First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q2 2022 Earnings Presentation
17 slides from First Watch Restaurant's earnings presentation, Aug 9, 2022
Slide 1: Welcome to First Watch Supplemental Information Q2 2022
Welcome to First Watch Supplemental Information Q2 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: Q2 2022 Performance and Commentary
Q2 2022 Performance and Commentary
Slide 6: CEO commentary on Q2 results
SLIDE TITLE GOES HERE “Our second quarter performance reaffirms First Watch as one of the most consistent, best-performing concepts in the restaurant industry. We once again achieved impressive results, with system- wide sales increasing 20.0% and same-restaurant sales increasing 13.4%, inclusive of
Slide 7: A Taste of Q2: Spring Seasonal Menu
7 A TASTE OF Q2 SHRIMP & GRITS CRAB CAKE BENEDICT CHORIZO SUNRISE SANDWICH Our take on this Lowcountry classic features sautéed shrimp and Cajun andouille sausage reduced with chicken stock, house-roasted tomatoes, onion, green peppers and scallions, served over Bob’s Red Mill Cheddar Parmesan chees
Slide 8: A Taste of Q2: Summer Seasonal Menu
8 A TASTE OF Q2 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 9: Q2 2022 Highlights & 2022 Outlook
Outlook for Fiscal Year 2022: As a result of continuous strong financial results, the Company raises certain of its fiscal year 2022 guidance: • Total revenue growth of approximately 20.0% relative to 2021 • Adjusted EBITDA**** in the range of $70.0 million to $72.0 million • Same-restaurant sales g
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 terms used in this presentation
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
First Watch Restaurant Group — Q2 2022 Earnings Presentation on 6ix