Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________________ FORM 10-Q ______________________________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 27, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ____to ____ Commission File Number: 001-36104 ___________ ...

or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-36104 ___________________________________________________________________________ POTBELLY CORPORATION Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________________________________ FORM 10-K ___________________________________________________________________________ x ANNUAL REPORT PURSUANT TO SECTION ...

Financial Data and Key Metrics Changes - In Q4 2021, total revenues reached $102.8 million, a 37% increase compared to Q4 2020, with same-store sales rising approximately 34% [10][25] - For the full year 2021, revenues totaled $380 million, up 30% from 2020, with same-store sales increasing over 30% [10][35] - The company reported positive adjusted EBITDA of $2.6 million in Q4 2021, a significant improvement from an adjusted EBITDA loss of $6.9 million in the prior year [26] - Shop level margins improved to 11.2% in Q4 2021, compared to negative 0.6% in Q4 2020 [27] Business Line Data and Key Metrics Changes - Digital sales accounted for approximately 36% of total sales for the full year, growing by about 11% year-over-year [16] - The annualized average unit volume (AUV) reached $1.05 million in Q4 2021, marking the second consecutive quarter at this level [14] Market Data and Key Metrics Changes - Significant recovery was noted across all shop types, particularly in airport, CBD, and university locations, which had previously lagged [15][40] - Same-store sales for CBD locations showed improvement, with expectations for continued recovery as businesses return to offices [43] Company Strategy and Development Direction - The company is focused on executing its five-pillar strategy to drive traffic and profitability, with an emphasis on digital marketing and customer engagement [17][48] - A long-term growth plan aims for AUVs of $1.3 million by 2024, with a target of at least 10% annual unit growth through franchising [59][67] - The company plans to refranchise approximately 25% of its company-operated shops over the next three years to spur growth [69] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2022, expecting record AUVs and double-digit growth in same-store sales despite ongoing inflationary pressures [49][50] - The company is proactively addressing labor market challenges with competitive wages and retention programs [21][30] Other Important Information - The company ended Q4 2021 with total liquidity of $28.8 million, including $14.4 million in cash [33] - G&A expenses were $9.0 million in Q4 2021, slightly decreasing as a percentage of total revenue due to higher sales volume [27] Q&A Session Summary Question: What are the top priorities to achieve the $1.3 million AUV target? - Management highlighted recovery in shop types, incrementality of digital business, and market penetration through refranchising as key priorities [74][76] Question: How much of the gap to $1.3 million can be filled by CBD recovery? - Management indicated that while CBD recovery will contribute, it is not solely dependent on it, as overall recovery is expected to drive AUV growth [80] Question: What are the projections for food and labor inflation in 2022? - The company anticipates continued inflation pressures, with COGS inflation around 7.4% for Q4 and labor inflation over 11% [81][82] Question: What is the composition of the 2,000 unit goal? - The majority of new units are expected to be suburban and drive-through locations, with continued support for CBD locations [85][86]

Potbelly is the sandwich shop with the craveable quality and good vibes of a first-class dive. Fourth Quarter and Full Year 2021 Earnings Presentation -- March 3, 2022 -- Cautionary Statements Forward-Looking Statements In addition to historical information, this presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. F ...

Third Quarter 2021 Earnings Presentation November 4, 2021 Cautionary Statements Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. Forward-looking statements, written, oral or otherwise made, represent the Company's expectation or belief concer ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 26, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number: 001-36104 (IRS Employer Identification Number) Registrant's Telephone Number, Including Area Code: (312) 951-0600 Securities registered pu ...

Potbelly Corporation (NASDAQ:PBPB) Q3 2021 Earnings Conference Call November 4, 2021 8:00 AM ET Company Participants Adiya Dixon - Chief Legal Officer Robert Wright - President and CEO Steven Cirulis - SVP and CFO Conference Call Participants Matt Curtis - William Blair Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machi ...

Potbelly Corporation (NASDAQ:PBPB) Q2 2021 Earnings Conference Call August 5, 2021 8:00 AM ET Company Participants Adiya Dixon - Chief Legal Officer Bob Wright - President and CEO Steve Cirulis - SVP and CFO Conference Call Participants Joshua Long - Piper Sandler Matt Curtis - William Blair Operator Good morning everyone, and welcome to Potbelly Corporation's Second Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the ...

Second Quarter 2021 Earnings Presentation August 5, 2021 Cautionary Statements Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. Forward-looking statements, written, oral or otherwise made, represent the Company's expectation or belief concern ...

