Price | 15.24 | EPS | 1 | |
Shares | 35 | P/E | 21 | |
MCap | 535 | P/FCF | 15 | |
Net Debt | 89 | EBIT | 38 | |
TEV | 624 | TEV/EBIT | 16 | TTM 2019-12-25, in MM, except price, ratios |
10-Q | 2020-09-23 | Filed 2020-10-30 |
10-Q | 2020-06-24 | Filed 2020-07-31 |
10-Q | 2020-03-25 | Filed 2020-05-01 |
10-K | 2019-12-25 | Filed 2020-03-06 |
10-Q | 2019-09-25 | Filed 2019-11-01 |
10-Q | 2019-06-26 | Filed 2019-08-02 |
10-Q | 2019-03-27 | Filed 2019-05-03 |
10-K | 2018-12-26 | Filed 2019-03-08 |
10-Q | 2018-09-26 | Filed 2018-11-02 |
10-Q | 2018-06-27 | Filed 2018-08-03 |
10-Q | 2018-03-28 | Filed 2018-05-07 |
10-K | 2017-12-27 | Filed 2018-03-09 |
10-Q | 2017-09-27 | Filed 2017-11-03 |
10-Q | 2017-06-28 | Filed 2017-08-07 |
10-Q | 2017-03-29 | Filed 2017-05-05 |
10-K | 2016-12-28 | Filed 2017-03-10 |
10-Q | 2016-09-28 | Filed 2016-11-04 |
10-Q | 2016-06-29 | Filed 2016-08-05 |
10-Q | 2016-03-30 | Filed 2016-05-06 |
10-K | 2015-12-30 | Filed 2016-03-11 |
10-Q | 2015-09-30 | Filed 2015-11-13 |
10-Q | 2015-07-01 | Filed 2015-08-14 |
10-Q | 2015-04-01 | Filed 2015-05-15 |
10-K | 2014-12-31 | Filed 2015-03-17 |
S-1 | 2014-11-10 | Public Filing |
10-Q | 2014-09-24 | Filed 2014-11-07 |
10-Q | 2014-06-25 | Filed 2014-09-05 |
S-1 | 2014-06-24 | Public Filing |
8-K | 2020-10-29 | |
8-K | 2020-07-30 | |
8-K | 2020-06-02 | |
8-K | 2020-04-30 | |
8-K | 2020-04-08 | |
8-K | 2020-03-18 | |
8-K | 2020-03-05 | |
8-K | 2019-10-31 | |
8-K | 2019-08-01 | |
8-K | 2019-06-04 | |
8-K | 2019-05-02 | |
8-K | 2019-03-29 | |
8-K | 2019-03-07 | |
8-K | 2019-01-22 | |
8-K | 2018-11-01 | |
8-K | 2018-08-31 | |
8-K | 2018-08-02 | |
8-K | 2018-06-28 | |
8-K | 2018-06-05 | |
8-K | 2018-05-03 | |
8-K | 2018-03-08 | |
8-K | 2018-02-15 | |
8-K | 2018-01-16 | |
8-K | 2018-01-03 |
Part I - Financial Information |
Item 1. Financial Statements. |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. |
Item 3. Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. Controls and Procedures. |
Part II - Other Information |
Item 1. Legal Proceedings. |
Item 1A. Risk Factors. |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 3. Defaults of Senior Securities. |
Item 4. Mine Safety Disclosures. |
Item 5. Other Information. |
Item 6. Exhibits. |
EX-31.1 | loco-20200923ex3112d14dd.htm |
EX-31.2 | loco-20200923ex312ba8948.htm |
EX-32.1 | loco-20200923ex3215c2f08.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
or
For the transition period from to
Commission File Number:
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
(
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer | ☐ | ☒ | |
Non-accelerated Filer | ☐ | Smaller Reporting Company | |
Emerging Growth Company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
As of October 23, 2020, there were
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
EL POLLO LOCO HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands, except share data)
| September 23, |
| December 25, | |||
| 2020 |
| 2019 | |||
Assets |
| |||||
Current assets: |
|
| ||||
Cash and cash equivalents | $ | | $ | | ||
Accounts and other receivables, net |
| |
| | ||
Inventories |
| |
| | ||
Prepaid expenses and other current assets |
| |
| | ||
Income tax receivable |
| — |
| | ||
Total current assets |
| |
| | ||
Property and equipment owned, net |
| |
| | ||
Property and equipment held under finance lease, net |
| |
| — | ||
Property and equipment held under operating leases, net ("ROU asset") |
| |
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Goodwill |
| |
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Trademarks |
| |
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Deferred tax assets |
| |
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Other assets |
| |
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Total assets | $ | | $ | | ||
Liabilities and Stockholders’ Equity |
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|
| ||
Current liabilities: |
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|
| ||
Current portion of obligations under finance leases | $ | | $ | | ||
Current portion of obligations under operating leases |
| |
| | ||
Accounts payable |
| |
