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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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      "kind": "legend",
      "text": "Restaurant level operating profit and Restaurant level operating profit margin",
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      "kind": "paragraph",
      "text": "Restaurant level operating profit and Restaurant level operating profit margin are not indicative of our overall results, and because they exclude corporate-level expenses, do not accrue directly to the benefit of our stockholders. We will continue to incur such expenses in the future. Restaurant level operating profit and Restaurant level operating profit margin are important measures we use to evaluate the performance and profitability of each operating restaurant, individually and in the aggregate and to make decisions regarding future spending and other operational decisions. We believe that Restaurant level operating profit and Restaurant level operating profit margin provide useful information about our operating results, identify operational trends and allow for transparency with respect to key metrics used by us in our financial and operational decision-making.",
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      "kind": "paragraph",
      "text": "The adjacent table reconciles Income (Loss) from operations and Income (Loss) from operations margin, the most directly comparable GAAP financial measures, to Restaurant level operating profit and Restaurant level operating profit margin, respectively, for the periods indicated.",
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      "text": "(1) Represents costs incurred in connection with the Secondary 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 certain service contracts and a termination fee in connection with the closure of one company-owned restaurant.\n(2) 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(3) Represents the non-cash portion of straight-line rent expense recorded within Occupancy expenses on the Consolidated Statements of Operations and Comprehensive Income.",
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      "text": "THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED FISCAL YEAR June 25, 2023 June 26, 2022 June 25, 2023 June 26, 2022 2022 2021 2020 (in thousands) Income (Loss) from operations $11,343 $5,053 $26,674 $12,813 $16,913 $22,243 ($47,222) Less: Franchise revenues (3,713) (2,771) (7,151) (5,214) (10,981) (8,850) (4,955) Add: General and administrative expenses 25,284 21,942 47,989 41,505 84,959 70,388 46,322 Depreciation and amortization 9,441 8,400 18,558 16,623 34,230 32,379 30,725 Transaction expenses (income), net (1) 1,744 300 1,997 557 2,513 (1,156) (258) Impairments and loss on disposal of assets (2) 299 155 433 234 920 381 315 Costs in connection with natural disasters 382 COVID-19 related charges 19 3,309 Restaurant level operating profit $44,398 $33,079 $88,500 $66,518 $128,936 $115,404 $28,236 Restaurant sales $212,587 $181,682 $420,555 $352,351 $719,181 $592,343 $337,433 Income (Loss) from operations margin 5.3% 2.8% 6.3% 3.6% 2.4% 3.8% (14.0%) Restaurant level operating profit margin 20.9% 18.2% 21.0% 18.9% 17.9% 19.5% 8.4% Additional information Deferred rent expense (income) (3) $280 $601 $814 $1,131 $2,219 ($2,075) $10,029",
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      "kind": "title",
      "text": "NON-GAAP FINANCIAL MEASURES",
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