First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q2 2024 Earnings Presentation
19 slides from First Watch Restaurant's earnings presentation, Aug 6, 2024
Slide 1: Q2 2024 Supplemental Information
Q2 2024 SUPPLEMENTAL INFORMATION August 6, 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
Q2 2024 PERFORMANCE & COMMENTARY
Slide 6: Q2 2024 Highlights
Q2 2024 HIGHLIGHTS Q2 2024 Highlights: • Total revenues increased 19.5% to $258.6 million in Q2 2024 from $216.3 million in Q2 2023 • System-wide sales increased 10.1% to $299.0 million in Q2 2024 from $271.5 million in Q2 2023 • Same-restaurant sales growth of negative 0.3% and same-restaurant traf
Slide 7: CEO Chris Tomasso commentary
“We are pleased with our second quarter results and proud of our teams for delivering exceptional experiences for our customers and employees. Amidst a challenging backdrop, which we view as transitory, we are operating our restaurants at a very high level and with tremendous efficiency, as exemplif
Slide 8: A Taste of Q2
A TASTE OF 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 with
Slide 9: A Taste of Q2 + Q3
A TASTE OF Q2 + Q3 Summer | June 3 – August 11 SHISHITO CARNITAS BREAKFAST STRAWBERRY TRES BLUEBERRY LEMON BREAKFAST HASH QUESADILLA LECHES FRENCH TOAST CORNBREAD Blistered shishito peppers and smoked, Savory, hand-pulled carnitas inside a Thick-cut, custard-dipped challah Freshly baked cornbread wi
Slide 10: Outlook
OUTLOOK UPDATED OUTLOOK FOR FISCAL YEAR 2024 Based upon second quarter results and current trends, the Company updates the following guidance metrics for the 52-week fiscal year ending December 29, 2024: • Same-restaurant sales growth in a range of negative 2.0%-to-flat with same restaurant traffic
Slide 11: Consolidated Statements of Operations and Comprehensive Income (Loss)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) THIRTEEN THIRTEEN TWENTY-SIX TWENTY-SIX FISCAL YEAR WEEKS ENDED WEEKS ENDED WEEKS ENDED WEEKS ENDED (in thousands) June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023 2023 2022 2021 The following table Revenues Restaurant sale
Slide 12: Selected Operating Data
SELECTED OPERATING DATA TWENTY-SIX TWENTY-SIX THIRTEEN WEEKS THIRTEEN WEEKS FISCAL YEAR WEEKS WEEKS June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023 2023 2022 2021 Operating weeks 13 13 26 26 53 52 52 System-wide restaurants 538 492 538 492 524 474 435 Company-owned 459 381 459 381 425 366 34
Slide 13: Appendix
APPENDIX = = =x = = an 4 ra
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) Avg Sales(1) Restaurant-Level Cash-On-Cash Operating Profit (1) Returns(1) (2) 5 11 19 5 6 40 11 7 7 4 1 19 1 Our flexible box s
Slide 15: Historical Data: Same-Restaurant Sales & Traffic Growth
HISTORICAL DATA Same-Restaurant Sales & Traffic Growth 2024 2023 2022 Q1 Q2 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 0.5% (0.3%)* 0.1%* 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%) (4.0%)* (4.2%)* 5.1% (1.2%) (1.9%) (1.3
Slide 16: Non-GAAP Financial Measures Reconciliations: Adjusted EBITDA
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS Adjusted TWENTY-SIX TWENTY-SIX THIRTEEN WEEKS THIRTEEN WEEKS FISCAL YEAR WEEKS WEEKS (in thousands) June 30, 2024 June 25, 2023 June 30, 2024 June 25, 2023 2023 2022 2021 EBITDA and Net income (loss) Depreciation and amortization $8,900 14,536 $7,959 9,441
Slide 17: Restaurant Level Operating Profit and Margin Reconciliation
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS Restaurant level operating profit and Restaurant level operating profit margin TWENTY-SIX TWENTY-SIX THIRTEEN WEEKS THIRTEEN WEEKS FISCAL YEAR Restaurant level operating profit and WEEKS WEEKS Restaurant level operating profit margin are (in thousands) Jun
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 — Q2 2024 Earnings Presentation on 6ix