First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or
the “Company”), the leading Daytime Dining concept serving
breakfast, brunch and lunch, today reported financial results for
the thirteen weeks ended June 30, 2024 (“Q2 2024”).
“We are pleased with our second quarter results
and proud of our teams for delivering exceptional experiences for
our customers and employees. Amidst a challenging backdrop, which
we view as transitory, we are operating our restaurants at a very
high level and with tremendous efficiency, as exemplified by our
adjusted EBITDA growth, high customer satisfaction scores, improved
employee turnover and accelerated ticket times,” said Chris
Tomasso, First Watch CEO and President. “Our future growth plans
remain as strong as ever, with new restaurants overall and by
vintage meeting or exceeding our AUV and capital return targets,
and we have more than 130 new sites in the pipeline.”
Highlights for Q2 2024 compared to Q2
2023*:
- Total revenues increased 19.5% to
$258.6 million in Q2 2024 from $216.3 million in Q2 2023
- System-wide sales increased 10.1%
to $299.0 million in Q2 2024 from $271.5 million in Q2 2023
- Same-restaurant sales growth of negative 0.3% and
same-restaurant traffic growth of negative 4.0%*
- Income from operations margin
increased to 6.4% in Q2 2024 from 5.3% in Q2 2023
- Restaurant level operating profit
margin** increased to 21.9% in Q2 2024 from 20.9% in Q2 2023
- Net income increased to $8.9
million, or $0.14 per diluted share, in Q2 2024 from $8.0 million,
or $0.13 per diluted share, in Q2 2023
- Adjusted EBITDA** increased to
$35.3 million in Q2 2024 from $25.8 million in Q2 2023
- Opened 7 system-wide restaurants in 6 states, resulting in a
total of 538 system-wide restaurants (459 company-owned and 79
franchise-owned) across 29 states
- Acquired 21 operating franchise restaurants
___________________*
Comparing the thirteen-week periods ended June 30, 2024 and
July 2, 2023 in order to compare like-for-like periods. See “Key
Performance Indicators” for additional information.** See Non-GAAP
Financial Measures Reconciliations section below.
For additional financial information related to
the thirteen weeks ended June 30, 2024, refer to the Company’s
quarterly report on Form 10-Q filed with the Securities and
Exchange Commission on August 6, 2024, which can be accessed
at https://investors.firstwatch.com in the Financials & Filings
section.
Updated Outlook Fiscal Year
2024
Based upon second quarter results and current trends, the
Company updates the following guidance metrics for the 52-week
fiscal year ending December 29, 2024:
- Same-restaurant sales growth in a
range of negative 2.0%-to-flat with same restaurant traffic growth
in the negative mid-single digits
- Total of 52-56 new system-wide
restaurants, net of 2 company-owned restaurant closures (45 to 48
new company-owned restaurants and 9 to 10 new franchise-owned
restaurants)
- Blended tax rate of 31.0% to
33.0%
The Company confirms the following guidance
metrics for the 52-week fiscal year ending December 29, 2024:
- Total revenue growth in the range
of 17.0% to 19.0%(1)
- Adjusted EBITDA(2) in the range of
$106.0 million to $112.0 million(1)
- Capital expenditures in the range
of $125.0 million to $135.0 million invested primarily in new
restaurant projects and planned remodels(3)
______________________(1) Includes net impact of
approximately 7.0% in total revenue growth and approximately $13.0
million in Adjusted EBITDA associated with completed
acquisitions.(2) 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, a reconciliation to the corresponding GAAP
financial measure is not available without unreasonable effort.(3)
Does not include the capital outlays associated with the
acquisition of franchise-owned restaurants.
Conference Call and Webcast
Chris Tomasso, Chief Executive Officer and
President, and Mel Hope, Chief Financial Officer, will host a
conference call and webcast to discuss these financial results for
Q2 2024 on August 6, 2024 at 8:00 AM ET.
Interested parties may listen to the conference
call via any one of two options:
- Dial 201-389-0914, which will be answered by an operator
- Join the webcast at
https://investors.firstwatch.com/news-and-events/events
The webcast will be archived shortly after the call has
concluded.
Definitions
The following definitions apply to these terms
as used in this release:
System-wide restaurants: the
total number of restaurants, including all company-owned and
franchise- owned restaurants.
System-wide sales: consists of
restaurant sales from our company-owned restaurants and
franchise-owned restaurants. We do not recognize the restaurant
sales from our franchise-owned restaurants as revenue.
