Potbelly(US:PBPB)2021-03-12 16:492020 Performance Review - Revenue for 2020 was $2913 million, a decrease compared to $4097 million in 2019[7,32] - Same Store Sales (SSS) decreased by 247% in 2020, compared to a decrease of 30% in 2019[7,32] - Adjusted EBITDA for 2020 was a loss of $327 million, compared to a profit of $255 million in 2019[7,32] - The company had a GAAP Net Loss of $654 million in 2020, compared to a loss of $240 million in 2019[7,32] - Q4 2020 revenue was $749 million, up from $727 million in Q3 2020[29,30] - Q4 2020 Same Store Sales (SSS) was down 197%, an improvement from down 210% in Q3 2020[29,30] Strategic Actions and Outlook - The company renegotiated 321 leases to strengthen its shop base[20] - A $16 million private placement was completed in early 2021 to support growth initiatives[21] - The company expects sequential improvement in top-line results throughout 2021, with the majority of operating earnings and Adjusted EBITDA generated in the second half of the year[2,45] - The company anticipates 3-5 franchise openings in 2021, with no new corporate openings or closures planned at this time[45]