$PBPB
POTBELLY CORP

2020 Q3 Form 10-Q Financial Statement

#000156459020051478 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q1 2019 Q3
Revenue $72.66M $87.59M $104.2M
YoY Change -30.29% -10.7% -2.58%
Cost Of Revenue $20.70M $24.20M $27.50M
YoY Change -24.73% -6.92% -3.98%
Gross Profit $51.90M $63.40M $76.70M
YoY Change -32.33% -12.07% -2.11%
Gross Profit Margin 71.43% 72.38% 73.58%
Selling, General & Admin $49.50M $56.20M $58.60M
YoY Change -15.53% -4.91% -3.78%
% of Gross Profit 95.38% 88.64% 76.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.699M $5.456M $5.365M
YoY Change -12.41% -1.45% -8.42%
% of Gross Profit 9.05% 8.61% 6.99%
Operating Expenses $88.80M $74.40M $106.4M
YoY Change -16.53% -27.63% 33.64%
Operating Profit -$16.14M -$16.99M -$2.143M
YoY Change 653.06% 259.62% -20.54%
Interest Expense $268.0K -$100.0K $28.00K
YoY Change 857.14% -412.5% 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$16.41M -$17.10M -$2.171M
YoY Change 655.69% 259.62% -3340.3%
Income Tax -$2.917M -$3.700M $66.00K
% Of Pretax Income
Net Earnings -$13.41M -$13.34M -$2.355M
YoY Change 469.51% -27.68% 20.09%
Net Earnings / Revenue -18.46% -15.23% -2.26%
Basic Earnings Per Share -$0.56 -$0.56 -$0.10
Diluted Earnings Per Share -$0.56 -$0.56 -$0.10
COMMON SHARES
Basic Shares Outstanding 23.96K 23.65K 23.74K
Diluted Shares Outstanding 23.96K 23.65K 23.74K

Balance Sheet

Concept 2020 Q3 2020 Q1 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.40M $45.80M $15.80M
YoY Change 48.1% 231.88% -53.94%
Cash & Equivalents $23.41M $45.82M $15.76M
Short-Term Investments
Other Short-Term Assets $5.400M $8.500M $7.900M
YoY Change -31.65% -14.14% -40.15%
Inventory $2.700M $3.200M $3.300M
Prepaid Expenses
Receivables $4.600M $2.651M $5.100M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $36.10M $60.17M $32.10M
YoY Change 12.46% 84.56% -43.19%
LONG-TERM ASSETS
Property, Plant & Equipment $260.9M $73.01M $291.9M
YoY Change -10.62% -76.17% 193.07%
Goodwill $2.222M $2.222M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.200M $4.000M $4.000M
YoY Change 5.0% -42.86% -72.6%
Total Long-Term Assets $270.7M $290.9M $301.5M
YoY Change -10.22% -8.78% 151.67%
TOTAL ASSETS
Total Short-Term Assets $36.10M $60.17M $32.10M
Total Long-Term Assets $270.7M $290.9M $301.5M
Total Assets $306.8M $351.1M $333.6M
YoY Change -8.03% -0.12% 89.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.400M $3.375M $4.600M
YoY Change 17.39% 5.47% 2.22%
Accrued Expenses $55.40M $15.66M $48.40M
YoY Change 14.46% -67.92% 86.15%
Deferred Revenue $2.627M $1.264M $1.632M
YoY Change 60.97% -15.45% 18.69%
Short-Term Debt $0.00 $39.80M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $60.87M $88.69M $53.20M
YoY Change 14.42% 69.9% 97.21%
LONG-TERM LIABILITIES
Long-Term Debt $22.40M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.775M $3.274M $210.2M
YoY Change -97.25% -98.53% 3413.29%
Total Long-Term Liabilities $5.775M $3.274M $210.2M
YoY Change -97.25% -98.53% 3413.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.87M $88.69M $53.20M
Total Long-Term Liabilities $5.775M $3.274M $210.2M
Total Liabilities $284.7M $294.9M $263.8M
YoY Change 7.93% 6.87% 371.42%
SHAREHOLDERS EQUITY
Retained Earnings -$303.1M -$267.4M
YoY Change
Common Stock $438.5M $436.1M
YoY Change 132051.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $113.3M $112.8M
YoY Change
Treasury Stock Shares $9.612M $9.488M
Shareholders Equity $22.16M $55.93M $69.80M
YoY Change
Total Liabilities & Shareholders Equity $306.8M $351.1M $333.6M
YoY Change -8.03% -0.12% 89.25%

