First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q3 2022 Earnings Presentation
17 slides from First Watch Restaurant's earnings presentation, Nov 7, 2022
Slide 1: Welcome to First Watch Supplemental Information Q3 2022
Welcome to First Watch Supplemental Information Q3 2022
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements In addition to historical information, this presentation may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, information concerning First Watch Re
Slide 3: We are First Watch
3 We are First Watch. We’re the leaders of the Daytime Dining category – a segment comprised of chef-driven concepts operating exclusively during daytime hours. That’s right… Our performance and successes are achieved during one 7½- hour shift, from 7 a.m. to 2:30 p.m. We serve made-to-order breakfa
Slide 4: Slide 4
Slide 5: Q3 2022 Performance and Commentary
Q3 2022 Performance and Commentary
Slide 6: CEO commentary on Q3 results
“We are very pleased with our third quarter results, which demonstrate our broad consumer appeal and the consistency and strength of our business model even in this uncertain economic environment.” “We believe our performance is among the best in our industry with the year-over-year increase in syst
Slide 7: A Taste of Q3: Summer Seasonal Menu
7 A TASTE OF Q3 BARBACOA QUESADILLA BENEDICT HACIENDA HASH BLUEBERRY MUFFIN TOP GRIDDLE CAKES Two barbacoa quesadillas prepared quesabirria-style, topped with poached cage-free eggs and covered with our Vera Cruz hollandaise, ranchero sauce and scallions. Served with seasoned black beans topped with
Slide 8: A Taste of Q3: Fall Seasonal Menu
8 A TASTE OF Q3 CARAMEL CRUNCH CINNAMON ROLL MODERN CROQUE MADAME BRISKET CORNED BEEF HASH A giant cinnamon roll topped with cream cheese icing, brown sugar caramel sauce, Cinnamon Toast Crunch® cereal and cinnamon streusel. Challah bread griddled with melted Cheddar and Monterey Jack, fresh tomato
Slide 9: Q3 2022 Highlights & 2022 Outlook
Outlook for Fiscal Year 2022: As a result of our continued strong financial results, the Company updated certain elements of its previous guidance for fiscal year 2022: • Same-restaurant sales growth at the top end of the 13.0% to 15.0% range with continued positive traffic • Total revenues growth o
Slide 10: Consolidated Statements of Operations and Comprehensive Income (Loss)
10 Consolidated Statements of Operations and Comprehensive Income (Loss) The following table summarizes our results of operations and the percentages of items in our Consolidated Statements of Operations and Comprehensive Income (Loss) in relation to Total revenues or, where indicated, Restaurant sa
Slide 11: Selected Operating Data
11 Selected Operating Data ___________________________ (1) Average unit volume presented for comparable restaurant base on an annual basis only. (2) Reconciliations from Income (Loss) from operations and Income (Loss) from operations margin, the most comparable GAAP measures to Restaurant level oper
Slide 12: Appendix
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Slide 13: Historical Data
13 HISTORICAL DATA ** Pre-opening expenses are presented in one line item on the Consolidated Statements of Operations and Comprehensive Income (Loss) Same-Restaurant Sales & Traffic Growth Pre-opening Expenses * Comparison to 2019 is presented for enhanced comparability due to the economic impact o
Slide 14: Adjusted EBITDA and Adjusted EBITDA margin
14 Adjusted EBITDA and Adjusted EBITDA margin Management uses Adjusted EBITDA and Adjusted EBITDA margin (i) as factors in evaluating management’s performance when determining incentive compensation, (ii) to evaluate the Company’s operating results and the effectiveness of our business strategies, (
Slide 15: Restaurant level operating profit and margin
15 Restaurant level operating profit and Restaurant level operating profit margin Restaurant level operating profit and Restaurant level operating profit margin are not indicative of our overall results, and because they exclude corporate-level expenses, do not accrue directly to the benefit of our
Slide 16: Definitions of non-GAAP terms
16 The following definitions apply to these terms as used in this presentation: Adjusted EBITDA: a non-GAAP financial measure, is defined as net income (loss) before depreciation and amortization, interest expense, income taxes and items that the Company does not consider in the evaluation of its on
Slide 17: For more information, visit investors.firstwatch.com
For more information, visit investors.firstwatch.com or email investors@firstwatch.com
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