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Accrued salaries and vacation |
| |
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Accrued insurance |
| |
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Accrued income taxes payable |
| |
| — | ||
Accrued interest |
| |
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Current portion of income tax receivable agreement payable |
| |
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Other accrued expenses and current liabilities |
| |
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Total current liabilities |
| |
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Revolver loan |
| |
| | ||
Obligations under finance leases, net of current portion |
| |
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Obligations under operating leases, net of current portion |
| |
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Deferred taxes |
| |
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Income tax receivable agreement payable, net of current portion |
| |
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Other noncurrent liabilities |
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Total liabilities |
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Commitments and contingencies |
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Stockholders’ Equity |
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Preferred stock, $ |
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Common stock, $ |
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Additional paid-in-capital |
| |
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Accumulated deficit |
| ( |
| ( | ||
Accumulated other comprehensive (loss) income |
| ( |
| | ||
Total stockholders’ equity |
| |
| | ||
Total liabilities and stockholders’ equity | $ | | $ | |
See notes to condensed consolidated financial statements (unaudited).
3
EL POLLO LOCO HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Amounts in thousands, except share data)
| Thirteen Weeks Ended |
| Thirty-Nine Weeks Ended |
| |||||||||
September 23, 2020 | September 25, 2019 | September 23, 2020 | September 25, 2019 | ||||||||||
Revenue |
|
|
|
|
|
|
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|
| ||||
Company-operated restaurant revenue | $ | | $ | | $ | | $ | | |||||
Franchise revenue |
| |
| |
| |
| | |||||
Franchise advertising fee revenue |
| |
| |
| |
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Total revenue |
| |
| |
| |
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Cost of operations |
|
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Food and paper cost |
| |
| |
| |
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Labor and related expenses |
| |
| |
| |
| | |||||
Occupancy and other operating expenses |
| |
| |
| |
| | |||||
Gain on recovery of insurance proceeds, lost profits | ( | — | ( | — | |||||||||
Company restaurant expenses |
| |
| |
| |
| | |||||
General and administrative expenses |
| |
| |
| |
| | |||||
Franchise expenses |
| |
| |
| |
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Depreciation and amortization |
| |
| |
| |
| | |||||
Loss on disposal of assets |
| |
| |
| |
| | |||||
Recovery of securities lawsuits related legal expenses and other insurance claims |
| — |
| — |
| ( |
| ( | |||||
Impairment and closed-store reserves |
| |
| |
| |
| | |||||
Loss on disposition of restaurants |
| — |
| |
| — |
| | |||||
Total expenses |
| |
| |
| |
| | |||||
Income from operations |
| |
| |
| |
| | |||||
Interest expense, net |
| |
| |
| |
| | |||||
Income tax receivable agreement (income) expense |
| ( |
| ( |
| |
| ( | |||||
Income before provision for income taxes |
| |
| |
| |
| | |||||
Provision for income taxes |
| |
| |
| |
| | |||||
Net income | $ | | $ | | $ | | $ | | |||||
Net income per share |
|
|
|
|
|
|
|
| |||||
Basic | $ | | $ | | $ | | $ | | |||||
Diluted | $ | | $ | | $ | | $ | | |||||
Weighted-average shares used in computing net income per share |
|
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|
| |||||
Basic |
| |
| |
| |
| | |||||
Diluted |
| |
| |
| |
| |
See notes to condensed consolidated financial statements (unaudited).
