NASDAQ$FWRG
First Watch Restaurant Group Inc · Q1 2022 earnings
Q1 2022 earnings · · Investor relations
Briefing
First Watch reported strong financial results driven by same-restaurant sales and traffic growth, and exceeded expectations despite a challenging operating environment.
First Watch Restaurant Group, Inc. reported a 36.1% increase in total revenues to $173.1 million, driven by a 27.2% increase in same-restaurant sales growth and a 21.9% increase in same-restaurant traffic growth. The company's net income was $4.6 million, or $0.08 per diluted share, compared to a net loss of $(2.0) million, or $(0.05) per diluted share in the same quarter of the previous year.
- Total revenues increased by 36.1% to $173.1 million compared to Q1 2021.
- Same-restaurant sales growth was 27.2%, driven by a 21.9% increase in same-restaurant traffic.
- Income from operations margin increased to 4.5% compared to 3.1% in Q1 2021.
- Net income was $4.6 million, or $0.08 per diluted share, compared to a net loss of $(2.0) million, or $(0.05) per diluted share in Q1 2021.
Headline financials
Revenue & EPS history
First Watch · Revenue · Quarterly
$173M
Revenue by segment
First Watch · $173M total across 2 segments · Q1 2022
- Restaurant Sales$171M—98.6%
- Franchise Revenues$2.44M—1.4%
Forward guidance
The Company reiterated its fiscal year 2022 guidance and provided an outlook for its 2022 blended tax rate.
Tailwinds
- Same-restaurant sales growth in the high-single digits with continued positive traffic
- Total revenue growth in excess of 15.0% relative to 2021
- Adjusted EBITDA in the range of $67.0 million to $71.0 million
- 30 to 35 new company-owned restaurants and 8 to 13 new franchise-owned restaurants
Headwinds
- Blended tax rate of 33.0% to 34.0%
- Capital expenditures in the range of $60.0 million to $70.0 million invested primarily in new restaurant projects, planned remodels and new in-restaurant technology
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2022
-0.9%
Avg return
Earnings day
-0.6%
Avg return
5 days after
-0.9%
Avg return
30 days after
39%
9 / 23 earnings
Positive
+15.5%
Q3 2024
Best reaction
-17.6%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.1% | -0.7% | -16.0% | |
| Q4 2025 | -10.7% | -19.6% | -29.6% | |
| Q3 2025 | -3.9% | -3.0% | -1.3% | |
| Q1 2025 | -17.6% | -15.3% | -19.8% | |
| Q4 2024 | -7.0% | -8.9% | -3.6% | |
| Q3 2024 | +15.5% | +7.1% | +5.9% | |
| Q2 2024 | +10.8% | +13.7% | +11.0% | |
| Q1 2024 | -13.1% | -16.7% | -24.9% | |
| Q4 2023 | -3.8% | -1.8% | -10.0% | |
| Q3 2023 | -0.3% | +1.2% | +12.1% | |
| Q2 2023 | +2.8% | +3.3% | +2.6% | |
| Q1 2023 | +2.3% | +1.3% | +6.8% | |
| Q4 2022 | -3.3% | -5.2% | -6.0% | |
| Q3 2022 | -11.4% | -3.9% | -12.4% | |
| Q2 2022 | -0.2% | +1.9% | +2.7% | |
| Q2 2021 | -0.2% | +1.9% | +2.7% | |
| Q1 2021 | +8.9% | +19.6% | +32.5% | |
| Q1 2022 | +8.9% | +19.6% | +32.5% | |
| Q4 2021 | -1.7% | -3.3% | -6.0% | |
| Q4 2019 | -1.7% | -3.3% | -6.0% | |
| Q3 2021 | +1.8% | -0.3% | +2.0% | |
| Q4 2020 | +1.8% | -0.3% | +2.0% | |
| Q3 2020 | +1.8% | -0.3% | +2.0% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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