Same-restaurant sales growth:
the percentage change in year-over-year restaurant sales (excluding
gift card breakage) for the comparable restaurant base, which is
defined as the number of company-owned First Watch branded
restaurants open for 18 months or longer as of the beginning of the
fiscal year (“Comparable Restaurant Base”). For the thirteen weeks
ended June 30, 2024 and July 2, 2023, there were 344
restaurants and 327 restaurants, respectively, in our Comparable
Restaurant Base.
Same-restaurant traffic growth:
the percentage change in traffic counts as compared to the same
period in the prior year using the Comparable Restaurant Base. For
the thirteen weeks ended June 30, 2024 and July 2, 2023, there
were 344 restaurants and 327 restaurants, respectively, in our
Comparable Restaurant Base.
Adjusted EBITDA: a non-GAAP
measure, is defined as net income (loss) before depreciation and
amortization, interest expense, income taxes and items that the
Company does not consider in the evaluation of its ongoing core
operating performance.
Adjusted EBITDA margin: a
non-GAAP measure, is defined as Adjusted EBITDA as a percentage of
total revenues.
Restaurant level operating
profit: a non-GAAP measure, is defined as restaurant
sales, less restaurant operating expenses, which include food and
beverage costs, labor and other related expenses, other restaurant
operating expenses, pre-opening expenses and occupancy expenses. In
addition, Restaurant level operating profit excludes
corporate-level expenses and items that are not considered in the
Company’s evaluation of its ongoing core operating performance.
Restaurant level operating profit
margin: a non-GAAP measure, is defined as Restaurant level
operating profit as a percentage of restaurant sales.
About First Watch
First Watch is an award-winning Daytime Dining
concept serving made-to-order breakfast, brunch and lunch using
fresh ingredients. A recipient of hundreds of local “Best
Breakfast” and “Best Brunch” accolades, First Watch's chef-driven
menu includes elevated executions of classic favorites along with
First Watch specialties such as the protein-packed Quinoa Power
Bowl®, Farm Stand Breakfast Tacos, Avocado Toast, Chickichanga,
Morning Meditation (juiced in-house daily), Spiked Lavender
Lemonade and its signature Million Dollar Bacon. In 2023, First
Watch was named the top restaurant brand in Yelp’s inaugural list
of the top 50 most-loved brands in the U.S. In 2023 and 2022, First
Watch was named a Top 100 Most Loved Workplace® in Newsweek by the
Best Practice Institute. In 2022, First Watch was awarded a
sought-after MenuMasters honor by Nation's Restaurant News for its
seasonal Braised Short Rib Omelet, recognized with ADP's coveted
Culture at Work Award. First Watch operates more than 535 First
Watch restaurants in 29 states. For more information, visit
www.firstwatch.com.
Forward-Looking Statements
This release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, which are subject to known and unknown risks,
uncertainties and other important factors that may cause actual
results to be materially different from the statements made herein.
All statements other than statements of historical fact are
forward-looking statements. Forward-looking statements discuss our
current expectations and projections relating to our financial
position, results of operations, plans, objectives, future
performance and business. You can identify forward-looking
statements by the fact that they do not relate strictly to any
historical or current facts. These statements may include words
such as “aim,” “anticipate,” “believe,” “estimate,” “expect,”
“forecast,” “future,” “intend,” “outlook,” “potential,” “project,”
“projection,” “plan,” “seek,” “may,” “could,” “would,” “will,”
“should,” “can,” “can have,” “likely,” the negatives thereof and
other similar expressions. You should evaluate all forward-looking
statements made in this press release in the context of the risks
and uncertainties disclosed herein, in our Annual Report on Form
10-K as of and for the year ended December 31, 2023, including
under Part I. Item 1A. “Risk Factors” and Part II. Item 7.
