First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q4 2024 Earnings Presentation
19 slides from First Watch Restaurant's earnings presentation, Mar 11, 2025
Slide 1: Q4 2024 Supplemental Information
Q4 2024 SUPPLEMENTAL INFORMATION March 11, 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
Q4 2024 PERFORMANCE & COMMENTARY
Slide 6: Q4 2024 Highlights
Q2 2024 HIGHLIGHTS Q4 2024 (13-week quarter) highlights compared to Q4 2023 (14-week quarter): • Total revenues increased 7.6% to $263.3 million in Q4 2024 from $244.6 million in Q4 2023 • System-wide sales increased 2.6% to $304.1 million in Q4 2024 from $296.5 million in Q4 2023 • Same-restaurant
Slide 7: CEO Commentary on 2024 Milestones
“2024 was a pivotal year as we surpassed $1 billion in total revenues and $100 million in adjusted EBITDA for the first time. These milestones were supported and augmented by our teams’ operational acuity, successfully enhancing a variety of critical KPIs including labor efficiency, ticket times and
Slide 8: A Taste of Q4
A TASTE OF Q4 Holiday | October 29, 2024 – January 6, 2025 STAY GOLDEN DOUBLE CRUNCH STEAK & CINNAMON CHIP CINNAMON ROLL BREAKFAST TACOS EGGS HASH PANCAKE BREAKFAST A freshly baked cinnamon roll glazed with Two double-layered tacos, each with a Seared steak, house-roasted Crimini A classic, seasonal
Slide 9: 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 10: Outlook for Fiscal Year 2025
OUTLOOK OUTLOOK FOR FISCAL YEAR 2025 The Company provides the following outlook for the 52-week fiscal year ended December 28, 2025: • Same-restaurant sales growth in the positive low-single digits with flat-to-slightly positive same-restaurant traffic growth • Total revenue growth of ~20.0%(1) • Ad
Slide 11: Consolidated Statements of Operations and Comprehensive Income (Loss)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) THIRTEEN WEEKS ENDED FOURTEEN WEEKS ENDED FISCAL YEAR (in thousands) December 29, 2024 December 31, 2023 2024 2023 2022 The following table summarizes Revenues Restaurant sales $ 260,625 99.0% $ 241,042 98.5% $ 1,004,355 98.9% $ 8
Slide 12: Selected Operating Data
SELECTED OPERATING DATA THIRTEEN FOURTEEN FISCAL YEAR WEEKS WEEKS December 29, December 31, 2024 2023 2022 2024 2023 Operating weeks in fiscal year 13 14 52 53 52 System-wide restaurants 572 524 572 524 474 Company-owned 489 425 489 425 366 Franchise-owned 83 99 83 99 108 System-wide sales (in thous
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
HISTORICAL DATA Same-Restaurant Sales & Traffic Growth 2024 2023 2022 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 0.5% (0.3%) (1.9%) (0.3%)* (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%) (4.0%) (4.4%) (3.0
Slide 16: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS THIRTEEN WEEKS FOURTEEN WEEKS FISCAL YEAR Adjusted (in thousands) December 29, December 31, 2023 2024 2023 2022 EBITDA and 2024 Net income (loss) $699 $2,648 $18,925 $25,385 $6,907 Depreciation and amortization 15,755 12,231 57,715 41,223 34,230 Adjusted I
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 FOURTEEN WEEKS FISCAL YEAR Restaurant level operating profit and December 29, December 31, Restaurant level operating profit margin are (in thousands) 2024 2023 2
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 — Q4 2024 Earnings Presentation on 6ix