First Watch FY2022 revenue up 21.5% to $730.2M; same-restaurant sales +14.5%

First Watch Restaurant Group, Inc.

FY2022 total revenues $730.2M (+21.5% YoY); net income $6.9M vs loss of $2.1M in 2021.
FY2022 same-restaurant sales growth 14.5%, traffic growth 7.7%; 43 system-wide restaurants opened.
Q4 2022 revenues $185.7M (+14.2%); same-restaurant sales +7.7%, traffic -0.6% vs Q4 2021.
Adjusted EBITDA $69.3M in FY2022 vs $66.3M in FY2021; restaurant-level operating profit margin 17.9%.
2023 outlook: same-restaurant sales +15.7%, traffic +8.5% through first two periods of Q1.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

First Watch Restaurant Group, Inc. reported thirteen weeks ended December 25, 2022 results: revenue Total revenues increased 14.2% to $185.7 million in Q4 2022 from $162.6 million in Q4 2021, net income Net loss improved to $(0.5) million in Q4 2022 compared to $(4.7) million in Q4 2021.

Period: thirteen weeks ended December 25, 2022
Revenue: Total revenues increased 14.2% to $185.7 million in Q4 2022 from $162.6 million in Q4 2021
Net income: Net loss improved to $(0.5) million in Q4 2022 compared to $(4.7) million in Q4 2021
Result: reported results

Exact text from the filing

Highlights for Q4 2022 compared to Q4 2021: • Total revenues increased 14.2% to $185.7 million in Q4 2022 from $162.6 million in Q4 2021 • System-wide sales increased 15.6% to $234.2 million in Q4 2022 from $202.7 million in Q4 2021 • Same-restaurant sales growth of 7.7% (up 29.3% relative to Q4 2019 * ) • Same-restaurant traffic growth of (0.6)% (up 5.2% relative to Q4 2019*) • Income from operations of $1.5 million and Income from operations margin of 0.8% in Q4 2022 compared to Loss from operations of $(1.1) million and Loss from operations margin of (0.7)% in Q4 2021, respectively • Restaurant level operating profit** and Restaurant level operating profit margin ** of $30.5 million and 16.7% in Q4 2022 compared to $29.2 million and 18.2% in Q4 2021, respectively • Net loss improved to $(0.5) million in Q4 2022 compared to $(4.7) million in Q4 2021 • Adjusted EBITDA ** increased to $15.1 million in Q4 2022 from $14.2 million in Q4 2021 • Opened 16 system-wide restaurants (11 company

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

First Watch Restaurant Group, Inc. reported fourth fiscal quarter and fiscal year ended December 25, 2022 results: revenue Total revenues of $730.2 million, up 21.5%, net income Net income of $6.9 million compared to Net loss of $(2.1) million in 2021.

Period: fourth fiscal quarter and fiscal year ended December 25, 2022
Revenue: Total revenues of $730.2 million, up 21.5%
Net income: Net income of $6.9 million compared to Net loss of $(2.1) million in 2021
Result: reported results

Exact text from the filing

First Watch Restaurant Group, Inc. Reports Strong 2022 Financial Results and Provides 2023 Outlook • Total revenues of $730.2 million, up 21.5% and System-wide sales of $914.8 million, up 21.9% • Same-restaurant sales growth of 14.5% and Same-restaurant traffic growth of 7.7% • Income from operations margin of 2.4% and Restaurant level operating profit margin of 17.9% • 43 system-wide restaurants opened across 16 states

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First Watch Restaurant Group, Inc. filing history →

Source: SEC EDGAR

accession 0001789940-23-000010

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