NASDAQ$FWRG
First Watch Restaurant Group Inc · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Reported strong financial results driven by robust same-restaurant sales and traffic growth.
First Watch Restaurant Group reported a significant increase in total revenues, same-restaurant sales growth, and restaurant level operating profit margin for the third quarter ended September 26, 2021. The company's net income and Adjusted EBITDA also showed substantial improvement compared to the same period in 2020.
- Total revenues increased by 57.8% to $157.4 million.
- Same-restaurant sales grew by 46.2% with traffic growth of 40.1%.
- Restaurant level operating profit margin increased to 19.5%.
- Net income was $0.8 million, or $0.02 per diluted share, compared to a net loss of $11.1 million, or $(0.25) per diluted share in 2020.
Headline financials
Revenue & EPS history
First Watch · Revenue · Quarterly
$157M
Revenue by segment
First Watch · $211M total across 2 segments · Q1 2023
- Restaurant Sales$208M+21.9%98.4%
- Franchise Revenues$3.44M+40.7%1.6%
Forward guidance
The Company expects the following for the fourth quarter of fiscal year ending December 26, 2021:
Tailwinds
- Same-restaurant sales growth in the range of 31.5% to 33.5%
- Adjusted EBITDA in the range of $10.2 million to $11.2 million
- New restaurant openings to include 7 company-owned restaurants and 2 franchise-owned restaurants
- Unit growth in the low double digits
- Restaurant sales growth in the mid-teens
Headwinds
- Associated with the debt refinancing on October 6, 2021, we will recognize a non-cash charge of $2.4 million on the existing debt
- We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items.
- We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period.
- Accordingly, reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort.
- Potential negative impacts on sales at our and our franchisees’ restaurants as a result of our opening new restaurants
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports
-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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