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  "documentTitle": "First Watch | Results Presentation Deck | 19 slides",
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  "presentationDate": "2023-07-01 00:00:00",
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      "text": "($ millions)\n$2.0\nEXISTING\nRESTAURANTS (4)\n$2.1\nFISCAL 2020\nNROS\n$2.2\nFISCAL 2021\nNROS\n$2.2\nFISCAL 2022\nNROS",
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      "text": "18-20%",
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      "kind": "paragraph",
      "text": "Our flexible box size of ~3,000-6,600 square feet with an average net build-out cost of ~$0.9M-$1.4M allows us to fit in any real estate and we can succeed in many markets",
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      "text": "YEAR 3\nRESTAURANT-LEVEL\nOPERATING PROFIT",
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      "text": "YEAR 3\nCASH-ON-CASH RETURNS (2)",
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      "text": "(1) Representative of our target 3-year new units performance, which is comparable to the historical 3-year performance of our new restaurants. (2) Cash-on-Cash Return is defined as Restaurant Level Operating Profit (excluding gift card breakage and deferred rent expense (income) in the\nthird year of operation (months 25-36 of operation) for company-owned restaurants divided by their cash build-out expenses, net of landlord incentives. (3) Represents fiscal 2022 annualized average sales of all company-owned restaurants opened through the respective cohort year.\n(4) Represents fiscal 2022 annualized average sales of all company-owned restaurants opened through fiscal 2019.",
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      "text": "2021 & 2022 NEW RESTAURANT OPENINGS (NROS)\nOUTPERFORMING THE SYSTEM AND OUR EXPECTATIONS",
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      "text": "2022 Restaurant Cohort Performance (3)",
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