Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 70

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 70
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 $ 25,385 $ 6,907 Net income margin 1.9 % 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. Development Highlights During 2024, the Company had a total of 50 new system-wide restaurants in 19 states. One company-owned and one franchise-owned restaurant closed in 2024. We also acquired 22 operating restaurants from our franchisees in the execution 43

FISCAL YEAR (in thousands) 2024 2023 Revenues Restaurant sales $ 1,004,355 98.9 % $ 877,092 98.4 % Franchise revenues 11,555 1.1 % 14,459 1.6 % Total revenues 1,015,910 100.0 % 891,551 100.0 % Operating costs and expenses Restaurant operating expenses (1) (exclusive of depreciation and amortization shown below): Food and beverage costs 223,097 22.2 % 197,374 22.5 % Labor and other related expenses 335,038 33.4 % 294,010 33.5 % Other restaurant operating expenses 151,968 15.1 % 134,477 15.3 % Occupancy expenses 82,694 8.2 % 68,400 7.8 % Pre-opening expenses 10,109 1.0 % 7,173 0.8 % General