$LOCO
El Pollo Loco Holdings Inc

2016 Q1 Form 10-Q Financial Statement

#000156459016018275 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q2
Revenue $94.35M $90.43M
YoY Change 4.05%
Cost Of Revenue $51.30M $48.70M
YoY Change 5.87%
Gross Profit $43.10M $41.70M
YoY Change 1.96%
Gross Profit Margin 45.68% 46.12%
Selling, General & Admin $29.00M $25.50M
YoY Change 3.24%
% of Gross Profit 67.29% 61.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.800M $3.100M
YoY Change 10.71%
% of Gross Profit 8.82% 7.43%
Operating Expenses $84.06M $77.46M
YoY Change 181.67%
Operating Profit $10.29M $12.97M
YoY Change -3.23%
Interest Expense $826.0K $1.211M
YoY Change -78.77%
% of Operating Profit 8.02% 9.34%
Other Income/Expense, Net -$300.0K -$300.0K
YoY Change
Pretax Income $9.204M $11.51M
YoY Change 61.16%
Income Tax $3.761M $4.714M
% Of Pretax Income 40.86% 40.97%
Net Earnings $5.443M $6.791M
YoY Change 3.38%
Net Earnings / Revenue 5.77% 7.51%
Basic Earnings Per Share $0.14 $0.18
Diluted Earnings Per Share $0.14 $0.17
COMMON SHARES
Basic Shares Outstanding 38.28M shares 37.42M
Diluted Shares Outstanding 39.00M shares 38.92M

Balance Sheet

Concept 2016 Q1 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.900M $8.600M
YoY Change -68.27%
Cash & Equivalents $8.864M $8.587M
Short-Term Investments
Other Short-Term Assets $22.00M $23.60M
YoY Change 521.05%
Inventory $1.800M $1.708M
Prepaid Expenses
Receivables $6.700M $6.000M
Other Receivables $0.00 $100.0K
Total Short-Term Assets $39.32M $40.00M
YoY Change 4.72%
LONG-TERM ASSETS
Property, Plant & Equipment $106.9M $83.02M
YoY Change 10.1%
Goodwill $248.7M $248.7M
YoY Change
Intangibles $61.89M $61.89M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.723M $1.803M
YoY Change -75.96%
Total Long-Term Assets $426.7M $407.5M
YoY Change 3.15%
TOTAL ASSETS
Total Short-Term Assets $39.32M $40.00M
Total Long-Term Assets $426.7M $407.5M
Total Assets $466.1M $447.5M
YoY Change 3.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.786M $5.038M
YoY Change -67.29%
Accrued Expenses $20.90M $18.10M
YoY Change -28.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $200.0K
YoY Change -90.48%
Total Short-Term Liabilities $41.49M $30.92M
YoY Change -27.92%
LONG-TERM LIABILITIES
Long-Term Debt $120.9M $150.6M
YoY Change -47.38%
Other Long-Term Liabilities $44.80M $46.83M
YoY Change 368.33%
Total Long-Term Liabilities $165.7M $46.83M
YoY Change -84.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.49M $30.92M
Total Long-Term Liabilities $165.7M $46.83M
Total Liabilities $216.0M $229.8M
YoY Change -38.27%
SHAREHOLDERS EQUITY
Retained Earnings -$142.6M
YoY Change
Common Stock $360.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $250.1M $217.7M
YoY Change
Total Liabilities & Shareholders Equity $466.1M $447.5M
YoY Change 3.29%

Cashflow Statement

Concept 2016 Q1 2015 Q2
OPERATING ACTIVITIES
Net Income $5.443M $6.791M
YoY Change 3.38%
Depreciation, Depletion And Amortization $3.800M $3.100M
YoY Change 10.71%
Cash From Operating Activities $11.00M $14.31M
YoY Change 2.14%
INVESTING ACTIVITIES
Capital Expenditures $5.935M $2.379M
YoY Change -135.35%
Acquisitions
YoY Change
Other Investing Activities $270.0K
YoY Change
Cash From Investing Activities -$5.670M -$2.380M
YoY Change -64.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $206.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.580M -14.85M
YoY Change 2650.0%
NET CHANGE
Cash From Operating Activities 11.00M 14.31M
Cash From Investing Activities -5.670M -2.380M
Cash From Financing Activities -2.580M -14.85M
Net Change In Cash 2.750M -2.920M
YoY Change -143.32%
FREE CASH FLOW
Cash From Operating Activities $11.00M $14.31M
Capital Expenditures $5.935M $2.379M
Free Cash Flow $5.065M $11.93M
YoY Change -42.47%

