarter ended December 25, 2022, an increase of $13.7 million
or 42.7%.
Adjusted EBITDA* for the fourth quarter ended December 31, 2023
was $26.1 million compared to $18.1 million for the quarter ended
December 25, 2022, an increase of $8.1 million or 44.5%.
*A reconciliation of Restaurant-Level Adjusted EBITDA and
Adjusted EBITDA and the nearest GAAP financial measure is included
under “Non-GAAP Measures” in the accompanying financial data
below.
Review of Fiscal Year 2023 Financial
Results
Revenues for the year ended December 31, 2023 were $679.9
million compared to $587.1 million for the year ended December 25,
2022, an increase of $92.8 million or 15.8%. The increase is
inclusive of the favorable impact of the 53rd week, which resulted
in incremental revenue of $13.9 million. The increase in revenues
was primarily attributed to the opening of new restaurants,
combined with an increase in our same-restaurant sales. Twelve new
restaurants opened in the year ended December 31, 2023 and three
restaurants opened in 2022 positively impacting revenues in the
year ended December 31, 2023 by approximately $48.4 million.
Same-restaurant sales increased 5.7% during the year ended December
31, 2023, which was attributable to an increase in average check of
6.1%, partially offset by a 0.4% decline in transactions. The
higher average check was driven by an approximate 8.5% increase in
menu prices partially offset by product mix. For the purpose of
calculating same-restaurant sales as of December 31, 2023, sales
for 68 restaurants were included in the Comparable Restaurant Base
(as defined below) as of the end of fiscal 2023.
Total restaurant operating expenses for the year ended December
31, 2023 were $514.7 million compared to $454.6 million for the
year ended December 25, 2022, an increase of $60.1 million or
13.2%. The increase in restaurant operating expenses was driven by
the opening of twelve new restaurants during the year ended
December 31, 2023, and the opening of three restaurants in 2022.
Additionally, food, beverage and packaging costs was negatively
impacted by a 5.5% increase in commodity prices, partially offset
by lower third-party delivery commissions.. Labor expense increases
were also driven by incremental investments to support our team
members, including rate increases, and higher variable-based
compensation. Other operating expenses increased due to an increase
in credit card fees, utilities, repair and maintenance expenses,
and insurance, partially offset by a decrease in professional
fees.
General and administrative expenses for the year ended December
31, 2023 were $78.8 million compared to $66.9 million for the year
ended December 25, 2022, an increase of $11.9 million or 17.9%.
This increase was primarily driven by higher variable-based
compensation, increases in salaries, wages and benefits
attributable to annual rate increases and the filling of open
positions, higher advertising and software licensing fees,
partially offset by a decrease in insurance expenses and lower
equity-based compensation expense.
Operating income for the year ended December 31, 2023 was $55.4
million compared to $41.3 million for the year ended December 25,
2022, an increase of $14.2 million due to the aforementioned
increase in revenues, partially offset by an increase in the
aforementioned expenses.
Net income for the year ended December 31, 2023 was $24.8
million compared to $17.2 million for the year ended December 25,
2022, an increase of $7.7 million. The increase in net income was
primarily due to the factors driving the aforementioned increase in
operating income, a decrease in interest expense of $0.2 million,
and an increase in interest income of $0.2 million, partially
offset by the absence of a loss on debt extinguishment in the year
ended December 25, 2022, a decrease in the Tax Receivable Agreement
liability adjustment of $2.0 million, and an increase in income tax
expense of $1.4 million.
Restaurant-Level Adjusted EBITDA* for the year ended December
31, 2023 was $165.2 million compared to $132.5 million for the year
ended December 25, 2022, an increase of $32.7 million or 24.7%.
Adjusted EBITDA* for the year ended December 31, 2023 was $102.3
million compared to $85.0 million for the year ended December 25,
2022, an increase of $17.3 million or 20.4%.
*A reconciliation of Restaurant-Level Adjusted EBITDA and
Adjusted EBITDA and the nearest GAAP financial measure is included
under “Non-GAAP Measures” in the accompanying financial data
below.
Development Highlights
In fiscal 2023, we opened a total of twelve new restaurants in
the Arizona, Florida, Illinois, and Texas markets. Below are the
twelve restaurants opened since the beginning of fiscal 2023 along
with their opening dates.
Location |
Opening Date |
Fiscal Quarter Opened |
Kissimmee, Florida |
December 2022* |
Q1 2023 |
The Colony, Texas |
January 2023 |
Q1 2023 |
Tucson, Arizona |
February 2023 |
Q1 2023 |
Gilbert, Arizona |
March 2023 |
Q2 2023 |
Queen Creek, Arizona |
August 2023 |
Q3 2023 |
Allen, Texas |
August 2023 |
Q3 2023 |
Cicero, Illinois |
October 2023 |
Q4 2023 |
Arlington, Texas |
November 2023 |
Q4 2023 |
Algonquin, Illinois |
November 2023 |
Q4 2023 |
Rosemont, Illinois |
December 2023 |
Q4 2023 |
Fort Worth, Texas |
December 2023 |
Q4 2023 |
Clermont, Florida |
December 2023 |
Q4 2023 |
* Fiscal 2023 began on December 26, 2022.
