|
Net income
|
|
$5.6m
|
$12.3m
|
($13.4m)
|
$17.2m
|
$24.8m
|
$35.1m
|
$21.1m
|
|
Depreciation and amortization
|
|
$24.4m
|
$24.6m
|
$23.3m
|
$20.9m
|
$24.3m
|
$27.3m
|
$29.1m
|
|
Amortization of debt issuance costs and discount
|
|
$2.8m
|
$3.9m
|
$3.6m
|
$2.8m
|
$1.0m
|
$873k
|
$692k
|
|
Deferred income tax expense
|
|
—
|
—
|
—
|
$1.8m
|
$3.2m
|
$6.8m
|
$3.0m
|
|
Asset impairment
|
|
—
|
—
|
—
|
$0
|
$0
|
$657k
|
$2.2m
|
|
Loss on debt extinguishment
|
|
$0
|
$0
|
$7.3m
|
$0
|
$3.5m
|
$0
|
$0
|
|
Operating lease assets
|
|
—
|
$0
|
$0
|
$6.8m
|
$7.4m
|
$8.5m
|
$9.7m
|
|
Operating lease liabilities
|
|
—
|
$0
|
$0
|
($2.4m)
|
($2.0m)
|
($3.2m)
|
($2.9m)
|
|
Loss on sales of assets
|
|
$271k
|
$98k
|
$256k
|
$398k
|
$592k
|
$528k
|
$434k
|
|
Equity-based compensation
|
|
$1.3m
|
$960k
|
$29.4m
|
$16.1m
|
$15.5m
|
$11.2m
|
$6.5m
|
|
Tax Receivable Agreement liability adjustment
|
|
—
|
$0
|
$0
|
($5.3m)
|
($3.3m)
|
($9.1m)
|
($2.9m)
|
|
Gift card breakage
|
|
($774k)
|
($700k)
|
($715k)
|
($798k)
|
($917k)
|
($852k)
|
($857k)
|
|
Accounts receivables
|
|
$33k
|
($753k)
|
($777k)
|
$191k
|
($679k)
|
$862k
|
($1.5m)
|
|
Receivables from related parties
|
|
$414k
|
$280k
|
($152k)
|
$96k
|
($82k)
|
($46k)
|
$25k
|
|
Inventories
|
|
($141k)
|
($1.2m)
|
($1.0m)
|
($1.3m)
|
($1.3m)
|
$818k
|
($292k)
|
|
Other current assets
|
|
$1.8m
|
($416k)
|
($2.9m)
|
$914k
|
($3.6m)
|
$357k
|
$221k
|
|
Accounts payable
|
|
($1.8m)
|
$1.4m
|
$1.8m
|
($3.6m)
|
$209k
|
$11.3m
|
$316k
|
|
Accrued expenses and other liabilities
|
|
$7.2m
|
$6.6m
|
($4.5m)
|
$1.6m
|
$3.0m
|
$1.8m
|
$310k
|
|
Deferred lease incentives
|
|
$400k
|
$2.3m
|
$690k
|
$1.7m
|
$1.5m
|
$5.6m
|
$5.3m
|
|
Other assets and liabilities
|
|
($1.0m)
|
$5.5m
|
($128k)
|
($14k)
|
($2.3m)
|
($258k)
|
$1.6m
|
|
Purchase of property and equipment
|
|
($22.0m)
|
($21.5m)
|
($36.2m)
|
($47.1m)
|
($87.9m)
|
($88.2m)
|
($90.4m)
|
|
Other
|
|
—
|
—
|
—
|
—
|
$81k
|
$77k
|
$242k
|
|
Proceeds from equity offering, net of underwriting discounts
|
|
$0
|
$0
|
$437.1m
|
$365.0m
|
$179.3m
|
$115.0m
|
$0
|
|
Repurchase of outstanding equity / Portillo's OpCo units
|
|
$0
|
$0
|
($57.0m)
|
($365.0m)
|
($179.3m)
|
($115.0m)
|
$0
|
|
Proceeds from stock option exercises
|
|
—
|
$0
|
$0
|
$1.9m
|
$1.9m
|
$4.3m
|
$2.7m
|
|
Employee withholding taxes related to net settled equity awards
|
|
—
|
$0
|
$0
|
($2.6m)
|
($1.5m)
|
($1.4m)
|
($1.0m)
|
|
Proceeds from Employee Stock Purchase Plan purchases
|
|
—
|
$0
|
$0
|
$129k
|
$527k
|
$508k
|
$453k
|
|
Payments of Tax Receivable Agreement liability
|
|
—
|
—
|
$0
|
$0
|
($813k)
|
($4.4m)
|
($7.7m)
|
|
Payment of deferred financing costs
|
|
($13.3m)
|
$0
|
$0
|
$0
|
($3.6m)
|
$0
|
($1.3m)
|
|
Contributions from non-controlling interests
|
|
—
|
—
|
—
|
—
|
$0
|
$0
|
$350k
|
|
Accrued capital expenditures
|
|
$1.1m
|
$5.0m
|
$2.2m
|
$9.8m
|
$12.7m
|
$13.5m
|
$11.2m
|
|
Establishment of liabilities under Tax Receivable Agreement
|
|
$0
|
$0
|
$156.6m
|
$101.5m
|
$51.2m
|
$38.3m
|
$38.5m
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
|
$43.3m
|
$58.3m
|
$42.9m
|
$56.9m
|
$70.8m
|
$98.0m
|
$71.9m
|
|
NET CASH USED IN INVESTING ACTIVITIES
|
|
($22.0m)
|
($21.4m)
|
($36.3m)
|
($47.0m)
|
($87.8m)
|
($88.1m)
|
($90.2m)
|
|
Proceeds from short-term debt, net
|
|
—
|
—
|
$0
|
$0
|
$15.0m
|
$10.0m
|
$65.0m
|
|
Proceeds from long-term debt
|
|
$464.1m
|
$0
|
$0
|
$0
|
$300.0m
|
$0
|
$0
|
|
Payments of long-term debt
|
|
($471.8m)
|
($13.3m)
|
($158.3m)
|
($3.3m)
|
($328.1m)
|
($5.6m)
|
($41.9m)
|
|
NET CASH PROVIDED BY (USED) IN FINANCING ACTIVITIES
|
|
($11.7m)
|
($18.0m)
|
($8.8m)
|
($4.7m)
|
($16.9m)
|
$2.5m
|
$15.4m
|
|
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
|
|
$9.6m
|
$18.8m
|
($2.2m)
|
$5.2m
|
($34.0m)
|
$12.4m
|
($2.9m)
|
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD
|
|
$22.6m
|
$41.4m
|
$39.3m
|
$44.4m
|
$10.4m
|
$22.9m
|
$20.0m
|
|
Distributions paid to non-controlling interest holders
|
|
$36.5m
|
$34.3m
|
$0
|
$0
|
($399k)
|
($838k)
|
($1.3m)
|
|
Interest paid
|
|
$36.5m
|
$34.3m
|
$43.5m
|
$24.0m
|
$28.3m
|
$19.4m
|
$22.9m
|
|
Income tax paid
|
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|