{ "docId": "019de516-1d6d-773f-aba9-6d12612ad568", "docSlug": "417e7be2c08c4eb823bf3b76cf47749e", "documentTitle": "First Watch | Results Presentation Deck | 19 slides", "authorId": "first-watch", "authorName": "First Watch", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-07-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7810761, "pageNumber": 16, "pageCount": 19, "prevPage": 15, "nextPage": 17, "slideType": "kpi_overview", "function": "analyze_data", "density": "overcrowded", "nDataPoints": 108, "notes": null, "elementsJson": null, "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019de516-1d6d-773f-aba9-6d12612ad568/16", "deckHref": "/decks/019de516-1d6d-773f-aba9-6d12612ad568", "deckJsonHref": "/decks/019de516-1d6d-773f-aba9-6d12612ad568.json", "deckAnchorHref": "/decks/019de516-1d6d-773f-aba9-6d12612ad568#slide-16", "components": [ { "bbox": { "h": 0.34, "w": 0.29, "x": 0.03, "y": 0.229 }, "kind": "paragraph", "text": "Management uses Adjusted EBITDA and Adjusted EBITDA margin (i) as factors in evaluating management's performance when determining incentive compensation, (ii) to evaluate the Company's operating results and the effectiveness of our business strategies, (iii) internally as benchmarks to compare the Company's performance to that of its competitors and (iv) to provide investors with additional transparency of the Company's operations. The use of Adjusted EBITDA and Adjusted EBITDA margin as performance measures permit a comparative assessment of the Company's operating performance relative to the Company's performance based on the Company's GAAP results, while isolating the effects of some items that are either nonrecurring in nature or vary from period to period without any correlation to the Company's ongoing core operating performance.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "830b4bbb-dfdf-4682-bc55-a94ff8268454", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.29, "x": 0.03, "y": 0.599 }, "kind": "paragraph", "text": "The adjacent table reconciles Net income (loss) and Net income (loss) margin, the most directly comparable GAAP measures, to Adjusted EBITDA and Adjusted EBITDA margin, respectively, for the periods indicated.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "887d750d-44b1-4903-b3a1-f85f5e3a178f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.13, "w": 0.94, "x": 0.029, "y": 0.78 }, "kind": "source-note", "text": "(1) Represents non-cash, stock-based compensation expense which is recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.\n(2) Represents costs incurred in connection with the sale of the Company's common stock through underwritten secondary public offerings and the acquisition of certain franchise-owned restaurants. During the thirteen and twenty-six weeks ended June 26, 2022, represents termination fees incurred in connection with\ncertain service contracts and a termination fee in connection with the closure of one company-owned restaurant.\n(3) Represents costs related to process improvements and strategic initiatives. These costs are recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.\n(4) Represents professional service costs incurred in connection with the Delaware Voluntary Disclosure Agreement Program related to unclaimed or abandoned property. These costs are recorded in General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.\n(5) Represents insurance recoveries, net of costs incurred, in connection with Hurricane lan, which were recorded in Other income, net on the Consolidated Statements of Operations and Comprehensive Income.\n(6) Represents costs related to the disposal of assets due to retirements, replacements or certain restaurant closures. There were no impairments recognized during the periods presented.\n(7) Represents costs incurred for hiring qualified individuals. These costs are recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.\n(8) Severance costs are recorded in General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.\n(9) Represents the non-cash portion of straight-line rent expense recorded within both Occupancy expenses and General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2b7e40cf-7ce9-4db2-8d5a-93973b0d3630", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.529, "w": 0.67, "x": 0.301, "y": 0.193 }, "kind": "table", "text": "(in thousands)\nNet income (loss)\nDepreciation and amortization\nInterest expense\nIncome taxes\nEBITDA\nStock-based compensation (1)\nTransaction expenses (income), net (2)\nStrategic transition costs (3)\nDelaware Voluntary Disclosure Agreement (4)\nInsurance (proceeds) costs, in connection with natural\ndisasters.net (5)\nImpairments and loss on disposal of assets (6)\nRecruiting and relocation costs (7)\nSeverance costs (8)\nLoss on extinguishment of debt\nCOVID-19-related charges\nAdjusted EBITDA\nTotal revenues\nNet income (loss) margin\nAdjusted EBITDA Margin\nAdditional information\nDeferred rent expense (income) (9)", "attrs": {}, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e2ddd641-8145-4981-8cca-4dae8d1d7025", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.509, "x": 0.056, "y": 0.05 }, "kind": "title", "text": "NON-GAAP FINANCIAL MEASURES", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dba6bf40-e4b8-460a-bd26-eb1daacfe1b2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.016, "w": 0.29, "x": 0.03, "y": 0.193 }, "kind": "title", "text": "Adjusted EBITDA and Adjusted EBITDA margin", "attrs": {}, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "23d53e18-ce71-42f6-8623-6f6d3e940aa2", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Table data", "slug": "table-data", "agent": null, "layer": "slide", "matchId": "45736d22-050a-445b-afdc-a8990ef845a8", "evidence": "The slide contains a table with data.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [ { "to": 17, "from": 13, "beatId": "f016d400-6042-4c86-ba2f-b9285611285c", "arcName": "The Sparkline", "arcSlug": "sparkline", "beatName": "Development", "beatSlug": "development", "evidence": "Additional information and explanations", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }