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  "authorName": "First Watch",
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  "presentationDate": "2023-07-01 00:00:00",
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      "kind": "paragraph",
      "text": "Outlook for Fiscal Year 2023:\nThe Company updates certain of its guidance for the 53-week fiscal year ended December 31, 2023:\n• Total revenue growth in the range of 18.0% to 21.0%(1)\n• Adjusted EBITDA* in the range of $89.0 million to $92.0 million(1)\n• Blended tax rate in the range of 28.0% to 31.0%\n• Same-restaurant sales growth in the range of 6.0% to 8.0% with marginally positive same-restaurant traffic growth",
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      "text": "The Company confirms certain of its previous guidance for the 53-week fiscal year ended December 31, 2023:\n• Total of 45-51 new system-wide restaurants, net of 3 company-owned restaurant closures (38-42 new company-owned restaurants and 10-12 new franchise-owned restaurants)\n• Capital expenditures in the range of $100.0 million to $110.0 million invested primarily in new restaurant projects and planned remodels(2)",
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      "text": "Long Term Outlook:\nThe Company reiterates its long-term annual financial targets as follows:\n• Percentage unit growth in the low double digits\n• Same-restaurant sales growth of ~3.5%\n• Restaurant sales growth in the mid-teens\n• Adjusted EBITDA percentage growth in the mid-teens",
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      "kind": "paragraph",
      "text": "The Company also believes that the brand has the potential for more than 2,200 restaurants in the United States.",
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      "text": "(1) Includes approximately 2.5% in total revenue growth and approximately $3.0 million in Adjusted EBITDA associated with 11 completed and 7 pending franchise-owned restaurant acquisitions\n(2) Does not include the capital outlays associated with the acquisition of franchise-owned restaurants",
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      "text": "* We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort.",
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      "kind": "title",
      "text": "OUTLOOK",
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