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations,” and our other filings with the Securities
and Exchange Commission (the “SEC”), accessible on the SEC’s
website at www.sec.gov and the Investors Relations section of the
Company’s website at
https://investors.firstwatch.com/financial-information/sec-filings.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements include the
following: uncertainty regarding the Russia and Ukraine war,
Israel-Hamas war and the related impact on macroeconomic
conditions, including inflation, as a result of such conflicts or
other related events; our vulnerability to changes in economic
conditions and consumer preferences; our inability to successfully
open new restaurants or establish new markets; our inability to
effectively manage our growth; potential negative impacts on sales
at our and our franchisees’ restaurants as a result of our opening
new restaurants; a decline in visitors to any of the retail
centers, lifestyle centers, or entertainment centers where our
restaurants are located; lower than expected same-restaurant sales
growth; unsuccessful marketing programs and limited time new
offerings; changes in the cost of food; unprofitability or closure
of new restaurants or lower than previously experienced performance
in existing restaurants; our inability to compete effectively for
customers; unsuccessful financial performance of our franchisees;
our limited control over our franchisees’ operations; our inability
to maintain good relationships with our franchisees; conflicts of
interest with our franchisees; the geographic concentration of our
system-wide restaurant base in the southeast portion of the United
States; damage to our reputation and negative publicity; our
inability or failure to recognize, respond to and effectively
manage the accelerated impact of social media; our limited number
of suppliers and distributors for several of our frequently used
ingredients and shortages or disruptions in the supply or delivery
of such ingredients; information technology system failures or
breaches of our network security; our failure to comply with
federal and state laws and regulations relating to privacy, data
protection, advertising and consumer protection, or the expansion
of current or the enactment of new laws or regulations relating to
privacy, data protection, advertising and consumer protection; our
potential liability with our gift cards under the property laws of
some states; our failure to enforce and maintain our trademarks and
protect our other intellectual property; litigation with respect to
intellectual property assets; our dependence on our executive
officers and certain other key employees; our inability to
identify, hire, train and retain qualified individuals for our
workforce; our failure to obtain or to properly verify the
employment eligibility of our employees; our failure to maintain
our corporate culture as we grow; unionization activities among our
employees; employment and labor law proceedings; labor shortages or
increased labor costs or health care costs; risks associated with
leasing property subject to long-term and non-cancelable leases;
risks related to our sale of alcoholic beverages; costly and
complex compliance with federal, state and local laws; changes in
accounting principles applicable to us; our vulnerability to
natural disasters, unusual weather conditions, pandemic outbreaks,
political events, war and terrorism; our inability to secure
additional capital to support business growth; our level of
indebtedness; failure to comply with covenants under our credit
facility; and the interests of our largest stockholder may differ
from those of public stockholders.
The forward-looking statements included in this
press release are made only as of the date hereof and are expressly
qualified in their entirety by these cautionary statements. We
undertake no obligation to publicly update or revise any
forward-looking statement as a result of new information, future
events or otherwise, except as otherwise required by law. All
information presented herein is based on our fiscal calendar.
Unless otherwise stated, references to particular years, quarters,
months or periods refer to our fiscal years and the associated
quarters, months and periods of those fiscal years.
Investor Relations Contact
Steven L. Marotta941-500-1918
investors@firstwatch.com
Media Relations Contact
Jenni Glester407-864-5823jglester@firstwatch.com
Non-GAAP Financial Measures
(Unaudited)
To supplement the consolidated financial
statements, which are prepared in accordance with accounting
principles generally accepted in the United States of America
(“GAAP”), we use the following non-GAAP measures, which present
operating results on an adjusted basis: (i) Adjusted EBITDA, (ii)
Adjusted EBITDA margin, (iii) Restaurant level operating profit and
(iv) Restaurant level operating profit margin. Our presentation of
these non-GAAP measures includes isolating the effects of some
items that are either nonrecurring in nature or vary from period to
period without any correlation to our ongoing core operating
performance. These supplemental measures of performance are not
required by or presented in accordance with GAAP. Management
believes these non-GAAP measures provide investors with additional
visibility into our operations, facilitate analysis and comparisons
of our ongoing business operations because they exclude items that
may not be indicative of our ongoing operating performance, help to
identify operational trends and allow for greater transparency with
respect to key metrics used by management in our financial and
operational decision making. Our non-GAAP measures may not be
comparable to similarly titled measures used by other companies and
have important limitations as analytical tools. These non-GAAP
measures should not be considered in isolation or as substitutes
for analysis of our results as reported under GAAP as they may not
provide a complete understanding of our performance. These non-GAAP
measures should be reviewed in conjunction with our consolidated
financial statements prepared in accordance with GAAP.
Adjusted EBITDA and Adjusted EBITDA
Margin
Management uses Adjusted EBITDA and Adjusted
EBITDA margin (i) as factors in evaluating management’s performance
when determining incentive compensation, (ii) to evaluate the
Company’s operating results and the effectiveness of our business
strategies and (iii) internally as benchmarks to compare the
Company’s performance to that of its competitors.
