XML 21 R6.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 25, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 13,874 $ 8,625
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 14,050 11,610
Amortization of debt issuance costs and discount 380 620
Loss on sales of assets 66 496
Equity-based compensation 5,717 7,720
Deferred income tax expense 2,359 983
Tax Receivable Agreement liability adjustment (1,000) (1,163)
Gift card breakage (502) (528)
Loss on debt extinguishment 0 3,465
Changes in operating assets and liabilities:    
Accounts receivable (681) (906)
Receivables from related parties (158) (141)
Inventory (22) 894
Other current assets 1,916 (218)
Operating lease assets 4,461 3,880
Accounts payable 6,833 (2,779)
Accrued expenses and other liabilities (6,365) (559)
Operating lease liabilities (1,908) (1,359)
Deferred lease incentives 2,101 850
Other assets and liabilities 507 (181)
NET CASH PROVIDED BY OPERATING ACTIVITIES 41,628 31,309
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (33,905) (37,359)
Proceeds from the sale of property and equipment 77 33
NET CASH USED IN INVESTING ACTIVITIES (33,828) (37,326)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term debt, net 2,000 10,000
Proceeds from long-term debt 0 300,000
Payments of long-term debt (3,750) (322,428)
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 1,109 1,015
Employee withholding taxes related to net settled equity awards (279) (56)
Proceeds from Employee Stock Purchase Plan purchases 306 297
Payments of Tax Receivable Agreement liability (4,429) (813)
Payment of deferred financing costs 0 (3,569)
NET CASH USED IN FINANCING ACTIVITIES (5,881) (15,953)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 1,919 (21,970)
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 12,357 22,457
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest paid 12,792 13,447
Income tax paid 0 0
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accrued capital expenditures 10,397 6,537
Establishment of liabilities under Tax Receivable Agreement $ 33,690 $ 51,165