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  "documentTitle": "First Watch | IPO Presentation Deck | 39 slides",
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  "authorName": "First Watch",
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  "presentationDate": "2021-09-01 00:00:00",
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  "notes": "NRO stands for New Restaurant Opening.",
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      "text": "NRO Sales Expectations ($ mm)",
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      "text": "Year 3 Sales: $2.0mm, Year 3 Restaurant Level Operating Profit Margin: ~19%, Year 3 Cash-on-Cash Returns: ~40%",
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      "text": "(1) For a reconciliation of Income (Loss) from operations to Restaurant Level Operating Profit, please refer to the appendix to this presentation. (2) Cash-on-Cash Return is defined as Restaurant Level Operating Profit (excluding gift card breakage and deferred rent) in the third year of operation (months 25-36 of operation) for company-owned restaurants divided by their cash build-out expenses, net of landlord incentives.",
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      "text": "NRO Statistics: Average Net Build-Out Costs ~$900k",
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      "text": "Attractive New Unit Economics",
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