Portillos Inc

For the period ended Jun 30, 2024. Filed Aug 6, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 6, 2024

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

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Contents

Condensed Consolidated Statements of Operations

PORTILLO'S INC

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except share and per share data)

	Quarter Ended		Two Quarters Ended
	June 30, 2024	June 25, 2023	June 30, 2024	June 25, 2023
REVENUES, NET	$181,862	$169,182	$347,693	$325,242
COST AND EXPENSES:
Restaurant operating expenses:
Food, beverage and packaging costs	61,712	56,229	118,673	109,856
Labor	46,412	43,153	89,714	83,612
Occupancy	9,211	8,237	18,551	16,688
Other operating expenses	19,958	18,832	39,815	37,536
Total restaurant operating expenses	137,293	126,451	266,753	247,692
General and administrative expenses	17,941	19,609	36,481	38,387
Pre-opening expenses	2,100	275	3,523	2,619
Depreciation and amortization	7,106	5,941	14,050	11,610
Net income attributable to equity method investment	(335)	(381)	(540)	(588)
Other income, net	(358)	(97)	(786)	(354)
OPERATING INCOME	18,115	17,384	28,212	25,876
Interest expense	6,603	6,523	13,133	13,966
Interest income	(75)	—	(154)	—
Tax Receivable Agreement liability adjustment	(439)	(579)	(1,000)	(1,163)
Loss on debt extinguishment	—	—	—	3,465
INCOME BEFORE INCOME TAXES	12,026	11,440	16,233	9,608
Income tax expense	3,496	1,542	2,359	983
NET INCOME	8,530	9,898	13,874	8,625
Net income attributable to non-controlling interests	2,060	3,110	2,842	2,351
NET INCOME ATTRIBUTABLE TO PORTILLO'S INC.	$6,470	$6,788	$11,032	$6,274
Net income per common share attributable to Portillo's Inc.:
Basic	$0.10	$0.12	$0.19	$0.12
Diluted	$0.10	$0.12	$0.18	$0.11
Weighted-average common shares outstanding:
Basic	61,650,118	54,964,649	59,543,950	52,252,053
Diluted	64,608,698	58,550,057	62,577,748	55,806,455

PORTILLO'S INC

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In thousands, except share data)

Quarter Ended June 30, 2024 and June 25, 2023
Class A Common Stock · Class B Common Stock
	Shares	Amount	Shares	Amount	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Non-Controlling Interest	Total Stockholders' Equity
Balance at March 26, 2023	54,467,951	$545	17,943,562	$—	$294,984	$(5,326)	$132,783	$422,986
Net income	—	—	—	—	—	6,788	3,110	9,898
Equity-based compensation	—	—	—	—	3,146	—	1,037	4,183
Activity under equity-based compensation plans	135,406	1	—	—	577	—	—	578
Redemption of LLC Interests	470,636	5	(470,636)	—	(5)	—	—	—
Non-controlling interest adjustment	—	—	—	—	4,109	—	(4,109)	—
Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis	—	—	—	—	(1,189)	—	—	(1,189)
Balance at June 25, 2023	55,073,993	551	17,472,926	—	301,622	1,462	132,821	436,456
Balance at March 31, 2024	61,561,592	615	11,640,555	—	341,750	18,174	91,806	452,345
Net income	—	—	—	—	—	6,470	2,060	8,530
Equity-based compensation	—	—	—	—	2,429	—	461	2,890
Activity under equity-based compensation plans	178,282	2	—	—	355	—	—	357
Non-controlling interest adjustment	—	—	—	—	403	—	(403)	—
Balance at June 30, 2024	61,739,874	$617	11,640,555	$—	$344,937	$24,644	$93,924	$464,122

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.