In fiscal 2024, we are planning to open at least nine new
restaurants. In 2025, we are targeting at least 12% new restaurant
growth, and our long-term outlook is approximately 12% - 15% annual
new restaurant growth. Our near-term restaurant growth strategy is
focused on leveraging our proven unit economic model primarily in
markets outside Chicagoland with favorable macro-economic tailwinds
where we already have a presence. Particularly, our short-term
focus continues to be in the Sunbelt, with growth across markets in
Arizona, Texas, and Florida. Simultaneously, we will continue to
fill-in Chicagoland and adjacent markets as opportunities come
available.
Fiscal 2024 and Long-Term Outlook
For fiscal 2024, the Company is anticipating the following:
- At least nine new restaurant openings
- Commodity inflation ranging from 4% to 6%;
- General and administrative expenses ranging from $85 million -
$87 million;
- Pre-opening expenses between $8.0 million - $9.0 million;
- Capital expenditures between $90 million - $93 million.
The following long-term outlook does not constitute specific
earnings guidance, but the Company believes these ranges to be
achievable over the long term:
- Restaurant unit growth ranging from 12% to 15%;
- Same-restaurant sales growth in the low single digits;
- Total revenue growth in the mid teens;
- Adjusted EBITDA growth in the low teens*.
* A reconciliation of Adjusted EBITDA outlook cannot be provided
without unreasonable effort. See "Non-GAAP Financial Measures"
below for more information.
The following definitions apply to these terms as used
in this release:
Change in Same-Restaurant Sales - The change in
same-restaurant sales is the percentage change in year-over-year
revenue (excluding gift card breakage) for the Comparable
Restaurant Base, which is defined as the number of restaurants open
for at least 24 full fiscal periods. For the years ended December
31, 2023 and December 25, 2022, there were 68 and 62 restaurants in
our Comparable Restaurant Base, respectively.
A change in same-restaurant sales growth is the result of a
change in restaurant transactions, average guest check, or a
combination of the two. We gather daily sales data and regularly
analyze the guest transaction counts and the mix of menu items sold
to strategically evaluate menu pricing and demand. Measuring our
same-restaurant sales growth allows management to evaluate the
performance of our existing restaurant base. We believe this
measure provides a consistent comparison of restaurant sales
results and trends across periods within our core, established
restaurant base, unaffected by results of restaurant openings and
enables investors to better understand and evaluate the Company’s
historical and prospective operating performance.
Average Unit Volume - AUV is the total revenue
(excluding gift card breakage) recognized in the Comparable
Restaurant Base, including C&O, divided by the number of
restaurants in the Comparable Restaurant Base, including C&O,
by period.
This key performance indicator allows management to assess
changes in consumer spending patterns at our restaurants and the
overall performance of our restaurant base.
Adjusted EBITDA and Adjusted EBITDA Margin -
Adjusted EBITDA represents net income (loss) before depreciation
and amortization, interest expense, interest income, and income
taxes, adjusted for the impact of certain non-cash and other items
that we do not consider in our evaluation of ongoing core operating
performance as identified in the reconciliation of net income
(loss), the most directly comparable GAAP measure to Adjusted
EBITDA. Adjusted EBITDA Margin represents Adjusted EBITDA as a
percentage of revenues, net. See also “Non-GAAP Financial
Measures.”
Restaurant-Level Adjusted EBITDA and Restaurant-Level
Adjusted EBITDA Margin - Restaurant-Level Adjusted EBITDA
is defined as revenue, less restaurant operating expenses, which
include food, beverage and packaging costs, labor expenses,
occupancy expenses and other operating expenses. Restaurant-Level
Adjusted EBITDA excludes corporate level expenses and depreciation
and amortization on restaurant property and equipment.
Restaurant-Level Adjusted EBITDA Margin represents Restaurant-Level
Adjusted EBITDA as a percentage of revenues, net. See also
“Non-GAAP Financial Measures”.
For more information about the Company’s Non-GAAP measures, how
they are calculated and reconciled and why management believes that
they are useful, see “Non-GAAP Financial Measures” below.
Earnings Conference Call
The Company will host a conference call to discuss its financial
results for the fiscal year ended December 31, 2023 on Tuesday,
February 27, 2024, at 10:00 AM ET. The conference call can be
accessed live over the phone by dialing 201-493-6780. A telephone
replay will be available shortly after the call has concluded and
can be accessed by dialing 412-317-6671; the passcode is 13741633.
The webcast will be available at www.portillos.com under the
investors section and will be archived on the site shortly after
the call has concluded.
