FWRG - First Watch Restaurant GAAP EPS of -$0.01 misses by $0.04 revenue of $185.74M misses by $1.82M

2023-03-07 07:06:40 ET

• First Watch Restaurant press release ( NASDAQ: FWRG ): Q4 GAAP EPS of -$0.01 misses by $0.04 .
• Revenue of $185.74M (+14.2% Y/Y) misses by $1.82M .
• System-wide sales increased 15.6% to $234.2 million in Q4 2022 from $202.7 million in Q4 2021
• Same-restaurant sales growth of 7.7% (up 29.3% relative to Q4 2019 ^* )
• Adjusted EBITDA ^** increased to $15.1 million in Q4 2022 from $14.2 million in Q4 2021
• Opened 16 system-wide restaurants (11 company-owned and 5 franchise-owned) across 12 states, resulting in a total of 474 system-wide restaurants (366 company-owned and 108 franchise-owned) across 29 states
• 2023 Outlook:
• Same-restaurant sales growth of 6.0% to 8.0% with continued positive same-restaurant traffic growth
• Total revenue growth of 15.0% to 19.0%
• Adjusted EBITDA* in the range of $76.0 million to $81.0 million
• Total of 45-51 new system-wide restaurants, net of 3 company-owned restaurant closures (38 to 42 new company-owned restaurants and 10 to 12 new franchise-owned restaurants)
• Capital expenditures in the range of $100.0 million to $110.0 million invested primarily in new restaurant projects and planned remodels
• Blended tax rate of 36.0% to 38.0%

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