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Midas Edge

Portillos Inc

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 27, 2024

PTLO$6.98+1.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

Fiscal Years Ended
December 31, 2023December 25, 2022December 26, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$24,818$17,157$(13,416)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization24,31320,90723,312
Amortization of debt issuance costs and discount1,0012,7513,607
Loss on sales of assets592398256
Equity-based compensation15,54216,13729,389
Deferred rent and tenant allowance——4,120
Deferred income tax provision (benefit)3,2491,820(3,532)
Tax Receivable Agreement liability adjustment(3,349)(5,345)—
Amortization of deferred lease incentives——(388)
Gift card breakage(917)(798)(715)
Loss on debt extinguishment3,465—7,265
Changes in operating assets and liabilities:
Accounts receivables(679)191(777)
Receivables from related parties(82)96(152)
Inventory(1,346)(1,309)(1,003)
Other current assets(3,643)914(2,921)
Operating lease assets7,4026,793—
Accounts payable209(3,621)1,788
Accrued expenses and other liabilities3,0211,587(4,521)
Operating lease liabilities(2,033)(2,426)—
Deferred lease incentives1,5011,651690
Other assets and liabilities(2,283)(14)(128)
NET CASH PROVIDED BY OPERATING ACTIVITIES70,78156,88942,874
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment(87,918)(47,061)(36,183)
Purchase of investment securities——(200)
Proceeds from the sale of property and equipment8144123
NET CASH USED IN INVESTING ACTIVITIES(87,837)(47,017)(36,260)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term debt, net15,000——
Proceeds from long-term debt300,000——
Payments of long-term debt(328,053)(3,324)(158,324)
Proceeds from equity offering, net of underwriting discounts179,306364,956437,078
Repurchase of outstanding equity / Portillo's OpCo units(179,306)(364,956)(57,010)
Distributions paid to non-controlling interest holders(399)——
Proceeds from stock option exercises1,8791,890—
Employee withholding taxes related to net settled equity awards(1,505)(2,632)—
Proceeds from Employee Stock Purchase Plan purchases527129—
Payments of Tax Receivable Agreement liability(813)——
Payment of deferred financing costs(3,569)——
Payment of initial public offering issuance costs—(771)(6,279)
Payment of preferred units and preferred units liquidation——(221,747)
Payment of long-term debt prepayment penalty——(3,100)
Proceeds from issuance of common units——100
Repayment of stock subscription receivable——499
NET CASH USED IN FINANCING ACTIVITIES(16,933)(4,708)(8,783)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH(33,989)5,164(2,169)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD44,42739,26341,432
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD$10,438$44,427$39,263

CONSOLIDATED STATEMENTS OF CASH FLOWS

Fiscal Years Ended
December 31, 2023December 25, 2022December 26, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid$28,282$23,968$43,544
Income tax paid———
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures$12,729$9,796$2,195
Redeemable preferred units accretion——(21,176)
Deferred offering costs in accounts payable——771
Establishment of liabilities under Tax Receivable Agreement51,165101,524156,638
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.