4
EL POLLO LOCO HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(Amounts in thousands)
| Thirteen Weeks Ended |
| Thirty-Nine Weeks Ended | |||||||||
September 23, 2020 | September 25, 2019 | September 23, 2020 |
| September 25, 2019 | ||||||||
Net income | $ | | $ | | $ | | $ | | ||||
Other comprehensive income (loss) |
|
|
|
|
|
| ||||||
Changes in derivative instruments |
|
|
|
|
|
| ||||||
Unrealized net (losses) gains arising during the period from interest rate swap |
| ( |
| |
| ( |
| | ||||
Reclassifications of losses (gains) into net income |
| |
| ( |
| |
| ( | ||||
Income tax (expense) benefit |
| ( |
| ( |
| |
| ( | ||||
Other comprehensive income (loss), net of taxes |
| |
| | ( |
| | |||||
Comprehensive income | $ | | $ | | $ | | $ | |
5
EL POLLO LOCO HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
(Amounts in thousands, except share data)
Thirteen Weeks Ended September 23, 2020 | |||||||||||||||||
|
|
|
|
| Accumulated |
|
| ||||||||||
|
|
| Additional |
|
| Other |
| Total | |||||||||
Common Stock | Paid-in | Accumulated | Comprehensive | Stockholders’ | |||||||||||||
| Shares |
| Amount |
| Capital |
| Deficit |
| (Loss) Income |
| Equity | ||||||
Balance, June 24, 2020 | | $ | | $ | | $ | ( | $ | ( | $ | | ||||||
Stock-based compensation | — |
| — |
| |
| — |
| — |
| | ||||||
Issuance of common stock related to restricted stock | | — | — | — | — | — | |||||||||||
Issuance of common stock upon exercise of stock options | | | | — | — | | |||||||||||
Shares repurchased for employee tax withholdings | ( | — | ( | — | — | ( | |||||||||||
Forfeiture of common stock related to restricted shares | ( |
| ( |
| |
| — |
| — |
| — | ||||||
Other comprehensive income, net of tax | — |
| — |
| — |
| — |
| |
| | ||||||
Net income | — |
| — |
| — |
| |
| — |
| | ||||||
Balance, September 23, 2020 | | $ | | $ | | $ | ( | $ | ( | $ | | ||||||
Thirteen Weeks Ended September 25, 2019 | |||||||||||||||||
|
|
|
|
| Accumulated |
|
| ||||||||||
|
|
| Additional |
|
| Other |
| Total | |||||||||
Common Stock | Paid-in | Accumulated | Comprehensive | Stockholders’ | |||||||||||||
| Shares |
| Amount |
| Capital |
| Deficit |
| Income |
| Equity | ||||||
Balance, June 26, 2019 | | $ | | $ | | $ | ( | $ | — | | |||||||
Stock-based compensation | — |
| — |
| |
| — |
| — |
| | ||||||
Shares repurchased for employee tax withholdings | ( |
| — |
| ( |
| — |
| — |
| ( | ||||||
Forfeiture of common stock related to restricted shares | ( | — | |||||||||||||||
Repurchase of common stock | ( |
| ( |
| ( |
| — |
| — |
| ( | ||||||
Other comprehensive income, net of tax | — | — | — | — | | | |||||||||||
Net income | — |
| — |
| — |
| |
| — |
| | ||||||
Balance, September 25, 2019 | | $ | | $ | | $ | ( | $ | | $ | |
6
Thirty-Nine Weeks Ended September 23, 2020 | |||||||||||||||||
|
|
|
|
| Accumulated |
|
| ||||||||||
|
|
| Additional |
|
| Other |
| Total | |||||||||
Common Stock | Paid-in | Accumulated | Comprehensive | Stockholders’ | |||||||||||||
| Shares |
| Amount |
| Capital |
| Deficit |
| Income (Loss) |
| Equity | ||||||
Balance, December 25, 2019 | | $ | | $ | | $ | ( | $ | | $ | | ||||||
Stock-based compensation | — |
| — |
| |
| — |
| — |
| | ||||||
Issuance of common stock related to restricted stock | | | ( | — | — | — | |||||||||||
