First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q1 2024 Earnings Presentation
19 slides from First Watch Restaurant's earnings presentation, May 7, 2024
Slide 1: Q1 2024 Supplemental Information
Q1 2024 SUPPLEMENTAL INFORMATION May 7, 2024
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, which are subject
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 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 breakf
Slide 4: Slide 4
Slide 5: Performance & Commentary
Q1 2024 PERFORMANCE & COMMENTARY
Slide 6: Q1 2024 Highlights
Q1 2024 HIGHLIGHTS Compared to Q1 2023: • Total revenues increased 14.7% to $242.4 million in Q1 2024 from $211.4 million in Q1 2023 • System-wide sales increased 9.4% to $289.6 million in Q1 2024 from $264.7 million in Q1 2023 • Same-restaurant sales growth of 0.5%* • Same-restaurant traffic growth
Slide 7: CEO Chris Tomasso commentary
“First Watch posted another solid quarter with positive same restaurant sales*, traffic trends that improved sequentially through the quarter and year-over-year adjusted EBITDA growth. We continue to focus on delivering exceptional experiences for our customers and our employees validated by custome
Slide 8: A Taste of Q1
A TASTE OF Q1 Jumpstart | January 8 – March 17 BROOKLYN BARBACOA CHILAQUILES BLACKBERRY LEMON HOLEY BREAKFAST SANDWICH BREAKFAST BOWL CREAM FRENCH TOAST DONUTS Shaved pastrami, Gruyère cheese and Seasoned, braised beef barbacoa tossed Thick-cut, custard-dipped challah Cinnamon sugar-dusted cake donu
Slide 9: A Taste of Q1 & Q2
A TASTE OF Q1 & Q2 Spring | March 18 – May 26 SHRIMP HACIENDA HAWAIIAN TROPICAL & GRITS HASH FRENCH TOAST SUNRISE Sautéed Cajun shrimp and andouille Chorizo, red bell pepper and potato hash Thick-cut, custard-dipped challah Mango, pineapple, strawberry and sausage cooked Lowcountry-style with topped
Slide 10: Outlook
OUTLOOK UPDATED OUTLOOK FOR FISCAL YEAR 2024 Based upon first quarter results and current trends, management provides the following updated outlook for the 52-week fiscal year ending December 29, 2024: ▪ Same-restaurant sales growth in a range of flat-to-up 2.0% with same restaurant traffic growth i
Slide 11: Consolidated Statements of Operations and Comprehensive Income (Loss)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) THIRTEEN THIRTEEN FISCAL YEAR WEEKS ENDED WEEKS ENDED (in thousands) March 31, 2024 March 26, 2023 2023 2022 2021 Revenues The following table Restaurant sales $ 239,308 98.7% $ 207,968 98.4% $ 877,092 98.4% $ 719,181 98.5% $ 592,
Slide 12: Selected Operating Data
SELECTED OPERATING DATA THIRTEEN WEEKS THIRTEEN WEEKS FISCAL YEAR March 31, 2024 March 26, 2023 2023 2022 2021 Operating weeks 13 13 53 52 52 System-wide restaurants 531 484 524 474 435 Company-owned 432 370 425 366 341 Franchise-owned 99 114 99 108 94 System-wide sales (in thousands) $289,581 $264,
Slide 13: Appendix
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Slide 14: Attractive New Unit Economics, Flexible Size, Works Everywhere
ATTRACTIVE NEW UNIT ECONOMICS, FLEXIBLE SIZE, WORKS EVERYWHERE SYSTEM-WIDE RESTAURANT COUNT BY STATE AS OF 2023 YEAR END $2.6M 18-20% ~35% 18%+ Year 3 Year 3 Year 3 IRR(3) 5 Avg Sales(1) Restaurant-Level Cash-On-Cash 11 Operating Profit (1) Returns(1) (2) 19 5 6 40 11 7 7 4 1 19 1 Our flexible box s
Slide 15: Historical Data: Same-Restaurant Sales & Traffic Growth, Pre-opening Expenses
HISTORICAL DATA Same-Restaurant Sales & Traffic Growth 2024 2023 2022 Q1 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 0.5%* 12.9% 7.8% 4.8% 5.0% 7.6% 27.2% 13.4% 12.0% 7.7% 14.5% Same-Restaurant Traffic Growth (Decline) (4.5%)* 5.1% (1.2%) (1.9%) (1.3%) 0.2% 21.9% 8.1% 3.7% (0.6%) 7.7%
Slide 16: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS THIRTEEN WEEKS THIRTEEN WEEKS FISCAL YEAR Adjusted (in thousands) March 31, 2024 March 26, 2023 2023 2022 2021 Net income (loss) $7,214 $9,360 $25,385 $6,907 ($2,107) Depreciation and amortization 12,271 9,117 41,223 34,230 32,379 EBITDA and Interest expen
Slide 17: Restaurant Level Operating Profit and Margin Reconciliation
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS Restaurant level operating profit and Restaurant level operating profit margin THIRTEEN WEEKS THIRTEEN WEEKS FISCAL YEAR Restaurant level operating profit and (in thousands) March 31, 2024 March 26, 2023 2023 2022 2021 Restaurant level operating profit mar
Slide 18: Definitions
DEFINITIONS The following definitions apply to these Same-restaurant sales growth: the percentage change in year-over-year restaurant sales terms as used in this presentation: (excluding gift card breakage) for the comparable restaurant base, which we define as the number of company-owned First Watc
Slide 19: For more information, visit investors.firstwatch.com
For more information, visit investors.firstwatch.com or email investors@firstwatch.com
First Watch Restaurant Group — Q1 2024 Earnings Presentation on 6ix