Company: FWRG
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001789940-25-000010
Chunk: 87

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7
Chunk 87
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5)%7.6 %14.5 %Same-restaurant traffic growth (1)(4.0)%0.2 %7.7 %AUV (in thousands)$2,204 $2,250 $2,032 Income from operations (in thousands)$38,907 $41,267 $16,913 Income from operations margin3.9 %4.7 %2.4 %Restaurant level operating profit (in thousands) (2)$201,761 $175,658 $128,936 Restaurant level operating profit margin (2)20.1 %20.0 %17.9 %Net income (in thousands)$18,925 $25,385 $6,907 Net income margin1.9 %2.8 %0.9 %Adjusted EBITDA (in thousands) (3)$113,836 $99,483 $69,278 Adjusted EBITDA margin (3)11.2 %11.2 %9.5 %________________

(1)  Comparing the 52-week period ended December 29, 2024 with the 52-week period ended December 31, 2023 in order to compare like-for-like periods.  See “Key Performance Indicators” for additional information.

(2) 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 Measure Reconciliations section below.

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

42

Results of Operations 

The discussion that follows includes a comparison of our results of operations for 2024 and 2023. 

The following table summarizes our results of operations and the percentages of items in our Consolidated Statements of Operations and Comprehensive Income (Loss) in relation to Total revenues or, where indicated, Restaurant sales for 2024 and 2023:

FISCAL YEAR(in thousands)20242023RevenuesRestaurant sales$1,004,355 98.9 %$877,092 98.4 %Franchise revenues11,555 1