XML 19 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 25, 2023
Jun. 30, 2024
Jun. 25, 2023
Income Statement [Abstract]        
REVENUES, NET $ 181,862 $ 169,182 $ 347,693 $ 325,242
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) 0 (154) 0
Tax Receivable Agreement liability adjustment (439) (579) (1,000) (1,163)
Loss on debt extinguishment 0 0 0 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 (in usd per share) $ 0.10 $ 0.12 $ 0.19 $ 0.12
Diluted (in usd per share) $ 0.10 $ 0.12 $ 0.18 $ 0.11
Weighted-average common shares outstanding:        
Basic (in shares) 61,650,118 54,964,649 59,543,950 52,252,053
Diluted (in shares) 64,608,698 58,550,057 62,577,748 55,806,455