Non-GAAP Financial Measures
Reconciliations
Adjusted EBITDA and Adjusted EBITDA margin - The
following table reconciles Net income and Net income margin, the
most directly comparable GAAP measures to Adjusted EBITDA and
Adjusted EBITDA margin for the periods indicated:
|
THIRTEEN WEEKS ENDED |
|
TWENTY-SIX WEEKS ENDED |
(in thousands) |
JUNE 30, 2024 |
|
JUNE 25, 2023 |
|
JUNE 30, 2024 |
|
JUNE 25, 2023 |
Net income |
$ |
8,900 |
|
|
$ |
7,959 |
|
|
$ |
16,114 |
|
|
$ |
17,319 |
|
Depreciation and amortization |
|
14,536 |
|
|
|
9,441 |
|
|
|
26,807 |
|
|
|
18,558 |
|
Interest expense |
|
3,381 |
|
|
|
2,037 |
|
|
|
5,980 |
|
|
|
3,944 |
|
Income taxes |
|
4,879 |
|
|
|
2,032 |
|
|
|
7,678 |
|
|
|
6,590 |
|
EBITDA |
|
31,696 |
|
|
|
21,469 |
|
|
|
56,579 |
|
|
|
46,411 |
|
Strategic costs (1) |
|
161 |
|
|
|
208 |
|
|
|
396 |
|
|
|
513 |
|
Loss on extinguishment and modification of debt |
|
— |
|
|
|
— |
|
|
|
428 |
|
|
|
— |
|
Stock-based compensation (2) |
|
2,452 |
|
|
|
2,125 |
|
|
|
4,318 |
|
|
|
3,622 |
|
Delaware Voluntary Disclosure Agreement Program (3) |
|
67 |
|
|
|
45 |
|
|
|
75 |
|
|
|
412 |
|
Transaction expenses, net (4) |
|
725 |
|
|
|
1,744 |
|
|
|
1,394 |
|
|
|
1,997 |
|
Insurance proceeds in connection with natural disasters,
net (5) |
|
— |
|
|
|
(154 |
) |
|
|
— |
|
|
|
(295 |
) |
Impairments and loss on disposal of assets (6) |
|
153 |
|
|
|
299 |
|
|
|
272 |
|
|
|
433 |
|
Recruiting and relocation costs (7) |
|
71 |
|
|
|
80 |
|
|
|
275 |
|
|
|
110 |
|
Severance costs (8) |
|
— |
|
|
|
— |
|
|
|
178 |
|
|
|
26 |
|
Adjusted EBITDA |
$ |
35,325 |
|
|
$ |
25,816 |
|
|
$ |
63,915 |
|
|
$ |
53,229 |
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
258,561 |
|
|
$ |
216,300 |
|
|
$ |
501,010 |
|
|
$ |
427,706 |
|
Net income margin |
|
3.4 |
% |
|
|
3.7 |
% |
|
|
3.2 |
% |
|
|
4.0 |
% |
Adjusted EBITDA margin |
|
13.7 |
% |
|
|
11.9 |
% |
|
|
12.8 |
% |
|
|
12.4 |
% |
|
|
|
|
|
|
|
|
Additional information |
|
|
|
|
|
|
|
Deferred rent expense (9) |
$ |
406 |
|
|
$ |
330 |
|
|
$ |
749 |
|
|
$ |
914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
___________________________(1) Represents costs
related to process improvements and strategic initiatives. These
costs are recorded within General and administrative expenses on
the Consolidated Statements of Operations and Comprehensive
Income.(2) Represents non-cash, stock-based compensation expense
which is recorded within General and administrative expenses on the
Consolidated Statements of Operations and Comprehensive Income.(3)
Represents professional service costs incurred in connection with
the Delaware Voluntary Disclosure Agreement Program related to
unclaimed or abandoned property. These costs are recorded in
General and administrative expenses on the Consolidated Statements
of Operations and Comprehensive Income.(4) Represents costs
incurred in connection with the acquisition of franchise-owned
restaurants, expenses related to debt, secondary offering costs
and, in 2024, an offsetting gain on release of contingent
consideration liability. (5) Represents insurance recoveries, net
of costs incurred, in connection with hurricane damage, which were
recorded in Other income, net on the Consolidated Statements of
Operations and Comprehensive Income. (6) Represents costs related
to the disposal of assets due to retirements, replacements or
certain restaurant closures. There were no impairments recognized
during the periods presented. (7) Represents costs incurred for
hiring qualified individuals. These costs are recorded within
General and administrative expenses on the Consolidated Statements
of Operations and Comprehensive Income.(8) Severance costs are
recorded in General and administrative expenses on the Consolidated
Statements of Operations and Comprehensive Income.(9) Represents
the non-cash portion of straight-line rent expense recorded within
both Occupancy expenses and General and administrative expenses on
the Consolidated Statements of Operations and Comprehensive
Income.
