$PBPB
POTBELLY CORP

2021 Q2 Form 10-Q Financial Statement

#000156459021041316 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $97.49M $56.16M
YoY Change 73.59% -46.83%
Cost Of Revenue $26.34M $16.10M
YoY Change 63.61% -43.04%
Gross Profit $71.15M $40.10M
YoY Change 77.43% -48.17%
Gross Profit Margin 72.98% 71.4%
Selling, General & Admin $55.15M $44.70M
YoY Change 23.37% -26.96%
% of Gross Profit 77.51% 111.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.553M $4.955M
YoY Change -8.11% -11.28%
% of Gross Profit 6.4% 12.36%
Operating Expenses $101.0M $78.05M
YoY Change 29.4% -0.7%
Operating Profit -$3.503M -$21.89M
YoY Change -84.0% 1390.94%
Interest Expense $185.0K $388.0K
YoY Change -52.32%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.688M -$22.28M
YoY Change -83.44% 1382.04%
Income Tax $160.0K $41.00K
% Of Pretax Income
Net Earnings -$3.881M -$22.22M
YoY Change -82.53% 1090.57%
Net Earnings / Revenue -3.98% -39.56%
Basic Earnings Per Share -$0.14 -$0.93
Diluted Earnings Per Share -$0.14 -$0.93
COMMON SHARES
Basic Shares Outstanding 27.98M shares 23.77K
Diluted Shares Outstanding 27.98M shares 23.77K

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.84M $29.10M
YoY Change -59.32% 60.77%
Cash & Equivalents $11.84M $29.09M
Short-Term Investments
Other Short-Term Assets $4.268M $8.400M
YoY Change -49.19% 2.44%
Inventory $2.970M $2.800M
Prepaid Expenses
Receivables $6.556M $3.400M
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.63M $43.70M
YoY Change -41.35% 27.96%
LONG-TERM ASSETS
Property, Plant & Equipment $229.7M $273.6M
YoY Change -16.05% 235.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.190M $4.300M
YoY Change -2.56% -37.68%
Total Long-Term Assets $239.5M $283.6M
YoY Change -15.55% -8.72%
TOTAL ASSETS
Total Short-Term Assets $25.63M $43.70M
Total Long-Term Assets $239.5M $283.6M
Total Assets $265.1M $327.3M
YoY Change -18.99% -5.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.937M $6.700M
YoY Change 3.54% 58.69%
Accrued Expenses $64.85M $56.70M
YoY Change 14.38% 166.16%
Deferred Revenue $1.626M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.333M
YoY Change
Total Short-Term Liabilities $73.12M $63.60M
YoY Change 14.97% 16.03%
LONG-TERM LIABILITIES
Long-Term Debt $9.453M $23.10M
YoY Change -59.08%
Other Long-Term Liabilities $180.0M $206.0M
YoY Change -12.61% 3193.37%
Total Long-Term Liabilities $189.5M $229.1M
YoY Change -17.29% 3562.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.12M $63.60M
Total Long-Term Liabilities $189.5M $229.1M
Total Liabilities $262.5M $292.8M
YoY Change -10.35% 7.66%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.638M $34.50M
YoY Change
Total Liabilities & Shareholders Equity $265.1M $327.3M
YoY Change -18.99% -5.09%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$3.881M -$22.22M
YoY Change -82.53% 1090.57%
Depreciation, Depletion And Amortization $4.553M $4.955M
YoY Change -8.11% -11.28%
Cash From Operating Activities $4.246M $2.900M
YoY Change 46.41% -69.02%
INVESTING ACTIVITIES
Capital Expenditures -$2.033M -$2.470M
YoY Change -17.69% -7.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.033M -$2.470M
YoY Change -17.69% -7.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.881M -17.15M
YoY Change -89.03% 594.33%
NET CHANGE
Cash From Operating Activities 4.246M 2.900M
Cash From Investing Activities -2.033M -2.470M
Cash From Financing Activities -1.881M -17.15M
Net Change In Cash 332.0K -16.72M
YoY Change -101.99% -495.27%
FREE CASH FLOW
Cash From Operating Activities $4.246M $2.900M
Capital Expenditures -$2.033M -$2.470M
Free Cash Flow $6.279M $5.370M
YoY Change 16.93% -55.32%

Facts In Submission

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us-gaap Fiscal Period
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<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;">We use 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 2021 and 2020 both consist of 52 weeks. The fiscal quarters ended June 27, 2021 and June 28, 2020 each consisted of 13 weeks.</p>
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<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>
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RightOfUseAssetsDerecognizedUponLeaseTermination
1400000
pbpb Lease Liabilities Derecognized Upon Lease Termination
LeaseLiabilitiesDerecognizedUponLeaseTermination
1600000
pbpb Revenue Recognition Gift Card Breakage
RevenueRecognitionGiftCardBreakage
100000
pbpb Revenue Recognition Gift Card Breakage
RevenueRecognitionGiftCardBreakage
100000
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3138000
CY2020Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1707000
pbpb Increase Decrease In Contract With Customer Liability Current
IncreaseDecreaseInContractWithCustomerLiabilityCurrent
273000
pbpb Increase Decrease In Contract With Customer Liability Noncurrent
IncreaseDecreaseInContractWithCustomerLiabilityNoncurrent
-145000
CY2021Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
5000000.0
CY2021Q2 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
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
12137000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1528000
us-gaap Operating Lease Payments
OperatingLeasePayments
25051000
us-gaap Operating Lease Payments
OperatingLeasePayments
13507000
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2938000
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
8002000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4656000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
13536000
CY2021Q2 pbpb Reduction In Operating Right Of Use Assets Due To Lease Terminations
ReductionInOperatingRightOfUseAssetsDueToLeaseTerminations
846000
CY2020Q2 pbpb Reduction In Operating Right Of Use Assets Due To Lease Terminations
ReductionInOperatingRightOfUseAssetsDueToLeaseTerminations
3442000
pbpb Reduction In Operating Right Of Use Assets Due To Lease Terminations
ReductionInOperatingRightOfUseAssetsDueToLeaseTerminations
4140000
pbpb Reduction In Operating Right Of Use Assets Due To Lease Terminations
ReductionInOperatingRightOfUseAssetsDueToLeaseTerminations
4881000
CY2021Q2 pbpb Lessee Operating Lease Lease Not Yet Commenced Amount
LesseeOperatingLeaseLeaseNotYetCommencedAmount
0
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
24678000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
41201000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
37129000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
34517000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
31611000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
27824000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
81849000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
278809000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
72081000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
206728000
CY2021Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
1333000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
333000
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
9453000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
15953000
CY2021Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
1333000
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
333000
pbpb Number Of Employee Reduce
NumberOfEmployeeReduce
35
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
1489000
us-gaap Payments For Restructuring
PaymentsForRestructuring
803000
CY2021Q2 us-gaap Restructuring Reserve
RestructuringReserve
686000
CY2018Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
65000000.0
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1233000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.68
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
31000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.24
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
664000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
9.75
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
538000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.03
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
535000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
12.02

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