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Sep 24, 2023
First Watch Q3 2023 Earnings Report
Reported strong Q3 revenue and earnings results, surpassing 500 system-wide restaurants.
Key Takeaways
First Watch reported a strong Q3 2023 with a 17.3% increase in total revenue, 4.8% same-restaurant sales growth, and a net income of $5.4 million. The company opened 13 new restaurants and acquired 11 franchise-owned restaurants, reaching a total of 505 system-wide restaurants. They also raised their 2023 same-restaurant sales growth, total revenue growth and Adjusted EBITDA guidance.
Total revenues increased 17.3% to $219.2 million.
Same-restaurant sales growth of 4.8%.
Net income increased to $5.4 million, or $0.09 per diluted share.
Opened 13 system-wide restaurants and acquired 11 operating franchise-owned restaurants, resulting in a total of 505 system-wide restaurants.
Forward Guidance
The Company updates its guidance for the 53-week fiscal year ended December 31, 2023:
Positive Outlook
- 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%
- Adjusted EBITDA in the range of $91.0 million to $92.0 million
- Blended tax rate in the range of 26.0% to 28.0%
- Total of 49-52 new system-wide restaurants, net of 1 company-owned restaurant closure (37 to 39 new company-owned restaurants and 13 to 14 new franchise-owned restaurants)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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