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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.
Revenue by Segment
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%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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