Company: FWRG
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001789940-25-000010
Chunk: 85

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7
Chunk 85
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 evaluation of the ongoing core operating performance of our restaurants as identified in the reconciliation of Income from operations, the most directly comparable GAAP measure, to Restaurant level operating profit, included in the section Non-GAAP Financial Measure Reconciliations below. 

Restaurant Level Operating Profit Margin: represents Restaurant level operating profit as a percentage of restaurant sales. See Non-GAAP Financial Measure Reconciliations below for a reconciliation to Income from operations margin, the most directly comparable GAAP measure. 

Financial Highlights

The financial results of 2024 reflect the continued growth of the Company. The Company continued to accelerate the pace of new restaurant openings with 43 NROs in 2024 and we executed on our growth strategy as we acquired 22 operating restaurants from our franchisees in 2024.

Financial highlights for the 52-weeks ended December 29, 2024 as compared, unless otherwise indicated below, to the 53-weeks ended December 31, 2023, reflected the continued momentum of our strong operating performance and include the following:

•Total revenues increased 13.9% to $1.0 billion from $891.6 million in 2023 

•System-wide sales increased to $1.2 billion from $1.1 billion in 2023

•Same-restaurant sales growth of negative 0.5%* 

•Same-restaurant traffic growth of negative 4.0%*

•Income from operations decreased to $38.9 million from $41.3 million in 2023 

•Income from operations margin decreased to 3.9% from 4.7% in 2023

•Restaurant level operating profit** increased to $201.8 million from $175.7 million in 2023

•Restaurant level operating profit margin** increased to 20.1% from 20.0% in 2023

•Net income decreased to $18.9 million from $25.4 million in 2023

•Adjusted EBITDA** increased to $113.8 million from $99.5 million in 2023

•Opened 50 system-wide restaurants (43 company-owned and 7 franchise-owned) across 19 states resulting in a total of 572 system-wide restaurants (489 company-owned and 83 franchise-owned) across 29 states

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*Comparison to the 52-week periods ended December 29, 2024 and December 31, 2023 in order to compare like-for-like periods. See “Key