First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q3 2024 Earnings Presentation
19 slides from First Watch Restaurant's earnings presentation, Nov 7, 2024
Slide 1: Q3 2024 Supplemental Information
Q3 2024 SUPPLEMENTAL INFORMATION November 7, 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
Q3 2024 PERFORMANCE & COMMENTARY
Slide 6: Q3 2024 Highlights
Q2 2024 HIGHLIGHTS Q3 2024 Highlights: • Total revenues increased 14.8% to $251.6 million in Q3 2024 from $219.2 million in Q3 2023 • System-wide sales increased 8.0% to $291.8 million in Q3 2024 from $270.3 million in Q3 2023 • Same-restaurant sales growth of negative 1.9% and same-restaurant traff
Slide 7: CEO Chris Tomasso commentary
“We are pleased with our performance in Q3 as it reflects our teams’ superb restaurant- level operations, especially considering an uneven consumer backdrop. Traffic picked up through the quarter, our employee turnover once again improved and remains favorable relative to the industry as a whole and
Slide 8: A Taste of Q3
A TASTE OF Q3 Fall | August 20 – October 28, 2024 MILLION DOLLAR HONEY BACON PUMPKIN PANCAKE BLAZING BREAKFAST SANDWICH BRUSSELS HASH BREAKFAST DRAGON Million Dollar Bacon, all-natural pork Hardwood smoked bacon and honey- A classic, seasonal First Watch Fresh juice featuring strawberry, sausage pat
Slide 9: A Taste of Q4
A TASTE OF Q4 Holiday | October 29, 2024 – January 6, 2025 STAY GOLDEN DOUBLE CRUNCH STEAK & EGGS CINNAMON CHIP CINNAMON ROLL BREAKFAST TACOS 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 10: Outlook
OUTLOOK UPDATED OUTLOOK FOR FISCAL YEAR 2024 Based upon third quarter results and current trends, the Company updated the following guidance metrics for the 52-week fiscal year ending December 29, 2024: • Same-restaurant sales growth of around negative 1% with same restaurant traffic growth of negat
Slide 11: Consolidated Statements of Operations and Comprehensive Income (Loss)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED FISCAL YEAR (in thousands) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 2023 2022 2021 The following table Revenues Restaurant sales $ 248,965 98.9% $ 215
Slide 12: Selected Operating Data
SELECTED OPERATING DATA THIRTEEN WEEKS THIRTY-NINE WEEKS FISCAL YEAR September 29, September 24, September September 2023 2022 2021 2024 2023 29, 2024 24, 2023 Operating weeks 13 13 39 39 53 52 52 System-wide restaurants 547 505 547 505 524 474 435 Company-owned 466 402 466 402 425 366 341 Franchise
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 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 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 0.5% (0.3%) (1.9%)* (0.6%)* 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%)* (4.3%)* 5.1%
Slide 16: Non-GAAP Financial Measures Reconciliations: Adjusted EBITDA
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS THIRTEEN WEEKS THIRTY-NINE WEEKS FISCAL YEAR Adjusted (in thousands) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 2023 2022 2021 EBITDA and Net income (loss) $2,112 $5,418 $18,226 $22,737 $25,385 $6,907 ($2,107) Depreciation
Slide 17: Non-GAAP Reconciliations: Restaurant Level Operating Profit
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS Restaurant level operating profit and Restaurant level operating profit margin THIRTEEN WEEKS THIRTY-NINE WEEKS FISCAL YEAR Restaurant level operating profit and September 29, September 24, September September Restaurant level operating profit margin are (
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 is defined as the number of company-owned First Wat
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 2024 Earnings Presentation on 6ix