First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q3 2022 Earnings Presentation
17 slides from First Watch Restaurant's earnings presentation, 2022
Slide 1: Welcome to First Watch: Supplemental Information Q3 2022
Welcome to First Watch Supplemental Information Q3 2022
Slide 2: Cautionary Note on Forward-Looking Statements and Non-GAAP Financial Measures
CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES 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 s
Slide 3: Good Morning! We are First Watch.
GOOD MORNING! 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-o
Slide 4: Slide 4
Slide 5: Q3 2022 Performance and Commentary
Q3 2022 Performance and Commentary
Slide 6: CEO commentary on third quarter 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
A TASTE OF Q3 Summer Seasonal Menu | June 6 – Aug. 14 BARBACOA QUESADILLA HACIENDA HASH BLUEBERRY MUFFIN TOP WATERMELON WAKE-UP BENEDICT Chorizo, red bell pepper and potato GRIDDLE CAKES Watermelon, pineapple, lime and hash topped with two cage-free eggs Three house-baked, butter-griddled mint. Two
Slide 8: A Taste of Q3: Fall Seasonal Menu
A TASTE OF Q3 Fall Seasonal Menu | Aug. 22 – Oct. 30 CARAMEL CRUNCH BRISKET CORNED PUMPKIN PANCAKE POMAGRANATE PEAR MODERN CROQUE MADAME BEEF HASH CINNAMON ROLL BREAKFAST PUNCH Challah bread griddled with A giant cinnamon roll topped with melted Cheddar and Monterey Savory hand-pulled corned beef, T
Slide 9: Q3 2022 Highlights & 2022 Outlook
Q3 2022 HIGHLIGHTS & 2022 OUTLOOK Highlights for Q3 2022 compared to Q3 2021*: • System-wide sales increased 19.2% to $235.2 million in Q3 2022 from $197.4 million in Q3 2021 • Total revenues increased 18.7% to $186.9 million in Q3 2022 from $157.4 million in Q3 2021 • Same-restaurant sales growth o
Slide 10: Consolidated Statements of Operations and Comprehensive Income (Loss)
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 sales
Slide 11: Selected Operating Data
Selected Operating Data 1 THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED FISCAL YEAR September 25, 2022 September 26, 2021 September 25, 2022 September 26, 2021 2021 2020 2019 System-wide sales (in thousands) $235,231 $197,409 $680,588 $548,005 $750,674 $426,303 $558,397 System-wide restaurants 459 42
Slide 12: Appendix
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Slide 13: Historical Data
HISTORICAL DATA Same-Restaurant Sales & Traffic Growth 2019 2020 2021 2022 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD Same-Restaurant Sales Growth 6.3% 6.2% 5.1% 4.6% 5.6% (10.7%) (75.9%) (17.2%) (11.3%) (29.0%) 14.1% 403.5% 46.2% 36.7% 63.0% 27.2% 13.4% 12.0% 17.0% Same-Restaurant Tr
Slide 14: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Adjusted EBITDA and Adjusted EBITDA margin THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED FISCAL YEAR (dollars in thousands) Sept. 25, 2022 Sept. 26, 2021 Sept. 25, 2022 Sept. 26, 2021 2021 2020 2019 Management uses Adjusted EBITDA and Adjusted Net income (loss) $46 $783 $7
Slide 15: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Restaurant level operating profit and Restaurant level operating profit margin THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED FISCAL YEAR (dollars in thousands) Sept. 25, 2022 Sept. 26, 2021 Sept. 25, 2022 Sept. 26, 2021 2021 2020 2019 Restaurant level operating profit and
Slide 16: Definitions
DEFINITIONS 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
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 — Q3 2022 Earnings Presentation on 6ix