Portillos Inc
For the period ended Sep 29, 2024. Filed Nov 5, 2024.
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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.
Sep 29, 2024 · Filed Nov 5, 2024
PTLO$6.98+1.3%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Three Quarters Ended | ||
|---|---|---|
| September 29, 2024 | September 24, 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $22,647 | $15,171 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 20,729 | 17,788 |
| Amortization of debt issuance costs and discount | 568 | 814 |
| Loss on sales of assets | 130 | 512 |
| Equity-based compensation | 9,223 | 12,044 |
| Deferred income tax expense | 4,898 | 3,605 |
| Tax Receivable Agreement liability adjustment | (2,724) | (1,691) |
| Gift card breakage | (666) | (688) |
| Loss on debt extinguishment | — | 3,465 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 497 | (1,293) |
| Receivables from related parties | 152 | (100) |
| Inventory | 435 | 969 |
| Other current assets | 2,222 | 124 |
| Operating lease assets | 6,511 | 5,685 |
| Accounts payable | 4,538 | (2,777) |
| Accrued expenses and other liabilities | 1,880 | 1,023 |
| Operating lease liabilities | (2,591) | (1,775) |
| Deferred lease incentives | 3,476 | 1,013 |
| Other assets and liabilities | 29 | (319) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 71,954 | 53,570 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchase of property and equipment | (56,514) | (57,660) |
| Proceeds from the sale of property and equipment | 77 | 81 |
| NET CASH USED IN INVESTING ACTIVITIES | (56,437) | (57,579) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Payments of short-term debt, net | (1,000) | — |
| Proceeds from long-term debt | — | 300,000 |
| Payments of long-term debt | (3,750) | (324,303) |
| Proceeds from equity offering, net of underwriting discounts | 114,960 | 179,306 |
| Repurchase of outstanding equity / Portillo's OpCo units | (114,960) | (179,306) |
| Distributions paid to non-controlling interest holders | (838) | (399) |
| Proceeds from stock option exercises | 2,576 | 1,321 |
| Employee withholding taxes related to net settled equity awards | (395) | (112) |
| Proceeds from Employee Stock Purchase Plan purchases | 401 | 404 |
| Payments of Tax Receivable Agreement liability | (4,429) | (813) |
| Payment of deferred financing costs | — | (3,569) |
| NET CASH USED IN FINANCING ACTIVITIES | (7,435) | (27,471) |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 8,082 | (31,480) |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD | 10,438 | 44,427 |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD | $18,520 | $12,947 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Three Quarters Ended | ||
|---|---|---|
| September 29, 2024 | September 24, 2023 | |
| SUPPLEMENTAL CASH FLOW INFORMATION | ||
| Interest paid | $13,010 | $15,738 |
| Income tax paid | — | — |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
| Accrued capital expenditures | $22,352 | $15,915 |
| Establishment of liabilities under Tax Receivable Agreement | 34,025 | 51,165 |
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