Facts In Submission

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CY2016Q1 us-gaap Use Of Estimates
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and revenue and expenses during the period reported. Actual results could materially differ from those estimates. The Company&#8217;s significant estimates include estimates for impairment of goodwill, intangible assets and property and equipment, insurance reserves, lease termination liabilities, closed store reserves, stock-based compensation, income tax receivable agreement liability, and income tax valuation allowances.</p></div>
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain comparative prior year amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current year presentation. These reclassifications have no effect on previously-reported working capital, net income, earnings per share, stockholders&#8217; equity, or cash flows.</p></div>
CY2016Q1 us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally-insured limits. The Company has never experienced any losses related to these balances.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company had one supplier for which amounts due at March&#160;30, 2016 totaled 15% of the Company&#8217;s accounts payable. As of December&#160;30, 2015, the Company had two different suppliers for which amounts totaled 12% and 11% of the Company&#8217;s accounts payable. Purchases from the Company&#8217;s largest supplier totaled 33% for the thirteen weeks ended March&#160;30, 2016, and 36% for the thirteen weeks ended April&#160;1, 2015, of the Company&#8217;s purchases. Company-operated and franchised restaurants in the greater Los Angeles area generated, in the aggregate, approximately 76% and 78% of total revenue for the thirteen weeks ended March&#160;30, 2016 and April&#160;1, 2015.</p></div>
CY2016Q1 us-gaap Number Of Operating Segments
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0
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2016Q1 us-gaap Restriction To Transfer Funds
RestrictionToTransferFunds
Under the 2014 Revolver, Holdings may not make certain payments such as cash dividends, except that it may, inter alia, (i) pay up to $1 million per year to repurchase or redeem qualified equity interests of Holdings held by past or present officers, directors, or employees (or their estates) of the Company upon death, disability, or termination of employment, (ii) pay under its income tax receivable agreement (the “TRA”), and, (iii) so long as no default or event of default has occurred and is continuing, (a) make non-cash repurchases of equity interests in connection with the exercise of stock options by directors and officers, provided that those equity interests represent a portion of the consideration of the exercise price of those stock options, (b) pay up to $2.5 million per year pursuant to stock option plans, employment agreements, or incentive plans, (c) make up to $5 million in other restricted payments per year, and (d) make other restricted payments, provided that such payments would not cause, in each case, on a pro forma basis, (x) its lease-adjusted consolidated leverage ratio to equal or exceed 4.25 times and (y) its consolidated fixed charge coverage ratio to be less than 1.75 times.
CY2016Q1 us-gaap Long Term Debt
LongTermDebt
121100000
CY2015Q4 loco Number Of Restaurants Damaged By Fire
NumberOfRestaurantsDamagedByFire
1
CY2016Q1 us-gaap Proceeds From Insurance Premiums Collected
ProceedsFromInsurancePremiumsCollected
400000
CY2016Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2015Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2014Q3 loco Percentage Of Operating Loss Carryforwards Tax Savings Payable To Pre Initial Public Offering Stockholders
PercentageOfOperatingLossCarryforwardsTaxSavingsPayableToPreInitialPublicOfferingStockholders
0.85
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
193993000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
186914000
CY2016Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
87122000
CY2015Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
84493000
CY2016Q1 us-gaap Depreciation
Depreciation
3800000
CY2015Q2 us-gaap Depreciation
Depreciation
3100000
CY2016Q1 us-gaap Capital Leased Assets Gross
CapitalLeasedAssetsGross
1559200
CY2015Q4 us-gaap Capital Leased Assets Gross
CapitalLeasedAssetsGross
1559200
CY2016Q1 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
1478000
CY2015Q4 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
1470000
CY2016Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
8500000
CY2016Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
1500000
CY2016Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
5500000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1992401
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
1715243
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
277158
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2015Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
19720
CY2016Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
600000
CY2016Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y3M18D
CY2016Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2019-12-11
CY2016Q1 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0100
CY2016Q1 us-gaap Debt Instrument Description Of Variable Rate Basis
DebtInstrumentDescriptionOfVariableRateBasis
(a) the federal funds rate plus 0.50%, (b) the prime rate of Bank of America, or (c) LIBOR plus 1.00%. For LIBOR loans, the margin is in the range of 1.75% to 2.50%, and for base rate loans the margin is in the range of 0.75% to 1.50%. The margin was initially set at 2.00% for LIBOR loans and at 1.00% for base rate loans until the delivery of financial statements and a compliance certificate for the first quarter of 2015. The interest rate range was 2.02% to 2.19% for the thirteen weeks ended March 30, 2016.
CY2016Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
4570000
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
3480000
CY2016Q1 loco Payable Under Tax Receivable Agreement Current
PayableUnderTaxReceivableAgreementCurrent
7609000
CY2015Q4 loco Payable Under Tax Receivable Agreement Current
PayableUnderTaxReceivableAgreementCurrent
7609000
CY2016Q1 us-gaap Accrued Liabilities For Unredeeemed Gift Cards
AccruedLiabilitiesForUnredeeemedGiftCards
1498000
CY2015Q4 us-gaap Accrued Liabilities For Unredeeemed Gift Cards
AccruedLiabilitiesForUnredeeemedGiftCards
1810000
CY2016Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3866000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3227000
CY2016Q1 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
6982000
CY2015Q4 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
6611000
CY2016Q1 loco Payable Under Tax Receivable Agreement Noncurrent
PayableUnderTaxReceivableAgreementNoncurrent
34194000
CY2015Q4 loco Payable Under Tax Receivable Agreement Noncurrent
PayableUnderTaxReceivableAgreementNoncurrent
33930000
CY2016Q1 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
2482000
CY2015Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
2826000
CY2016Q1 us-gaap Loss Contingency Lawsuit Filing Date
LossContingencyLawsuitFilingDate
On or about February 24, 2014
CY2016Q1 loco Number Of Lawsuits
NumberOfLawsuits
2
CY2016Q1 loco Employee Call Options Amount Reduced In Menu
EmployeeCallOptionsAmountReducedInMenu
5
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24189
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5865
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
716643
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1497139

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