Portillos Inc

For the period ended Dec 29, 2024. Filed Feb 25, 2025.

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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.

FY2024 · Filed Feb 25, 2025

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

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Fiscal Years Ended
	December 29, 2024	December 31, 2023	December 25, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$35,076	$24,818	$17,157
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,297	24,313	20,907
Amortization of debt issuance costs and discount	873	1,001	2,751
Loss on sales of assets	528	592	398
Equity-based compensation	11,151	15,542	16,137
Deferred income tax expense	6,771	3,249	1,820
Tax Receivable Agreement liability adjustment	(9,149)	(3,349)	(5,345)
Gift card breakage	(852)	(917)	(798)
Asset impairment	657	—	—
Loss on debt extinguishment	—	3,465	—
Changes in operating assets and liabilities:
Accounts receivables	862	(679)	191
Receivables from related parties	(46)	(82)	96
Inventories	818	(1,346)	(1,309)
Other current assets	357	(3,643)	914
Operating lease assets	8,469	7,402	6,793
Accounts payable	11,284	209	(3,621)
Accrued expenses and other liabilities	1,827	3,021	1,587
Operating lease liabilities	(3,178)	(2,033)	(2,426)
Deferred lease incentives	5,553	1,501	1,651
Other assets and liabilities	(258)	(2,283)	(14)
NET CASH PROVIDED BY OPERATING ACTIVITIES	98,040	70,781	56,889
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(88,191)	(87,918)	(47,061)
Proceeds from the sale of property and equipment	77	81	44
NET CASH USED IN INVESTING ACTIVITIES	(88,114)	(87,837)	(47,017)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term debt, net	10,000	15,000	—
Proceeds from long-term debt	—	300,000	—
Payments of long-term debt	(5,625)	(328,053)	(3,324)
Proceeds from equity offering, net of underwriting discounts	114,960	179,306	364,956
Repurchase of outstanding equity / Portillo's OpCo units	(114,960)	(179,306)	(364,956)
Distributions paid to non-controlling interest holders	(838)	(399)	—
Proceeds from stock option exercises	4,332	1,879	1,890
Employee withholding taxes related to net settled equity awards	(1,433)	(1,505)	(2,632)
Proceeds from Employee Stock Purchase Plan purchases	508	527	129
Payments of Tax Receivable Agreement liability	(4,432)	(813)	—
Payment of deferred financing costs	—	(3,569)	—
Payment of initial public offering issuance costs	—	—	(771)
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES	2,512	(16,933)	(4,708)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	12,438	(33,989)	5,164
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD	10,438	44,427	39,263
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD	$22,876	$10,438	$44,427

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Fiscal Years Ended
	December 29, 2024	December 31, 2023	December 25, 2022
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	$19,445	$28,282	$23,968
Income tax paid	—	—	—
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures	$13,466	$12,729	$9,796
Establishment of liabilities under Tax Receivable Agreement	38,342	51,165	101,524

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