Cashflow Statement

Concept 2020 Q3 2020 Q1 2019 Q3
OPERATING ACTIVITIES
Net Income -$13.41M -$13.34M -$2.355M
YoY Change 469.51% -27.68% 20.09%
Depreciation, Depletion And Amortization $4.699M $5.456M $5.365M
YoY Change -12.41% -1.45% -8.42%
Cash From Operating Activities -$2.820M -$7.816M $2.870M
YoY Change -198.26% 229.37% -74.38%
INVESTING ACTIVITIES
Capital Expenditures -$1.370M $4.860M -$4.300M
YoY Change -68.14% 88.96% -35.53%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.370M -$4.860M -$4.300M
YoY Change -68.14% 88.96% -35.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.490M 39.69M -880.0K
YoY Change 69.32% -4072.57% -203.53%
NET CHANGE
Cash From Operating Activities -2.820M -7.816M 2.870M
Cash From Investing Activities -1.370M -4.860M -4.300M
Cash From Financing Activities -1.490M 39.69M -880.0K
Net Change In Cash -5.680M 27.01M -2.310M
YoY Change 145.89% -554.41% -142.94%
FREE CASH FLOW
Cash From Operating Activities -$2.820M -$7.816M $2.870M
Capital Expenditures -$1.370M $4.860M -$4.300M
Free Cash Flow -$1.450M -$12.68M $7.170M
YoY Change -120.22% 156.34% -59.88%

