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Mar 31, 2024
First Watch Q1 2024 Earnings Report
First Watch reported a solid quarter with positive same restaurant sales and year-over-year adjusted EBITDA growth.
Key Takeaways
First Watch reported a 14.7% increase in total revenues to $242.4 million. Same-restaurant sales growth was 0.5%. Net income decreased to $7.2 million, or $0.12 per diluted share. Adjusted EBITDA increased to $28.6 million.
Total revenues increased 14.7% to $242.4 million.
System-wide sales increased 9.4% to $289.6 million.
Same-restaurant sales growth of 0.5% and same-restaurant traffic growth of (4.5)%.
Net income decreased to $7.2 million, or $0.12 per diluted share.
First Watch
First Watch
First Watch Revenue by Segment
Revenue by Segment
Restaurant Sales Revenue
CapyFin.comFranchise Revenues Revenue
CapyFin.com Forward Guidance
Management provides the following updated outlook for the 52-week fiscal year ending December 29, 2024: Same-restaurant sales growth in a range of flat-to-up 2.0%. Total revenue growth in the range of 17.0% to 19.0%. Total of 51 to 57 new system-wide restaurants, net of 1 company-owned and 1 franchise-owned restaurant closure (44 to 48 new company-owned restaurants and 9 to 11 new franchise-owned restaurants).
Positive Outlook
- Same-restaurant sales growth in a range of flat-to-up 2.0%
- Total revenue growth in the range of 17.0% to 19.0%
- Total of 51 to 57 new system-wide restaurants
- 44 to 48 new company-owned restaurants
- 9 to 11 new franchise-owned restaurants
Challenges Ahead
- Same restaurant traffic growth in the negative low single digits.
- Adjusted EBITDA in the range of $106.0 million to $112.0 million
- Blended tax rate in the range of 27.0% to 29.0%
- Capital expenditures in the range of $125.0 million to $135.0 million invested primarily in new restaurant projects and planned remodels
- Net of 1 company-owned and 1 franchise-owned restaurant closure
Revenue & Expenses
Visualization of income flow from segment revenue to net income