About Portillo’s
In 1963, Dick Portillo invested $1,100 into a
small trailer to open the first Portillo’s hot dog stand in Villa
Park, IL, which he called “The Dog House.” Years later, Portillo’s
(NASDAQ: PTLO) has grown to more than 80 restaurants across 10
states. Portillo’s is best known for its Chicago-style hot dogs,
Italian beef sandwiches, char-grilled burgers, fresh salads and
famous chocolate cake.
Cautionary Note Regarding Forward-Looking
Statements
This press release 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. Forward-looking statements discuss
our current expectations and projections relating to our financial
position, results of operations, plans, objectives, future
performance and business, and are based on currently available
operating, financial and competitive information which are subject
to various risks and uncertainties, so you should not place undue
reliance on forward-looking statements. You can identify
forward-looking statements by the fact that they do not relate
strictly to historical or current facts. These statements may
include words such as "aim," "anticipate," "believe," "commit,"
"estimate," "expect," "forecast," "outlook," "potential,"
"project," "projection," "plan," "intend," "seek," "may," "could,"
"would," "will," "should," "can," "can have," "likely," the
negatives thereof and other similar expressions.
Forward-looking statements are based on our current expectations
and assumptions regarding our business, the economy and other
future conditions. Because forward-looking statements relate to the
future, by their nature, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. As a result, our actual results may differ
materially from those contemplated by the forward-looking
statements. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include regional, national or global political, economic, business,
competitive, market and regulatory conditions and the
following:
- risks related to or arising from our organizational
structure;
- risks of food-borne illness and food safety and other health
concerns about our food;
- risks relating to the economy and financial markets, including
inflation and fluctuating interest rates or other factors;
- the impact of unionization activities of our restaurant workers
on our operations and profitability;
- the impact of recent bank failures on the marketplace,
including the ability to access credit;
- risks associated with our reliance on certain information
technology systems and potential failures or interruptions;
- privacy and cyber security risks related to our digital
ordering and payment platforms for our delivery business;
- the impact of competition, including from our competitors in
the restaurant industry or our own restaurants;
- the increasingly competitive labor market and our ability to
attract and retain the best talent and qualified employees;
- the impact of federal, state or local government regulations
relating to privacy, data protection, advertising and consumer
protection, building and zoning requirements, costs or ability to
open new restaurants, or sale of food and alcoholic beverage
control regulations;
- inability to achieve our growth strategy, such as the
availability of suitable new restaurant sites in existing and new
markets and opening of new restaurants at the anticipated rate and
on the anticipated timeline;
- the impact of consumer sentiment and other economic factors on
our sales;
- increases in food and other operating costs, tariffs and import
taxes, and supply shortages; and
- other risks identified in our filings with the Securities and
Exchange Commission (the “SEC’).
All forward-looking statements are expressly qualified in their
entirety by these cautionary statements. You should evaluate all
forward-looking statements made in this press release in the
context of the risks and uncertainties disclosed in the Company’s
most recent Annual Report on Form 10-K, filed with the SEC. All of
the Company’s SEC filings are available on the SEC’s website at
www.sec.gov. The forward-looking statements included in this press
release are made only as of the date hereof. The Company undertakes
no obligation to publicly update or revise any forward-looking
statement as a result of new information, future events or
