First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q3 2023 Earnings Presentation
19 slides from First Watch Restaurant's earnings presentation, Nov 1, 2023
Slide 1: Welcome to First Watch Supplemental Information Q3 2023
Welcome to First Watch Supplemental Information Q3 2023 November 1, 2023
Slide 2: Forward-Looking Statements
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 to known and unknown risks, uncertainties and other important factors that ma
Slide 3: We are First Watch
3 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 breakfast, brunch
Slide 4: Slide 4
Slide 5: Q3 2023 Performance and Commentary
Q3 2023 Performance and Commentary
Slide 6: Q3 2023 Highlights
6 Q3 2023 HIGHLIGHTS Highlights for Q3 2023 compared to Q3 2022*: • Total revenues increased 17.3% to $219.2 million in Q3 2023 from $186.9 million in Q3 2022 • System-wide sales increased 14.9% to $270.3 million in Q3 2023 from $235.2 million in Q3 2022 • Same-restaurant sales growth of 4.8% (+38.8
Slide 7: CEO commentary on Q3 results
“First Watch delivered impressive Q3 revenue and earnings results. We grew share while delivering total revenue growth of 17.3%, same-restaurant sales growth of 4.8% and Adjusted EBITDA growth of more than 25.0%. The ability of our teams to consistently execute at a high level, coupled with our stro
Slide 8: A Taste of Q2 & Q3
8 A TASTE OF Q2 & Q3 Strawberry Tres Leches French Toast Carnitas Breakfast Tostadas Lone Star Brisket Hash Thick-cut, custard-dipped challah bread griddled and topped with fresh strawberries, sweetened condensed milk, warm dulce de leche, whipped cream and spiced gingerbread cookie crumbles and lig
Slide 9: A Taste of Q3 & Q4
9 A TASTE OF Q3 & Q4 MILLION DOLLAR HARVEST HASH PUMPKIN PANCAKE BREAKFAST BUTTERNUT SQUASH BISQUE Freshly seasoned potatoes with Million Dollar Bacon, house-roasted sweet potatoes and Crimini mushrooms, kale and Monterey Jack topped with two cage-free eggs cooked any style, herbed Goat cheese, lemo
Slide 10: Outlook for Fiscal Year 2023
Outlook for Fiscal Year 2023: The Company updates its guidance for the 53-week fiscal year ended December 31, 2023: • Same-restaurant sales growth in the range of 7.0% to 8.0% with generally flat same-restaurant traffic growth • Total revenue growth in the range of 20.0% to 21.0%(1) • Adjusted EBITD
Slide 11: Consolidated Statements of Operations
11 Consolidated Statements of Operations The following table summarizes our results of operations and the percentages of items in our Consolidated Statements of Operations in relation to Total revenues or, where indicated, Restaurant sales for fiscal years 2020, 2021, 2022 and the thirteen weeks and
Slide 12: Selected Operating Data
12 Selected Operating Data ___________________________ (1) Average unit volume presented on an annual basis only. (2) Reconciliations from Income (Loss) from operations and Income (Loss) from operations margin, the most comparable GAAP measures to Restaurant level operating profit and Restaurant lev
Slide 13: Appendix
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Slide 14: Attractive New Unit Economics in a Size That Works Everywhere
14 (1) Representative of our target 3-year new units performance, which is comparable to the historical 3-year performance of our new restaurants. (2) Cash-on-Cash Return is defined as Restaurant Level Operating Profit (excluding gift card breakage and deferred rent expense (income) in the third yea
Slide 15: Historical Data
15 HISTORICAL DATA ** Pre-opening expenses are presented in one line item on the Consolidated Statements of Operations and Comprehensive Income Same-Restaurant Sales & Traffic Growth Pre-opening Expenses ** Q1 Q2 Q3 YTD Q3 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 12.9% 7.8% 4.8% 8.
Slide 16: Adjusted EBITDA and Adjusted EBITDA margin
16 Adjusted EBITDA and Adjusted EBITDA margin Management uses Adjusted EBITDA and Adjusted EBITDA margin (i) as factors in evaluating management’s performance when determining incentive compensation, (ii) to evaluate the Company’s operating results and the effectiveness of our business strategies, (
Slide 17: Restaurant level operating profit and margin
17 Restaurant level operating profit and Restaurant level operating profit margin Restaurant level operating profit and Restaurant level operating profit margin are not indicative of our overall results, and because they exclude corporate-level expenses, do not accrue directly to the benefit of our
Slide 18: Definitions of terms used in this presentation
18 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 of its on
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 — Q3 2023 Earnings Presentation on 6ix