First Watch Restaurant Group Inc (OQ:FWRG)
Business Focus: Quick Service Restaurants
| Sector: Consumer Cyclicals | Industry: Restaurants & Bars |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 8725 Pendery Place, Suite 201, Suite 201 BRADENTON FL 34201 |
| Tel: | N/A |
| Website: | https://investors.firstwatch.com |
| IR: | See website |
| Key People | ||
| Christopher A. Tomasso President, Chief Executive Officer, Director | Henry Melville Hope Chief Financial Officer, Treasurer | John Daniel Jones Chief Operations Officer |
| Laura Sorensen Chief People Officer | Jay Wolszczak Chief Legal Officer, General Counsel and Secretary | Eric Hartman Chief Development Officer | Calum Middleton Chief Strategy Officer |
| Business Overview |
| First Watch Restaurant Group, Inc. is a daytime dining concept company. The Company is engaged in serving made-to-order breakfast, brunch and lunch using fresh ingredients. The Company's menu includes elevated executions of classic favorites along with its specialties, such as Quinoa Power Bowl, Farm Stand Breakfast Tacos, Avocado Toast, Chickichanga, Morning Meditation (juiced in-house daily), Spiked Lavender Lemonade and Million Dollar Bacon. The Company operates approximately 520 First Watch restaurants in 29 states. The Company uses a variety of marketing channels, including affiliate partnerships, social media interactions, digital marketing, direct mailers, public relations initiatives and local community sponsorships, email communications, promotions, and partnerships. It also owns the franchise-owned restaurant in Broken Arrow, Okla. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, First Watch Restaurant Group Inc revenues increased 22% to $891.6M. Net income increased from $6.9M to $25.4M. Revenues reflect Franchise revenues increase of 32% to $14.5M. Net income benefited from Stock-based Compensation in SGA decrease of 27% to $7.6M (expense), Recruiting and relocation costs decrease of 32% to $465K (expense), Severance costs decrease of 83% to $26K (expense). |
| Employees: | 14,000 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $1,464M as of Dec 31, 2023 |
| Annual revenue (TTM): | $891.55M as of Dec 31, 2023 |
| EBITDA (TTM): | $89.63M as of Dec 31, 2023 |
| Net annual income (TTM): | $25.39M as of Dec 31, 2023 |
| Free cash flow (TTM): | $10.65M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $75.76M as of Dec 31, 2023 |
| Shares outstanding: | 60,372,531 as of Mar 25, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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