otherwise, except as otherwise required by law.
Investor Contact:Barbara Noverini, CFA
investors@portillos.com
Media Contact:ICR,
Inc.portillosPR@icrinc.com
PORTILLO’S INCCONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except common share and per
common share data) |
|
|
|
|
|
Quarter Ended |
|
Fiscal Years Ended |
|
December 31, 2023 |
|
December 25, 2022 |
|
December 31, 2023 |
|
December 25, 2022 |
REVENUES,
NET |
$ |
187,858 |
|
|
100.0 |
% |
|
$ |
150,878 |
|
|
100.0 |
% |
|
$ |
679,905 |
|
|
100.0 |
% |
|
$ |
587,104 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST AND
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food, beverage and packaging costs |
|
65,462 |
|
|
34.8 |
% |
|
|
52,823 |
|
|
35.0 |
% |
|
|
230,869 |
|
|
34.0 |
% |
|
|
204,237 |
|
|
34.8 |
% |
Labor |
|
47,668 |
|
|
25.4 |
% |
|
|
40,040 |
|
|
26.5 |
% |
|
|
173,868 |
|
|
25.6 |
% |
|
|
154,392 |
|
|
26.3 |
% |
Occupancy |
|
8,460 |
|
|
4.5 |
% |
|
|
7,879 |
|
|
5.2 |
% |
|
|
33,358 |
|
|
4.9 |
% |
|
|
30,657 |
|
|
5.2 |
% |
Other operating expenses |
|
20,532 |
|
|
10.9 |
% |
|
|
18,087 |
|
|
12.0 |
% |
|
|
76,639 |
|
|
11.3 |
% |
|
|
65,312 |
|
|
11.1 |
% |
Total restaurant operating expenses |
|
142,122 |
|
|
75.7 |
% |
|
|
118,829 |
|
|
78.8 |
% |
|
|
514,734 |
|
|
75.7 |
% |
|
|
454,598 |
|
|
77.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
21,550 |
|
|
11.5 |
% |
|
|
17,707 |
|
|
11.7 |
% |
|
|
78,835 |
|
|
11.6 |
% |
|
|
66,892 |
|
|
11.4 |
% |
Pre-opening expenses |
|
3,990 |
|
|
2.1 |
% |
|
|
2,945 |
|
|
2.0 |
% |
|
|
9,019 |
|
|
1.3 |
% |
|
|
4,715 |
|
|
0.8 |
% |
Depreciation and amortization |
|
6,525 |
|
|
3.5 |
% |
|
|
5,104 |
|
|
3.4 |
% |
|
|
24,313 |
|
|
3.6 |
% |
|
|
20,907 |
|
|
3.6 |
% |
Net income attributable to equity method investment |
|
(391 |
) |
|
(0.2)% |
|
|
(276 |
) |
|
(0.2)% |
|
|
(1,401 |
) |
|
(0.2)% |
|
|
(1,083 |
) |
|
(0.2)% |
Other (income) loss, net |
|
(405 |
) |
|
(0.2)% |
|
|
129 |
|
|
0.1 |
% |
|
|
(1,035 |
) |
|
(0.2)% |
|
|
(204 |
) |
|
— |
% |
OPERATING INCOME |
|
14,467 |
|
|
7.7 |
% |
|
|
6,440 |
|
|
4.3 |
% |
|
|
55,440 |
|
|
8.2 |
% |
|
|
41,279 |
|
|
7.0 |
% |
Interest expense |
|
6,931 |
|
|
3.7 |
% |
|
|
8,358 |
|
|
5.5 |
% |
|
|
27,470 |
|
|
4.0 |
% |
|
|
27,644 |
|
|
4.7 |
% |
Interest income |
|
(96 |
) |
|
(0.1)% |
|
|
— |
|
|
— |
% |
|
|
(212 |
) |
|
— |
% |
|
|
— |
|
|
— |
% |
Tax Receivable Agreement Liability adjustment |
|
(1,658 |
) |
|
(0.9)% |
|
|
(2,883 |
) |
|
(1.9)% |
|
|
(3,349 |
) |
|
(0.5)% |
|
|
(5,345 |
) |
|
(0.9)% |
Loss on debt extinguishment |
|
— |
|
|
— |
% |
|
|
— |
|
|
— |
% |
|
|
3,465 |
|
|
0.5 |
% |
|
|
— |
|
|
— |
% |
INCOME BEFORE INCOME TAXES |
|
9,290 |
|
|
4.9 |
% |
|
|
965 |
|
|
0.6 |
% |
|
|
28,066 |
|
|
4.1 |
% |
|
|
18,980 |
|
|
3.2 |
% |
Income tax (benefit) expense |
|
(357 |
) |
|
(0.2)% |
|
|
(1,688 |
) |
|
(1.1)% |
|
|
3,248 |
|
|
0.5 |
% |
|
|
1,823 |
|
|
0.3 |
% |
NET INCOME |
|
9,647 |
|
|
5.1 |
% |
|
|
2,653 |
|
|
1.8 |
% |
|
|
24,818 |
|
|
3.7 |
% |
|
|
17,157 |
|
|
2.9 |
% |
Net
income (loss) attributable to non-controlling interests |
|
1,858 |
|
|
1.0 |
% |
|
|
(1,301 |
) |
|
(0.9)% |
|
|
6,394 |
|
|
0.9 |
% |
|
|
6,306 |
|
|
1.1 |
% |
NET INCOME ATTRIBUTABLE TO PORTILLO'S INC. |
$ |
7,789 |
|
|
4.1 |
% |
|
$ |
3,954 |
|
|
2.6 |
% |
|
$ |
18,424 |
|
|
2.7 |
% |
|
$ |
10,851 |
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per common share
attributable to Portillo’s Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.14 |
|
|
|
|
$ |
0.09 |
|
|
|
|
$ |
0.34 |
|
|
|
|
$ |
0.28 |
|
|
|
Diluted |
$ |
0.13 |
|
|
|
|
$ |
0.08 |
|
|
|
|
$ |
0.32 |
|
|
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
55,409,702 |
|
|
|
|
|
44,911,414 |
|
|
|
|
|
53,806,570 |
|
|
|
|
|
38,902,259 |
|
|
|
Diluted |
|
58,635,214 |
|
|
|
|
|
48,438,054 |
|
|
|
|
|
57,307,784 |
|
|
|
|
|
42,715,977 |
|
|
|
Note: We use a 52- or 53-week fiscal year
ending on the Sunday on or prior to December 31. Fourth quarter
2023 and fiscal 2023 consisted of 14 weeks and 53 weeks,
respectively, and fourth quarter 2022 and fiscal 2022 consisted of
13 weeks and 52 weeks, respectively. The additional week in the
fourth quarter 2023 and fiscal 2023 included Christmas day,
resulting in six operating days.
