First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q1 2023 Earnings Presentation
18 slides from First Watch Restaurant's earnings presentation, May 2, 2023
Slide 1: First Watch Supplemental Information Q1 2023
Welcome to First Watch Supplemental Information Q1 2023 May 2, 2023
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 breakfas
Slide 4: Slide 4
Slide 5: Q1 2023 Performance and Commentary
Q1 2023 Performance and Commentary
Slide 6: A Taste of Q1
6 A TASTE OF Q1 TRIPLE BERRY ACAI BOWL CAULI-RIZO BREAKFAST TACOS CHICKEN PESTO HASH Organic SAMBAZON® Açaí topped with fresh strawberries, blackberries, blueberries and our housemade granola with almonds. Served with our whole grain artisan toast topped with almond butter and Maldon sea salt Choriz
Slide 7: A Taste of Q1 & Q2
7 A TASTE OF Q1 & Q2 TACOS AL PASTOR HASH CRAB & AVOCADO TOAST BANANAS FOSTER FRENCH TOAST Crispy pork al pastor, fresh pineapple and seasoned potatoes topped with two cage-free eggs cooked any style, fresh avocado, house-pickled red onions, Cotija cheese, cilantro and lime crema. Served with a side
Slide 8: Q1 2023 Highlights
8 Q1 2023 HIGHLIGHTS Highlights for Q1 2023 compared to Q1 2022*: • Total revenues increased 22.1% to $211.4 million in Q1 2023 from $173.1 million in Q1 2022 • System-wide sales increased 23.6% to $264.7 million in Q1 2023 from $214.1 million in Q1 2022 • Same-restaurant sales growth of 12.9% (42.0
Slide 9: Outlook for Fiscal Year 2023
Outlook for Fiscal Year 2023: The Company raises certain of its fiscal year 2023 guidance: • Total revenue growth in the range of 16.0% to 20.0%(1) • Adjusted EBITDA* in the range of $80.0 million to $85.0 million(1) • Updated blended tax rate in the range of 33.0% to 36.0% The Company confirms cert
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 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 lev
Slide 12: Appendix
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Slide 13: Attractive New Unit Economics
® 14 (1) Representa tive of our target 3-year new units performance, which is comparable to the historical 3-year performance of our new restaurants. (2) Cash-on-Cash Return is defined as Restaurant Level Opera ting Profit (excluding gift ca rd breakage and deferred rent expense (income) in the thir
Slide 14: Historical Data
14 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** 2023 Q1 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 12.9% 27.2% 13.4% 12
Slide 15: Adjusted EBITDA and Adjusted EBITDA margin
15 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 16: Restaurant level operating profit and margin
16 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 17: Definitions
17 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 18: For more information, visit investors.firstwatch.com
For more information, visit investors.firstwatch.com or email investors@firstwatch.com
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