Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 0

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 0
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2 0 2 4 A N N U A L R E P O R T 10-K-2025.indd 11 3/28/2025 12:15:26 PM

10-K-2025.indd 12 3/28/2025 12:15:28 PM

2 0 2 4 A N N U A L R E P O R T FISCAL YEAR 2024 RESULTS N E W S W E E K ’ S 

# 1 M O S T L O V E D W O R K P L A C E ® 2 0 2 4 $1.2B SYSTEM-WIDE SALES TOTAL REVENUES ADJUSTED EBITDA (1) 9.2% margin RLOP (2) 20.1% margin $1.0B $113.8M $201.8M 1. Adjusted EBITDA, a non-GAAP measure, represents Net Income (loss) before depreciation and amortization, interest expense and income taxes, and items that we do not consider in our evaluation of ongoing core operating performance. Adjusted EBITDA margin, a non-GAAP measure, represents Adjusted EBITDA as a percentage of total revenues. Please see the reconciliation of Net Income (loss), the most directly comparable measure in accordance with accounting principles generally accepted in the United States of America (“GAAP”), to Adjusted EBITDA and Adjusted EBITDA margin, included in the Non-GAAP Financial Measure Reconciliations section beginning on page 50 of our Annual Report on Form 10-K attached hereto. 2. Restaurant Level Operating Profit (RLOP), a non-GAAP measure, represents 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. RLOP excludes corporate-level expenses and other items that we do not consider in the evaluation of the ongoing core operating performance of our restaurants. RLOP margin, a non-GAAP measure, represents RLOP as a percentage of restaurant sales. Please see the reconciliation of Income (Loss) from operations, the most directly comparable GAAP measure, to Restaurant level operating profit and RLOP margin, included in the Non-GAAP Financial Measure Reconciliations section beginning on page 50 of our Annual Report on Form 10-K attached hereto. $914.8