PORTILLO’S INC.CONSOLIDATED BALANCE
SHEETS(in thousands, except common share and per common
share data) |
|
|
|
|
December 31, 2023 |
|
December 25, 2022 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents and restricted cash |
$ |
10,438 |
|
$ |
44,427 |
|
Accounts and tenant improvement receivables |
|
14,183 |
|
|
8,590 |
|
Inventory |
|
8,733 |
|
|
7,387 |
|
Prepaid expenses |
|
8,565 |
|
|
4,922 |
|
Total current assets |
|
41,919 |
|
|
65,326 |
|
Property and equipment, net |
|
295,793 |
|
|
227,036 |
|
Operating lease assets |
|
193,825 |
|
|
166,808 |
|
Goodwill |
|
394,298 |
|
|
394,298 |
|
Trade names |
|
223,925 |
|
|
223,925 |
|
Other intangible assets, net |
|
28,911 |
|
|
31,800 |
|
Equity method investment |
|
16,684 |
|
|
16,274 |
|
Deferred tax assets |
|
184,701 |
|
|
150,497 |
|
Other assets |
|
5,485 |
|
|
4,119 |
|
Total other assets |
|
854,004 |
|
|
820,913 |
|
TOTAL ASSETS |
$ |
1,385,541 |
|
$ |
1,280,083 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ |
33,189 |
|
$ |
30,273 |
|
Current portion of long-term debt |
|
7,500 |
|
|
4,155 |
|
Short-term debt |
|
15,000 |
|
|
— |
|
Current portion of Tax Receivable Agreement liability |
|
4,428 |
|
|
813 |
|
Current deferred revenue |
|
7,180 |
|
|
7,292 |
|
Short-term lease liability |
|
5,577 |
|
|
4,849 |
|
Accrued expenses |
|
32,039 |
|
|
29,915 |
|
Total current liabilities |
|
104,913 |
|
|
77,297 |
|
LONG-TERM LIABILITIES: |
|
|
|
Long-term debt, net of current portion |
|
283,923 |
|
|
314,425 |
|
Tax Receivable Agreement liability |
|
295,390 |
|
|
252,003 |
|
Long-term lease liability |
|
238,414 |
|
|
200,166 |
|
Other long-term liabilities |
|
2,791 |
|
|
3,291 |
|
Total long-term liabilities |
|
820,518 |
|
|
769,885 |
|
Total liabilities |
|
925,431 |
|
|
847,182 |
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
STOCKHOLDER’S EQUITY: |
|
|
|
Preferred stock, $0.01 par value per share, 10,000,000 shares
authorized, 0.00 issued and outstanding |
|
— |
|
|
— |
|
Class A common stock, $0.01 par value per share, 380,000,000 shares
authorized, and 55,502,375 and 48,420,723 shares issued and
outstanding as of December 31, 2023 and December 25, 2022,
respectively |
|
555 |
|
|
484 |
|
Class B common stock, $0.00001 par value per share, 50,000,000
shares authorized, and 17,472,926 and 23,837,162 shares issued and
outstanding as of December 31, 2023 and December 25, 2022,
respectively |
|
— |
|
|
— |
|
Additional paid-in-capital |
|
308,212 |
|
|
260,664 |
|
Retained earnings (accumulated deficit) |
|
13,612 |
|
|
(4,812 |
) |
Total stockholders' equity attributable to Portillo's Inc. |
|
322,379 |
|
|
256,336 |
|
Non-controlling interest |
|
137,731 |
|
|
176,565 |
|
Total stockholders' equity |
|
460,110 |
|
|
432,901 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
1,385,541 |
|
$ |
1,280,083 |
|
PORTILLO’S INCCONSOLIDATED STATEMENTS OF
CASH FLOWS(in thousands) |
|
|
|
Fiscal Years Ended |
|
December 31, 2023 |
|
December 25, 2022 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
Net income |
$ |
24,818 |
|
|
$ |
17,157 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
|
24,313 |
|
|
|
20,907 |
|
Amortization of debt issuance costs and discount |
|
1,001 |
|
|
|
2,751 |
|
Loss on sales of assets |
|
592 |
|
|
|
398 |
|
Equity-based compensation |
|
15,542 |
|
|
|
16,137 |
|
Deferred income tax provision |
|
3,249 |
|
|
|
1,820 |
|
Tax Receivable Agreement liability adjustment |
|
(3,349 |
) |
|
|
(5,345 |
) |
Gift card breakage |
|
(917 |
) |
|
|
(798 |
) |
Loss on debt extinguishment |
|
3,465 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivables |
|
(679 |
) |
|
|
191 |
|
Receivables from related parties |
|
(82 |
) |
|
|
96 |
|
Inventory |
|
(1,346 |
) |
|
|
(1,309 |
) |
Other current assets |
|
(3,643 |
) |
|
|
914 |
|
Operating lease asset |
|
7,402 |
|
|
|
6,793 |
|
Accounts payable |
|
209 |
|
|
|
(3,621 |
) |
Accrued expenses and other liabilities |
|
3,021 |
|
|
|
1,587 |
|
Operating lease liability |
|
(2,033 |
) |
|
|
(2,426 |
) |
Deferred lease incentives |
|
1,501 |
|
|
|
1,651 |
|
Other assets and liabilities |
|
(2,283 |
) |
|
|
(14 |
) |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
70,781 |
|
|
|
56,889 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
Purchase of property and equipment |
|
(87,918 |
) |
|
|
(47,061 |
) |
Proceeds from the sale of property and equipment |
|
81 |
|
|
|
44 |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(87,837 |
) |
|
|
(47,017 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Proceeds from short-term debt, net |
|
15,000 |
|
|
|
— |
|
Proceeds from long-term debt |
|
300,000 |
|
|
|
— |
|
Payments of long-term debt |
|
(328,053 |
) |
|
|
(3,324 |
) |
Proceeds from equity offering, net of underwriting discounts |
|
179,306 |
|
|
|
364,956 |
|
Repurchase of outstanding equity / Portillo's OpCo units |
|
(179,306 |
) |
|
|
(364,956 |
) |
Distributions paid to non-controlling interest holders |
|
(399 |
) |
|
|
— |
|
Proceeds from stock option exercises |
|
1,879 |
|
|
|
1,890 |
|
Employee withholding taxes related to net settled equity
awards |
|
(1,505 |
) |
|
|
(2,632 |
) |
Proceeds from Employee Stock Purchase Plan purchases |
|
527 |
|
|
|
129 |
|
Payments of Tax Receivable Agreement liability |
|
(813 |
) |
|
|
— |
|
Payment of deferred financing costs |
|
(3,569 |
) |
|
|
— |
|
Payment of initial public offering issuance costs |
|
— |
|
|
|
(771 |
) |
NET CASH USED IN FINANCING ACTIVITIES |
|
(16,933 |
) |
|
|
(4,708 |
) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND
RESTRICTED CASH |
|
(33,989 |
) |
|
|
5,164 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING
OF THE PERIOD |
|
44,427 |
|
|
|
39,263 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE
PERIOD |
$ |
10,438 |
|
|
$ |
44,427 |
|
Note: We use a 52- or 53-week fiscal year
ending on the Sunday on or prior to December 31. Fiscal 2023
consisted of 53 weeks and fiscal 2022 consisted of 52 weeks. The
53rd week in fiscal 2023 included Christmas day, resulting in six
operating days.
PORTILLO’S INCKEY PERFORMANCE INDICATORS
AND NON-GAAP FINANCIAL MEASURES |
|
|
|
|
|
Quarter Ended |
|
Fiscal Years Ended |
|
December 31, 2023 |
|
December 25, 2022 |
|
December 31, 2023 |
|
December 25, 2022 |
Total Restaurants (a) |
|
84 |
|
|
|
72 |
|
|
|
84 |
|
|
|
72 |
|
AUV (in millions) (a) |
N/A |
|
|
N/A |
|
|
$ |
9.1 |
|
|
$ |
8.5 |
|
Change in same-restaurant
sales (b)(c) |
|
4.4 |
% |
|
|
6.0 |
% |
|
|
5.7 |
% |
|
|
5.4 |
% |
Adjusted EBITDA (in thousands)
(b) |
$ |
26,142 |
|
|
$ |
18,092 |
|
|
$ |
102,282 |
|
|
$ |
84,955 |
|
Adjusted EBITDA Margin
(b) |
|
13.9 |
% |
|
|
12.0 |
% |
|
|
15.0 |
% |
|
|
14.5 |
% |
Restaurant-Level Adjusted
EBITDA (in thousands) (b) |
$ |
45,736 |
|
|
$ |
32,049 |
|
|
$ |
165,171 |
|
|
$ |
132,506 |
|
Restaurant-Level Adjusted
EBITDA Margin (b) |
|
24.3 |
% |
|
|
21.2 |
% |
|
|
24.3 |
% |
|
|
22.6 |
% |
Note: We use a 52- or 53-week fiscal year
ending on the Sunday on or prior to December 31. Fourth quarter
2023 and fiscal 2023 consisted of 14 weeks and 53 weeks,
respectively, and fourth quarter 2022 and fiscal 2022 consisted of
13 weeks and 52 weeks, respectively. The additional week in the
fourth quarter 2023 and fiscal 2023 included Christmas day,
resulting in six operating days.(a) Includes a restaurant that is
owned by C&O Chicago, L.L.C. ("C&O") of which Portillo’s
owns 50% of the equity. Total restaurants indicated are as of a
point in time. AUV for fiscal 2023 and fiscal 2022 consist of 53
weeks and 52 weeks, respectively. (b) Excludes a restaurant that is
owned by C&O of which Portillo’s owns 50% of the equity. (c)
For the fourth quarter 2023, same-restaurant sales compares the 14
weeks from September 25, 2023 through December 31, 2023 to the 14
weeks from September 26, 2022 through January 1, 2023. In order to
compare like-for-like periods for the fourth quarter 2024,
same-restaurant sales will compare the 13 weeks from September 30,
2024 through December 29, 2024 to the 13 weeks from October 2, 2023
through December 31, 2023. For fiscal 2023, same-restaurant sales
compares the 53 weeks from December 26, 2022 through December 31,
2023 to the 53 weeks from December 27, 2021 through January 1,
2023. In order to compare like-for-like periods for fiscal 2024,
same-restaurant sales will compare the 52 weeks from January 1,
2024 through December 29, 2024 to the 52 weeks from January 2, 2023
through December 31, 2023.
PORTILLO’S INC.NON-GAAP
FINANCIAL MEASURES
To supplement the consolidated financial statements, which are
prepared and presented in accordance with GAAP, we use the
following non-GAAP financial measures: Adjusted EBITDA and Adjusted
EBITDA Margin, and Restaurant-Level Adjusted EBITDA and
Restaurant-Level Adjusted EBITDA Margin. Accordingly,
Restaurant-Level Adjusted EBITDA and Restaurant-Level Adjusted
EBITDA Margin are not required by, nor presented in accordance with
GAAP, but rather are supplemental measures of operating performance
of our restaurants. You should be aware that these measures are not
indicative of overall results for the Company and that
Restaurant-Level Adjusted EBITDA and Restaurant-Level Adjusted
EBITDA Margin do not accrue directly to the benefit of stockholders
because of corporate-level expenses excluded from such measures.
These measures are supplemental measures of operating performance
and our calculations thereof may not be comparable to similar
measures reported by other companies. These measures are important
measures to evaluate the performance and profitability of our
restaurants, individually and in the aggregate, but also have
important limitations as analytical tools and should not be
considered in isolation as substitutes for analysis of our results
as reported under GAAP.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA represents net income (loss) before depreciation
and amortization, interest expense, interest income, and income
taxes, adjusted for the impact of certain non-cash and other items
that we do not consider in our evaluation of ongoing core operating
performance as identified in the reconciliation of net income
(loss), the most directly comparable GAAP measure to Adjusted
EBITDA. Adjusted EBITDA Margin represents Adjusted EBITDA as a
percentage of total revenues.
We use Adjusted EBITDA and Adjusted EBITDA Margin (i) to
evaluate our operating results and the effectiveness of our
business strategies, (ii) internally as benchmarks to compare our
performance to that of our competitors and (iii) as factors in
evaluating management’s performance when determining incentive
compensation.
We believe that Adjusted EBITDA and Adjusted EBITDA Margin are
important measures of operating performance because they eliminate
the impact of expenses that do not relate to our core operating
performance.
We are unable to reconcile the long-term outlook for Adjusted
EBITDA to net income (loss), the corresponding U.S. GAAP measure,
due to variability and difficulty in making accurate forecasts and
projections and because not all information necessary to prepare
the reconciliation is available to us without unreasonable efforts.
For the same reasons, we are unable to address the probable
significance of the unavailable information because we cannot
accurately predict all of the components of the adjusted
calculations and the non-GAAP measure may be materially different
than the GAAP measure.
Restaurant-Level Adjusted EBITDA and Restaurant-Level
Adjusted EBITDA Margin
Restaurant-Level Adjusted EBITDA is defined as revenue, less
restaurant operating expenses, which include cost of goods sold
(excluding depreciation and amortization), labor expenses,
occupancy expenses and other operating expenses. Restaurant-Level
Adjusted EBITDA excludes corporate level expenses and depreciation
and amortization on restaurant property and equipment.
Restaurant-Level Adjusted EBITDA Margin represents Restaurant-Level
Adjusted EBITDA as a percentage of revenue.
We believe that Restaurant-Level Adjusted EBITDA and
Restaurant-Level Adjusted EBITDA Margin are important measures to
evaluate the performance and profitability of our restaurants,
individually and in the aggregate.
