FWRG - First Watch Restaurant reports Q2 earnings beat; raises certain of its FY 2022 guidance

• First Watch Restaurant press release ( NASDAQ: FWRG ): Q2 GAAP EPS of $0.05 beats by $0.02 .
• Revenue of $184.45M (+19.8% Y/Y) beats by $9.84M .
• Adjusted EBITDA of $17.8M in Q2 2022 compared to $22.2M in Q2 2021.
• As a result of our continued strong financial results, the Company raises certain of its fiscal year 2022 guidance : Total revenue growth of approximately 20.0% relative to 2021 vs. estimated growth of 17.59% Y/Y. Adjusted EBITDA in the range of $70.0 million to $72.0 million. Same-restaurant sales growth in the range of 13.0% to 15.0% with continued positive traffic
• The company confirms certain of its previous fiscal year 2022 guidance: Capital expenditures in the range of $60.0 million to $70.0 million invested primarily in new restaurant projects, planned remodels and new in-restaurant technology. 30 to 35 new company-owned restaurants and 8 to 13 new franchise-owned restaurants for fiscal year 2022. Blended tax rate of 33.0% to 34.0%.

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