Revenue and Sales Performance - Total revenues increased by $41.3 million, or 73.6%, to $97.5 million during the 13 weeks ended June 27, 2021, compared to $56.2 million during the same period in 2020[99]. - Company-operated comparable store sales increased by $38.1 million, or 70.0%, during the same quarter, driven by the easing of government restrictions[99]. - Total revenues increased by $31.8 million, or 22.1%, to $175.6 million during the 26 weeks ended June 27, 2021, driven by easing government restrictions and a 26.6% increase in company-operated comparable store sales[115]. - Franchise royalties and fees increased by $0.4 million, or 138.8%, during the 13 weeks ended June 27, 2021[99]. - Franchise royalties and fees increased by $0.3 million, or 37.6%, during the 26 weeks ended June 27, 2021, reflecting growth in franchise operations[115]. Cost and Expense Management - Cost of goods sold increased by $10.2 million, or 63.5%, to $26.3 million during the 13 weeks ended June 27, 2021, primarily due to increased shop revenue[100]. - As a percentage of sandwich shop sales, cost of goods sold decreased to 27.2% from 28.8% year-over-year, attributed to increased menu prices[100]. - Labor and related expenses increased by $8.3 million, or 15.9%, to $60.6 million during the 26 weeks ended June 27, 2021, while as a percentage of sandwich shop sales, these expenses decreased to 34.8% from 36.6%[117]. - Occupancy expenses decreased by $2.5 million, or 8.5%, to $27.2 million during the 26 weeks ended June 27, 2021, with occupancy expenses as a percentage of sandwich shop sales decreasing to 15.6% from 20.8%[118]. - Other operating expenses increased by $4.3 million, or 18.0%, to $28.0 million during the 26 weeks ended June 27, 2021, while as a percentage of sandwich shop sales, these expenses decreased to 16.1% from 16.6%[119]. - General and administrative expenses decreased by $1.0 million, or 5.9%, to $16.7 million during the 26 weeks ended June 27, 2021, with these expenses as a percentage of revenues decreasing to 9.5% from 12.3%[121]. - Depreciation expense decreased by $1.7 million, or 16.2%, to $8.7 million during the 26 weeks ended June 27, 2021, with depreciation as a percentage of revenues at 5.0% compared to 7.2% in the prior year[122]. - Impairment, loss on disposal of property and equipment and shop closures decreased by $4.5 million, or 57.1%, to $3.4 million during the 26 weeks ended June 27, 2021[124]. Financial Position and Liquidity - Net loss attributable to Potbelly Corporation was $18.4 million for the 26 weeks ended June 27, 2021, compared to a net loss of $35.6 million for the same period in 2020, representing a 48.4% improvement[114]. - Total liquidity at the end of Q2 2021 was $35.3 million, up from $33.5 million at the end of the previous quarter[132]. - The company ended the second quarter of 2021 with a cash balance of $11.8 million, compared to $11.5 million at the end of the previous quarter[132]. - Net cash used in operating activities increased to $5.5 million for the 26 weeks ended June 27, 2021, compared to $4.9 million for the same period in 2020[135]. - Net cash provided by financing activities decreased to $9.5 million for the 26 weeks ended June 27, 2021, down from $22.5 million in the prior year[137]. - As of June 27, 2021, the outstanding amount under the Credit Agreement was $786 thousand, significantly reduced from $23.1 million a year earlier[141]. - Net cash used in investing activities decreased to $3.3 million for the 26 weeks ended June 27, 2021, from $7.3 million in the prior year, primarily due to reduced capital expenditures[136]. Corporate Actions and Strategic Initiatives - The corporate restructuring plan is expected to reduce annual general and administrative expenses by $3.5 million to $4.0 million[92]. - The company has amended approximately 342 lease agreements to include rent abatements and deferrals as of June 27, 2021[94]. - The company continues to monitor the impact of COVID-19 on its operations and has implemented strict sanitation protocols[90]. - The company has temporarily closed 6 shops as of June 27, 2021, while the majority of shops have reopened dining rooms[90]. - An impairment charge of $429 thousand was recorded for certain shops due to continued underperformance during the 26 weeks ended June 27, 2021[125]. - Lease termination fees incurred amounted to $0.2 million, with a net gain of $0.1 million recorded from the derecognition of ROU assets of $1.4 million and lease liabilities of $1.6 million[126]. - No shares of common stock were repurchased during the 26 weeks ended June 27, 2021, due to the impact of the COVID-19 pandemic[146]. Advertising and Marketing - Advertising expenses increased by 51.0% to $847 thousand during the 26 weeks ended June 27, 2021, compared to $561 thousand during the same period in 2020[120].