First Watch Restaurant Group Inc. (FWRG) Quarterly 10-Q Report

First Watch Restaurant Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 29, 2024.

The filing reports total revenues of $251.6 million for the quarter, an increase from $219.2 million in the same period the previous year. The increase is attributed to new restaurant openings and acquisitions.

System-wide sales reached $291.8 million, with same-restaurant sales showing a decline of 1.9% compared to the previous year. The decline in same-restaurant sales is attributed to reduced traffic growth.

Net income for the quarter was $2.1 million, or $0.03 per diluted share, down from $5.4 million, or $0.09 per diluted share, in the previous year. The decrease in net income is linked to higher interest expenses and increased income tax expenses.

Adjusted EBITDA increased to $25.6 million from $21.6 million in the previous year, reflecting improved restaurant-level operating profit margins.

Cash provided by operating activities was $92.7 million, while cash used in investing activities amounted to $165.9 million, primarily due to capital expenditures and franchise acquisitions.

The company ended the quarter with $51.1 million in cash and cash equivalents and had outstanding borrowings of $195.0 million under its credit facility.

First Watch continues to focus on expanding its restaurant footprint, with 9 new system-wide restaurants opened during the quarter, bringing the total to 547 restaurants across 29 states.

The filing also discusses the company's ongoing efforts to remediate previously identified material weaknesses in its internal control over financial reporting.

First Watch anticipates that its cash flow from operations and available credit will be sufficient to meet its liquidity needs for the next 12 months.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Watch Restaurant Group Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.