Facts In Submission

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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9533000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
49786000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
37400000
pbpb Proceeds From Paycheck Protection Program Loan
ProceedsFromPaycheckProtectionProgramLoan
10000000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
553000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
40000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
173000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
585000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
35000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4147000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
344000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
337000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
143000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
39000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
21047000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4347000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4601000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4017000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
18806000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19775000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
23407000
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
15758000
us-gaap Income Taxes Paid
IncomeTaxesPaid
240000
us-gaap Income Taxes Paid
IncomeTaxesPaid
180000
us-gaap Interest Paid Net
InterestPaidNet
468000
us-gaap Interest Paid Net
InterestPaidNet
66000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
350000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
433000
CY2020Q3 pbpb Number Of Shops Operate By Franchisees
NumberOfShopsOperateByFranchisees
40
CY2020Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1318000
CY2020Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1200000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
8000000.0
pbpb Number Of Wholly Owned Subsidiaries
NumberOfWhollyOwnedSubsidiaries
7
CY2020Q3 pbpb Number Of Joint Ventures
NumberOfJointVentures
7
us-gaap Fiscal Period
FiscalPeriod
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Fiscal Year</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company uses a 52/53-week fiscal year that ends on the last Sunday of the calendar period. Approximately every five or six years a 53rd week is added. Fiscal year 2020 and 2019 both consist of 52 weeks. The fiscal quarters ended September 27, 2020 and September 29, 2019 each consisted of 13 weeks.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Significant estimates include amounts for long-lived assets and income taxes. Actual results could differ from those estimates.</p>
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1594000
CY2020Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2627000
CY2020Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1786000
pbpb Increase Decrease In Contract With Customer Liability Current
IncreaseDecreaseInContractWithCustomerLiabilityCurrent
1033000
pbpb Increase Decrease In Contract With Customer Liability Noncurrent
IncreaseDecreaseInContractWithCustomerLiabilityNoncurrent
-268000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
303000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
219000
CY2019Q3 pbpb Revenue From Contract With Customer Excluding Assessed Tax Related To Prior Periods
RevenueFromContractWithCustomerExcludingAssessedTaxRelatedToPriorPeriods
0
pbpb Revenue From Contract With Customer Excluding Assessed Tax Related To Prior Periods
RevenueFromContractWithCustomerExcludingAssessedTaxRelatedToPriorPeriods
0
us-gaap Asset Impairment Charges
AssetImpairmentCharges
8000000.0
CY2019Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1500000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
1700000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-13412000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-2355000
us-gaap Net Income Loss
NetIncomeLoss
-48964000
us-gaap Net Income Loss
NetIncomeLoss
-22660000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23957
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23740
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23792
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23927
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23957
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23740
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23792
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23927
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.56
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.06
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.95
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.56
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.06
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.95
CY2020Q1 pbpb Tax Refund From Net Operating Loss Carry Back
TaxRefundFromNetOperatingLossCarryBack
6700000
CY2020Q3 us-gaap Income Tax Receivable
IncomeTaxReceivable
6000000.0
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3700000
CY2019Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
13600000
CY2020Q3 pbpb Number Of Shop Lease Terminated
NumberOfShopLeaseTerminated
17
pbpb Number Of Shop Lease Terminated
NumberOfShopLeaseTerminated
25
CY2020Q3 pbpb Lease Termination Fee
LeaseTerminationFee
1500000
pbpb Lease Termination Fee
LeaseTerminationFee
2200000
CY2020Q3 pbpb Derecognized Right Of Use Assets
DerecognizedRightOfUseAssets
8000000.0
CY2020Q3 pbpb Derecognized Lease Liabilities
DerecognizedLeaseLiabilities
9000000.0
CY2020Q3 us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
1000000.0
pbpb Derecognized Right Of Use Assets
DerecognizedRightOfUseAssets
12900000
pbpb Derecognized Lease Liabilities
DerecognizedLeaseLiabilities
14300000
us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
1400000
CY2019Q3 pbpb Derecognized Right Of Use Assets
DerecognizedRightOfUseAssets
700000
CY2019Q3 pbpb Derecognized Lease Liabilities
DerecognizedLeaseLiabilities
800000
CY2019Q3 us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
100000
pbpb Derecognized Right Of Use Assets
DerecognizedRightOfUseAssets
6500000
us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
1000000.0
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0789
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0800
CY2020Q3 us-gaap Lease Cost
LeaseCost
13991000
CY2019Q3 us-gaap Lease Cost
LeaseCost
14464000
us-gaap Lease Cost
LeaseCost
43818000
us-gaap Lease Cost
LeaseCost
44223000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
10693000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
11762000
us-gaap Operating Lease Payments
OperatingLeasePayments
24200000
us-gaap Operating Lease Payments
OperatingLeasePayments
35488000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4745000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
18800000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
8402000
CY2019Q3 pbpb Reduction In Operating Right Of Use Assets Due To Lease Terminations
ReductionInOperatingRightOfUseAssetsDueToLeaseTerminations
659000
pbpb Reduction In Operating Right Of Use Assets Due To Lease Terminations
ReductionInOperatingRightOfUseAssetsDueToLeaseTerminations
12855000
pbpb Reduction In Operating Right Of Use Assets Due To Lease Terminations
ReductionInOperatingRightOfUseAssetsDueToLeaseTerminations
6506000
CY2020Q3 pbpb Lessee Operating Lease Lease Not Yet Commenced Amount
LesseeOperatingLeaseLeaseNotYetCommencedAmount
0
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
15588000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
47643000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
40459000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
35972000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
33338000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
31232000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
112177000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
316409000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
85294000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
231115000
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
22386000
CY2020Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
10000000.0
CY2018Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
65000000.0
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1774000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.34
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
165000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
12.35
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1609000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.23
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1556000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.18
CY2020Q2 pbpb Shares Issued To Related Parties
SharesIssuedToRelatedParties
130000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
400000

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