First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q4 2023 Earnings Presentation
19 slides from First Watch Restaurant's earnings presentation, Mar 5, 2024
Slide 1: Supplemental Information Q4 2023
SUPPLEMENTAL INFORMATION Q4 2023 March 5, 2024 Exhibit 99.2
Slide 2: Forward Looking Statements
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, which are subject to known and unknown risks, uncertainties and other important factors that ma
Slide 3: We are First Watch
We are First Watch. We’re the leaders of the Daytime Dining category – a segment comprised of culinary-driven concepts operating exclusively during daytime hours. 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 breakfast, brunch an
Slide 4: Slide 4
Slide 5: Performance & Commentary Q4 2023
PERFORMANCE & COMMENTARY Q4 2023
Slide 6: Highlights for Q4 2023
6 Q3 2023 HIGHLIGHTS Highlights for Q4 2023 (14-week quarter) compared to Q4 2022 (13-week quarter): • Total revenues increased 31.7% to $244.6 million in Q4 2023 from $185.7 million in Q4 2022 • System-wide sales increased 26.6% to $296.5 million in Q4 2023 from $234.2 million in Q4 2022 • Same-res
Slide 7: CEO commentary on 2023 milestones
“First Watch achieved a number of significant milestones in 2023 including essentially doubling system-wide sales to more than $1 billion since 2019 and posting nearly $100 million in Adjusted EBITDA. We also eclipsed the meaningful milestone of opening our 500th restaurant, all while delivering hig
Slide 8: Fall Seasonal Menu
Fall Seasonal Menu | August 21 – October 29 8 Freshly seasoned potatoes with Million Dollar Bacon, house-roasted sweet potatoes and Crimini mushrooms, kale and Monterey Jack topped with two cage- free eggs cooked any style, herbed Goat cheese, lemon-dressed arugula and drizzled with Mike's Hot Honey
Slide 9: Holiday Menu
Holiday Menu | October 30, 2023 – January 7, 2024 9 Shaved seared pork tossed with freshly seasoned potatoes, diced red bell peppers, kimchi, Cheddar and Monterey Jack. Topped with two cage-free eggs cooked any style, scallions, sesame seeds and gochujang aioli. Tender seared steak, hardwood smoked
Slide 10: Outlook for Fiscal Year 2024
Outlook for Fiscal Year 2024 The Company provides the following outlook for the 52-week fiscal year ended December 29, 2024: • Same-restaurant sales growth of 1.0% to 3.0% with flat-to-negative same-restaurant traffic growth • Total revenue growth in the range of 18.0% to 20.0%(1) • Adjusted EBITDA*
Slide 11: Consolidated Statements of Operations
11 The following table summarizes our results of operations and the percentages of items in our Consolidated Statements of Operations in relation to Total revenues or, where indicated, Restaurant sales for fiscal years 2023, 2022, 2021, the fourteen weeks ended December 31, 2023 and the thirteen wee
Slide 12: Selected Operating Data
12 (1) Average unit volume presented 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 operating profit and Restaurant level operating profit margin, are set forth in the sch
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Slide 14: System-Wide Restaurant Count by State
SYSTEM-WIDE RESTAURANT COUNT BY STATE AS OF 2023 YEAR END ® Our flexible box size of ~3,800–6,600 sq ft with an average net build-out cost of ~$1.6M allows us to fit in any real estate and supports visibility to 2,200 restaurants Proven portability with restaurants in our top decile spanning 10 stat
Slide 15: Historical Data: Same-Restaurant Sales and Pre-opening Expenses
15 ** 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** HISTORICAL DATA Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 12.9% 7.8% 4.
Slide 16: Adjusted EBITDA Reconciliation
16 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, (iii) internally as benchmarks to compare th
Slide 17: Restaurant Level Operating Profit Reconciliation
17 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 stockholders. We will continue to incur such expenses in the future. Restaurant
Slide 18: Definitions
18 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 19: For more information
For more information, visit investors.firstwatch.com or email investors@firstwatch.com
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