First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q1 2025 Earnings Presentation
19 slides from First Watch Restaurant's earnings presentation, May 6, 2025
Slide 1: Q1 2025 Supplemental Information
Q1 2025 SUPPLEMENTAL INFORMATION May 6, 2025
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 2025 PERFORMANCE & COMMENTARY
Slide 6: Q1 2025 Highlights
Q1 2025 HIGHLIGHTS Q1 2025 highlights compared to Q1 2024: • Total revenues increased 16.4% to $282.2 million in Q1 2025 from $242.4 million in Q1 2024 • System-wide sales increased 11.5% to $323.0 million in Q1 2025 from $289.6 million in Q1 2024 • Same-restaurant sales growth of 0.7% • Same-restau
Slide 7: CEO Quote: Chris Tomasso
“First quarter same restaurant traffic results are encouraging and continued the trends we experienced exiting 2024, demonstrating both the strength and the resilience of the First Watch brand. Additionally, the continuing success from our new restaurant openings serves as a significant long-term va
Slide 8: A Taste of Q1
A TASTE OF Q1 Jump Start | January 7 – March 17, 2025 PARMESAN CARNE RASPBERRY RICOTTA BLUE PROSCIUTTO TOAST ASADA HASH FRENCH TOAST BOOSTER Thick-cut, griddled artisan sourdough Thinly slice carne asada, crumbled chorizo Thick-cut, custard-dipped challah Fresh juice featuring blueberry, Fuji topped
Slide 9: A Taste of Q2
A TASTE OF Q2 Spring| March 18 – June 2, 2025 BACON CHEDDAR WILD BERRY LAVENDER THE PINEAPPLE CORNBREAD FRENCH TOAST B.E.C. EXPRESS Freshly baked cornbread with Cheddar Thick-cut, custard-dipped challah bread Bacon. Egg. Cheddar. First Watch’s twist Fresh juice featuring pineapple, and Monterey Jack
Slide 10: Outlook
OUTLOOK OUTLOOK FOR FISCAL YEAR 2025 Based upon first quarter results and current trends, the Company updated the following guidance metrics for the 52-week fiscal year ending December 28, 2025: • Adjusted EBITDA(1) in the range of $114.0 million to $119.0 million(2) • Blended tax rate of 45.0%-50.0
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 30, 2025 March 31, 2024 2024 2023 2022 The following table summarizes Revenues our results of operations and the Restaurant sales $ 279,591 99.1% $ 239,308
Slide 12: Selected Operating Data
SELECTED OPERATING DATA THIRTEEN WEEKS THIRTEEN WEEKS FISCAL YEAR March 30, 2025 March 31, 2024 2024 2023 2022 Operating weeks 13 13 52 53 52 System-wide restaurants 584 531 572 524 474 Company-owned 498 432 489 425 366 Franchise-owned 86 99 83 99 108 System-wide sales (in thousands) $322,999 $289,5
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 2024 YEAR END $2.7M 18-20% ~35% 18%+ Year 3 Year 3 Year 3 IRR(3) Avg Sales(1) Restaurant-Level Cash-On-Cash Operating Profit (1) Returns(1) (2) 5 11 19 7 7 44 15 8 4 1 8 Our flexible box size o
Slide 15: Historical Data: Same-Restaurant Sales & Traffic Growth, Pre-opening Expenses
HISTORICAL DATA Same-Restaurant Sales & Traffic Growth 2025 2024 2023 Q1 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 0.7% 0.7% 0.5% (0.3%) (1.9%) (0.3%)* (0.5%)* 12.9% 7.8% 4.8% 5.0% 7.6% Same-Restaurant Traffic Growth (Decline) (0.7%) (0.7%) (4.5%) (4.0%) (4.4%) (3.0%)* (4.0%)* 5
Slide 16: Non-GAAP Reconciliations: Adjusted EBITDA and Adjusted EBITDA Margin
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS THIRTEEN WEEKS THIRTEEN WEEKS FISCAL YEAR Adjusted (in thousands) March 30, 2025 March 31, 2024 2024 2023 2022 Net (loss) income ($829) $7,214 $18,925 $25,385 $6,907 EBITDA and Depreciation and amortization 16,557 12,271 57,715 41,223 34,230 Interest expen
Slide 17: Non-GAAP Reconciliations: Restaurant Level Operating Profit and Margin
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 Restaurant level operating profit margin are (in thousands) March 30, 2025 March 31, 2024 2024 20
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 2025 Earnings Presentation on 6ix