Issuance of common stock upon exercise of stock options | | | | — | — | | |||||||||||
Shares repurchased for employee tax withholdings | ( | — | ( | — | — | ( | |||||||||||
Forfeiture of common stock related to restricted shares | ( |
| ( |
| |
| — |
| — |
| — | ||||||
Other comprehensive loss, net of tax | — |
| — |
| — |
| — |
| ( |
| ( | ||||||
Net income | — |
| — |
| — |
| |
| — |
| | ||||||
Balance, September 23, 2020 | | $ | | $ | | $ | ( | $ | ( | $ | | ||||||
Thirty-Nine Weeks Ended September 25, 2019 | |||||||||||||||||
|
|
|
|
| Accumulated |
|
| ||||||||||
|
|
| Additional |
|
| Other |
| Total | |||||||||
Common Stock | Paid-in | Accumulated | Comprehensive | Stockholders’ | |||||||||||||
| Shares |
| Amount |
| Capital |
| Deficit |
| Income |
| Equity | ||||||
Balance, December 26, 2018 | | $ | | $ | | $ | ( | $ | — | | |||||||
Stock-based compensation | — |
| — |
| |
| — |
| — |
| | ||||||
Issuance of common stock related to restricted shares | |
| |
| ( |
| — |
| — |
| — | ||||||
Issuance of common stock upon exercise of stock options | |
| — |
| |
| — |
| — |
| | ||||||
Shares repurchased for employee tax withholdings | ( |
| ( |
| ( |
| — |
| — |
| ( | ||||||
Repurchase of common stock | ( |
| ( |
| ( |
| — |
| — |
| ( | ||||||
Other comprehensive income, net of tax | — | — | — | — | | | |||||||||||
Net income | — |
| — |
| — |
| |
| — |
| | ||||||
Balance, September 25, 2019 | | $ | | $ | | $ | ( | $ | | $ | |
7
EL POLLO LOCO HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in thousands)
| Thirty-Nine Weeks Ended |
| |||||
| September 23, 2020 | September 25, 2019 |
| ||||
Cash flows from operating activities: |
|
| |||||
Net income | $ | | $ | | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
| |||||
Depreciation and amortization |
| |
| | |||
Bad debt expense | | — | |||||
Stock-based compensation expense |
| |
| | |||
Income tax receivable agreement expense (income) |
| |
| ( | |||
Loss on disposition of restaurants |
| — |
| | |||
Loss on disposal of assets |
| |
| | |||
Impairment of property and equipment |
| |
| | |||
Amortization of deferred financing costs |
| |
| | |||
Amortization of favorable and unfavorable leases, net |
| — |
| ( | |||
Deferred income taxes, net |
| ( |
| | |||
Changes in operating assets and liabilities: |
|
| |||||
Accounts and other receivables, net |
| ( |
| ( | |||
Inventories |
| |
| | |||
Prepaid expenses and other current assets |
| |
| | |||
Other assets |
| |
| ( | |||
Accounts payable |
| |
| ( | |||
Accrued salaries and vacation |
| |
| | |||
Accrued insurance |
| |
| | |||
Income taxes payable |
| |
| | |||
Other accrued expenses and liabilities |
| ( |
| ( | |||
Net cash flows provided by operating activities |
| |
| | |||
Cash flows from investing activities: |
| ||||||
Proceeds from disposition of restaurants |
| — |
| | |||
Purchase of property and equipment |
| ( |
| ( | |||
Net cash flows used in investing activities |
| ( |
| ( | |||
Cash flows from financing activities: |
|
|
|
| |||
Minimum tax withholdings related to net share settlements |
| ( |
| ( | |||
Payments on revolver and swingline loan |
| ( |
| ( | |||
Borrowings on revolver and swingline loan | | | |||||
Proceeds from issuance of common stock upon exercise of stock options, net of expenses |
| |
| | |||
Payment of obligations under finance leases |
| ( |
| ( | |||
Stock buybacks |