See below for a reconciliation of net income, the most directly
comparable GAAP measure, to Adjusted EBITDA and Adjusted EBITDA
Margin (in thousands):
|
Quarter Ended |
|
Fiscal Years Ended |
|
December 31, 2023 |
|
December 25, 2022 |
|
December 31, 2023 |
|
December 25, 2022 |
Net income |
$ |
9,647 |
|
|
$ |
2,653 |
|
|
$ |
24,818 |
|
|
$ |
17,157 |
|
Depreciation and
amortization |
|
6,525 |
|
|
|
5,104 |
|
|
|
24,313 |
|
|
|
20,907 |
|
Interest expense |
|
6,931 |
|
|
|
8,358 |
|
|
|
27,470 |
|
|
|
27,644 |
|
Interest income |
|
(96 |
) |
|
|
— |
|
|
|
(212 |
) |
|
|
— |
|
Loss on debt
extinguishment |
|
— |
|
|
|
— |
|
|
|
3,465 |
|
|
|
— |
|
Income tax (benefit)
expense |
|
(357 |
) |
|
|
(1,688 |
) |
|
|
3,248 |
|
|
|
1,823 |
|
EBITDA |
|
22,650 |
|
|
|
14,427 |
|
|
|
83,102 |
|
|
|
67,531 |
|
Deferred rent (1) |
|
1,315 |
|
|
|
999 |
|
|
|
5,096 |
|
|
|
3,998 |
|
Equity-based compensation |
|
3,498 |
|
|
|
4,790 |
|
|
|
15,542 |
|
|
|
16,137 |
|
ERP implementation costs
(2) |
|
252 |
|
|
|
— |
|
|
|
401 |
|
|
|
— |
|
Other income (3) |
|
79 |
|
|
|
159 |
|
|
|
590 |
|
|
|
397 |
|
Transaction-related fees &
expenses (4) |
|
6 |
|
|
|
600 |
|
|
|
900 |
|
|
|
2,237 |
|
Tax Receivable Agreement
liability adjustment (5) |
|
(1,658 |
) |
|
|
(2,883 |
) |
|
|
(3,349 |
) |
|
|
(5,345 |
) |
Adjusted EBITDA |
$ |
26,142 |
|
|
$ |
18,092 |
|
|
$ |
102,282 |
|
|
$ |
84,955 |
|
Adjusted EBITDA Margin
(6) |
|
13.9 |
% |
|
|
12.0 |
% |
|
|
15.0 |
% |
|
|
14.5 |
% |
Note: We use a 52- or 53-week fiscal year
ending on the Sunday on or prior to December 31. Fourth quarter
2023 and fiscal 2023 consisted of 14 weeks and 53 weeks,
respectively, and fourth quarter 2022 and fiscal 2022 consisted of
13 weeks and 52 weeks, respectively. The additional week in the
fourth quarter 2023 and fiscal 2023 included Christmas day,
resulting in six operating days.(1) Represents the difference
between cash rent payments and the recognition of straight-line
rent expense recognized over the lease term. (2) Represents
non-capitalized third-party consulting and software licensing costs
incurred in connection with the implementation of a new ERP
system.(3) Represents loss on disposal of property and equipment.
(4) Represents the exclusion of certain expenses that management
believes are not indicative of ongoing operations, consisting
primarily of certain professional fees.(5) Represents the Tax
Receivable Agreement liability remeasurement primarily due to
activity under equity-based compensation plans.(6) Adjusted EBITDA
Margin is defined as Adjusted EBITDA divided by Revenues, net.
See below for a reconciliation of operating
income, the most directly comparable GAAP measure, to
Restaurant-Level Adjusted EBITDA and Restaurant-Level Adjusted
EBITDA Margin (in thousands):
|
Quarter Ended |
|
Fiscal Years Ended |
|
December 31, 2023 |
|
December 25, 2022 |
|
December 31, 2023 |
|
December 25, 2022 |
Operating income |
$ |
14,467 |
|
|
$ |
6,440 |
|
|
$ |
55,440 |
|
|
$ |
41,279 |
|
Plus: |
|
|
|
|
|
|
|
General and administrative expenses |
|
21,550 |
|
|
|
17,707 |
|
|
|
78,835 |
|
|
|
66,892 |
|
Pre-opening expenses |
|
3,990 |
|
|
|
2,945 |
|
|
|
9,019 |
|
|
|
4,715 |
|
Depreciation and amortization |
|
6,525 |
|
|
|
5,104 |
|
|
|
24,313 |
|
|
|
20,907 |
|
Net income attributable to equity method investment |
|
(391 |
) |
|
|
(276 |
) |
|
|
(1,401 |
) |
|
|
(1,083 |
) |
Other (income) loss, net |
|
(405 |
) |
|
|
129 |
|
|
|
(1,035 |
) |
|
|
(204 |
) |
Restaurant-Level Adjusted
EBITDA |
$ |
45,736 |
|
|
$ |
32,049 |
|
|
$ |
165,171 |
|
|
$ |
132,506 |
|
Restaurant-Level Adjusted
EBITDA Margin |
|
24.3 |
% |
|
|
21.2 |
% |
|
|
24.3 |
% |
|
|
22.6 |
% |
Note: We use a 52- or 53-week fiscal year
ending on the Sunday on or prior to December 31. Fourth quarter
2023 and fiscal 2023 consisted of 14 weeks and 53 weeks,
respectively, and fourth quarter 2022 and fiscal 2022 consisted of
13 weeks and 52 weeks, respectively. The additional week in the
fourth quarter 2023 and fiscal 2023 included Christmas day,
resulting in six operating days.
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