First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q2 2022 Earnings Presentation
17 slides from First Watch Restaurant's earnings presentation, 2022
Slide 1: Welcome to First Watch: Supplemental Information Q2 2022
Welcome to First Watch Supplemental Information Q2 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: Q2 2022 Performance and Commentary
Q2 2022 Performance and Commentary
Slide 6: CEO commentary on Q2 results
“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 an 8.1% increase in s
Slide 7: A Taste of Q2: Spring Seasonal Menu
A TASTE OF Q2 Spring Seasonal Menu | March 21 – May 29 SHRIMP & GRITS CRAB CAKE BENEDICT CHORIZO SUNRISE SANDWICH PINEAPPLE EXPRESS Our take on this Lowcountry classic Crispy crab cakes topped with two A cage-free over-easy egg with two Pineapple, orange, coconut water, features sautéed shrimp and C
Slide 8: A Taste of Q2: Summer Seasonal Menu
A TASTE OF Q2 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 9: Q2 2022 Highlights & 2022 Outlook
Q2 2022 HIGHLIGHTS & 2022 OUTLOOK Highlights for Q2 2022 compared to Q2 2021*: • System-wide sales increased 20.0% to $231.2 million in Q2 2022 from $192.6 million in Q2 2021 • Total revenues increased 19.8% to $184.5 million in Q2 2022 from $154.0 million in Q2 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 THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED FISCAL YEAR June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 2021 2020 2019 System-wide sales (in thousands) $231,236 $192,632 $445,357 $350,596 $750,674 $426,303 $558,397 System-wide restaurants 449 423 449 423 435 409 368 C
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 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% 19.7% Same-Restaurant Traffic Gro
Slide 14: Non-GAAP Financial Measures: Adjusted EBITDA
NON-GAAP FINANCIAL MEASURES Adjusted EBITDA and Adjusted EBITDA margin THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED FISCAL YEAR (dollars in thousands) June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 2021 2020 2019 Management uses Adjusted EBITDA and Adjusted Net income (loss) $2,707 $3,805 $7
Slide 15: Non-GAAP Financial Measures: Restaurant Level Operating Profit
NON-GAAP FINANCIAL MEASURES Restaurant level operating profit and THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED FISCAL YEAR Restaurant level operating profit margin (dollars in thousands) June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 2021 2020 2019 Income (Loss) from operations $5,053 $12,31
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 — Q2 2022 Earnings Presentation on 6ix