Company: FWRG
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001789940-25-000041
Chunk: 57

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 2
Chunk 57
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iliations 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.

Selected Operating Data

THIRTEEN WEEKS ENDED MARCH 30, 2025 COMPANY-OWNEDFRANCHISE-OWNEDTOTALBeginning of period48983572New restaurant openings10 3 13Closures(1)— (1)End of period49886584

20

THIRTEEN WEEKS ENDEDMARCH 30, 2025MARCH 31, 2024System-wide sales (in thousands)$322,999 $289,581 Same-restaurant sales growth 0.7 %0.5 %Same-restaurant traffic growth (0.7)%(4.5)%Income from operations (in thousands)$1,113 $12,286 Income from operations margin0.4 %5.1 %Restaurant level operating profit (in thousands) (1)$46,122 $49,862 Restaurant level operating profit margin (1)16.5 %20.8 %Net (loss) income (in thousands)$(829)$7,214 Net (loss) income margin(0.3)%3.0 %Adjusted EBITDA (in thousands) (2)$22,753 $28,590 Adjusted EBITDA margin (2)8.1 %11.8 %________________

(1) Reconciliations from Income from operations and Income from operations margin, the most comparable GAAP measures, to Restaurant level operating profit and Restaurant level operating profit margin, are set forth in the schedules within the Non-GAAP Financial Measures Reconciliations section below.

(2) Reconciliations from Net income (loss) and Net income (loss) margin, the most comparable GAAP measures, to Adjusted EBITDA and Adjusted EBITDA margin, are set forth in the schedules within the Non-GAAP Financial Measures Reconciliations section below.

Results of Operations 

The following table summarizes our results of operations and the percentages of certain items in relation to Total revenues or, where indicated, Restaurant sales for the thirteen weeks ended March 30, 2025 and March 31, 2024:

THIRTEEN WEEKS ENDED(in thousands)MARCH 30,