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  "documentTitle": "First Watch | Results Presentation Deck | 19 slides",
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  "authorName": "First Watch",
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  "presentationDate": "2023-07-01 00:00:00",
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      "text": "FIRST WATCH",
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      "text": "(1) Percentages are calculated as a percentage of restaurant sales.",
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      "text": "The following table summarizes our results of operations and the percentages of items in our Consolidated Statements of Operations in relation to Total revenues or, where indicated, Restaurant sales for fiscal years 2020, 2021, 2022 and the first and second quarters of 2023 and 2022:",
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      "text": "THIRTEEN WEEKS ENDED\nJune 25, 2023\nJune 26, 2022\nTWENTY-SIX WEEKS ENDED\nJune 25, 2023\nJune 26, 2022\nFISCAL YEAR\n2022\n2021\n2020\n(in thousands)\nRevenues\nRestaurant sales\n$212,587 98.3%\n$181,682 98.5%\n$420,555 98.3%\n$352,351 98.5%\n$719,181 98.5%\n$592,343 98.5%\n$337,433 98.6%\nFranchise revenues\n3,713 1.7%\n2,771 1.5%\n7,151 1.7%\n5,214 1.5%\n10,981 1.5%\n8,850 1.5%\n4,955 1.4%\nTotal revenues\n216,300 100.0%\n184,453 100.0%\n427,706 100.0%\n357,565 100.0%\n730,162 100.0%\n601,193 100.0%\n342,388 100.0%\nOperating costs and expenses\nRestaurant operating expenses (1)\n(exclusive of depreciation and amortization shown below):\nFood and beverage costs\n47,692 22.4%\n45,219 24.9%\n94,319 22.4%\n84,622 24.0%\n172,561 24.0%\n134,201 22.7%\n76,975 22.8%\nLabor and other related expenses\n70,602 33.2%\n58,687 32.3%\n139,175 33.1%\n113,829 32.3%\n238,257 33.1%\n189,167 31.9%\n120,380 35.7%\nOther restaurant operating expenses\n32,182 15.1%\n28,759 15.8%\n63,878 15.2%\n56,076 15.9%\n114,476 15.9%\n94,847 16.0%\n61,821 18.3%\nOccupancy expenses\n16,461 7.7%\n14,844 8.2%\n32,395 7.7%\n29,227 8.3%\n59,919 8.3%\n55,433 9.4%\n49,450 14.7%\nPre-opening expenses\n1,252 0.6%\n1,094 0.6%\n2,288 0.5%\n2,079 0.6%\n5,414 0.8%\n3,310 0.6%\n3,880 1.1%\nGeneral and administrative expenses\n25,284 11.7%\n21,942 11.9%\n47,989 11.2%\n41,505 11.6%\n84,959 11.6%\n70,388 11.7%\n46,322 13.5%\nDepreciation and amortization\n9,441 4.4%\n8,400 4.6%\n18,558 4.3%\n16,623 4.6%\n34,230 4.7%\n32,379 5.4%\n30,725 9.0%\nImpairments and loss on disposal of assets\n299 0.1%\n155 0.1%\n433 0.1%\n234 0.1%\n920 0.1%\n381 0.1%\n315 0.1%\nTransaction expenses (income), net\n1,744 0.8%\n300 0.2%\n1,997 0.5%\n557 0.2%\n2,513 0.3%\n(1,156) (0.2%)\n(258) (0.1%)\nTotal operating costs and expenses\n204,957 94.8%\n179,400 97.3%\n401,032 93.8%\n344,752 96.4%\n713,249 97.7%\n578,950 96.3%\n389,610 113.8%\nIncome (Loss) from operations (1)\n11,343 5.3%\n5,053 2.8%\n26,674 6.3%\n12,813 3.6%\n16,913 2.4%\n22,243 3.8%\n(47,222) (13.8%)\nInterest expense\n(2,037) (0.9)%\n(1,126) (0.6)%\n(3,944) (0.9)%\n(2,132) (0.6)%\n(5,232) (0.7%)\n(20,099) (3.3%)\n(22,815) (6.7%)\nOther income (expense), net\n685 0.3%\n116 0.1%\n1,179 0.3%\n279 0.1%\n910 0.1%\n(1,774) (0.3%)\n483 0.1%\nIncome (Loss) before income taxes\n9,991 4.6%\n4,043 2.2%\n23,909 5.6%\n10,960 3.1%\n12,591 1.7%\n370 0.1%\n(69,554) (20.3%)\nIncome tax (expense) benefit\n(2,032) (0.9)%\n(1,336) (0.7)%\n(6,590) (1.5)%\n(3,613) (1.0)%\n(5,684) (0.8)%\n(2,477) (0.4%)\n19,873 5.8%\nNet income (loss)\n$7,959 3.7%\n$2,707 1.5%\n$17,319 4.0%\n$7,347 2.1%\n$6,907 0.9%\n($2,107) (0.4%)\n($49,681) (14.5%)",
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