Restaurant level operating profit and
Restaurant level operating profit margin
Restaurant level operating profit and Restaurant
level operating profit margin are not indicative of our overall
results, and because they exclude corporate-level expenses, do not
accrue directly to the benefit of our stockholders. We will
continue to incur such expenses in the future. Restaurant level
operating profit and Restaurant level operating profit margin are
important measures we use to evaluate the performance and
profitability of each operating restaurant, individually and in the
aggregate and to make decisions regarding future spending and other
operational decisions. We believe that Restaurant level operating
profit and Restaurant level operating profit margin provide useful
information about our operating results, identify operational
trends and allow for transparency with respect to key metrics used
by us in our financial and operational decision-making.
The following tables reconcile Income from
operations and Income from operations margin, the most directly
comparable GAAP financial measures, to Restaurant level operating
profit and Restaurant level operating profit margin for the periods
indicated:
|
THIRTEEN WEEKS ENDED |
|
TWENTY-SIX WEEKS ENDED |
(in thousands) |
JUNE 30, 2024 |
|
JUNE 25, 2023 |
|
JUNE 30, 2024 |
|
JUNE 25, 2023 |
Income from operations |
$ |
16,447 |
|
|
$ |
11,343 |
|
|
$ |
28,733 |
|
|
$ |
26,674 |
|
Less: Franchise revenues |
|
(3,104 |
) |
|
|
(3,713 |
) |
|
|
(6,245 |
) |
|
|
(7,151 |
) |
Add: |
|
|
|
|
|
|
|
General and administrative expenses |
|
27,189 |
|
|
|
25,284 |
|
|
|
54,847 |
|
|
|
47,989 |
|
Depreciation and amortization |
|
14,536 |
|
|
|
9,441 |
|
|
|
26,807 |
|
|
|
18,558 |
|
Transaction expenses, net (1) |
|
725 |
|
|
|
1,744 |
|
|
|
1,394 |
|
|
|
1,997 |
|
Impairments and loss on disposal of assets (2) |
|
153 |
|
|
|
299 |
|
|
|
272 |
|
|
|
433 |
|
Restaurant level operating
profit |
$ |
55,946 |
|
|
$ |
44,398 |
|
|
$ |
105,808 |
|
|
$ |
88,500 |
|
|
|
|
|
|
|
|
|
Restaurant sales |
$ |
255,457 |
|
|
$ |
212,587 |
|
|
$ |
494,765 |
|
|
$ |
420,555 |
|
Income from operations margin |
|
6.4 |
% |
|
|
5.3 |
% |
|
|
5.8 |
% |
|
|
6.3 |
% |
Restaurant level operating profit margin |
|
21.9 |
% |
|
|
20.9 |
% |
|
|
21.4 |
% |
|
|
21.0 |
% |
|
|
|
|
|
|
|
|
Additional information |
|
|
|
|
|
|
|
Deferred rent expense (3) |
$ |
357 |
|
|
$ |
280 |
|
|
$ |
650 |
|
|
$ |
814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________________(1) Represents costs
incurred in connection with the acquisition of franchise-owned
restaurants, expenses related to debt, secondary offering costs
and, in 2024, an offsetting gain on release of contingent
consideration liability. (2) Represents costs related to the
disposal of assets due to retirements, replacements or certain
restaurant closures. There were no impairments recognized during
the periods presented. (3) Represents the non-cash portion of
straight-line rent expense recorded within Occupancy expenses on
the Consolidated Statements of Operations and Comprehensive
Income.
|
FIRST WATCH
RESTAURANT GROUP, INC. |
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME |
(IN THOUSANDS,
EXCEPT SHARE AND PER SHARE DATA) |
(Unaudited) |
|
|
THIRTEEN WEEKS ENDED |
|
TWENTY-SIX WEEKS ENDED |
|
JUNE 30, 2024 |
|
JUNE 25, 2023 |
|
JUNE 30, 2024 |
|
JUNE 25, 2023 |
Revenues: |
|
|
|
|
|
|
|
Restaurant sales |
$ |
255,457 |
|
|
$ |
212,587 |
|
|
$ |
494,765 |
|
|
$ |
420,555 |
|
Franchise revenues |
|
3,104 |
|
|
|
3,713 |
|
|
|
6,245 |
|
|
|
7,151 |
|
Total revenues |
|
258,561 |
|
|
|
216,300 |
|
|
|
501,010 |
|
|
|
427,706 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Restaurant operating expenses
(exclusive of depreciation and amortization shown below): |
|
|
|
|
|
|
|
Food and beverage costs |
|
55,803 |
|
|
|
47,692 |
|
|
|
107,987 |
|
|
|
94,319 |
|
Labor and other related expenses |
|
83,841 |
|
|
|
70,602 |
|
|
|
163,576 |
|
|
|
139,175 |
|
Other restaurant operating expenses |
|
37,549 |
|
|
|
32,182 |
|
|
|
74,341 |
|
|
|
63,878 |
|
Occupancy expenses |
|
20,490 |
|
|
|
16,461 |
|
|
|
39,658 |
|
|
|
32,395 |
|
Pre-opening expenses |
|
1,828 |
|
|
|
1,252 |
|
|
|
3,395 |
|
|
|
2,288 |
|
General and administrative
expenses |
|
27,189 |
|
|
|
25,284 |
|
|
|
54,847 |
|
|
|
47,989 |
|
Depreciation and
amortization |
|
14,536 |
|
|
|
9,441 |
|
|
|
26,807 |
|
|
|
18,558 |
|
Impairments and loss on
disposal of assets |
|
153 |
|
|
|
299 |
|
|
|
272 |
|
|
|
433 |
|
Transaction expenses, net |
|
725 |
|
|
|
1,744 |
|
|
|
1,394 |
|
|
|
1,997 |
|
Total operating costs and expenses |
|
242,114 |
|
|
|
204,957 |
|
|
|
472,277 |
|
|
|
401,032 |
|
Income from operations |
|
16,447 |
|
|
|
11,343 |
|
|
|
28,733 |
|
|
|
26,674 |
|
Interest expense |
|
(3,381 |
) |
|
|
(2,037 |
) |
|
|
(5,980 |
) |
|
|
(3,944 |
) |
Other income, net |
|
713 |
|
|
|
685 |
|
|
|
1,039 |
|
|
|
1,179 |
|
Income before income taxes |
|
13,779 |
|
|
|
9,991 |
|
|
|
23,792 |
|
|
|
23,909 |
|
Income tax expense |
|
(4,879 |
) |
|
|
(2,032 |
) |
|
|
(7,678 |
) |
|
|
(6,590 |
) |
Net
income |
$ |
8,900 |
|
|
$ |
7,959 |
|
|
$ |
16,114 |
|
|
$ |
17,319 |
|
|
|
|
|
|
|
|
|
Net
income |
$ |
8,900 |
|
|
$ |
7,959 |
|
|
$ |
16,114 |
|
|
$ |
17,319 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
Unrealized (loss) gain on derivatives |
|
(99 |
) |
|
|
(160 |
) |
|
|
1,139 |
|
|
|
(160 |
) |
Income tax related to other comprehensive income |
|
25 |
|
|
|
— |
|
|
|
(284 |
) |
|
|
— |
|
Comprehensive
income |
$ |
8,826 |
|
|
$ |
7,799 |
|
|
$ |
16,969 |
|
|
$ |
17,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share -
basic |
$ |
0.15 |
|
|
$ |
0.13 |
|
|
$ |
0.27 |
|
|
$ |
0.29 |
|
Net income per common share -
diluted |
$ |
0.14 |
|
|
$ |
0.13 |
|
|
$ |
0.26 |
|
|
$ |
0.28 |
|
Weighted average number of
common shares outstanding - basic |
|
60,384,696 |
|
|
|
59,385,510 |
|
|
|
60,198,743 |
|
|
|
59,314,470 |
|
Weighted average number of
common shares outstanding - diluted |
|
62,464,424 |
|
|
|
60,944,836 |
|
|
|
62,507,183 |
|
|
|
60,770,441 |
|
First Watch Restaurant (NASDAQ:FWRG)
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First Watch Restaurant (NASDAQ:FWRG)
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From Sep 2023 to Sep 2024