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  "documentTitle": "First Watch | Results Presentation Deck | 19 slides",
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  "authorName": "First Watch",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-10-01 00:00:00",
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      "text": "Highlights for Q3 2023 compared to Q3 2022*:\nTotal revenues increased 17.3% to $219.2 million in Q3 2023 from $186.9 million in Q3 2022\nSystem-wide sales increased 14.9% to $270.3 million in Q3 2023 from $235.2 million in Q3 2022\nSame-restaurant sales growth of 4.8% (+38.8% relative to the third quarter of 2019**)\nSame-restaurant traffic decline of 1.9% (+6.5% relative to the third quarter of 2019**)\nIncome from operations margin increased to 3.6% during Q3 2023 from 1.4% in Q3 2022\nRestaurant level operating profit margin*** increased to 18.7% in Q3 2023 from 17.3% in Q3 2022\nNet income increased to $5.4 million, or $0.09 per diluted share, in Q3 2023 from $46.0 thousand in Q3 2022\nAdjusted EBITDA*** increased to $21.6 million in Q3 2023 from $17.0 million in Q3 2022\nOpened 13 system-wide restaurants (10 company-owned and 3 franchise-owned) across 10 states and acquired 11 operating franchise-owned restaurants, resulting in a total of 505 system-wide restaurants (402 company-owned and 103 franchise-owned) across 29 states",
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      "text": "FIRST WATCH",
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      "kind": "source-note",
      "text": "* Thirteen weeks ended September 25, 2022 (\"Q3 2022\")\n** Comparison to the thirteen weeks ended September 29, 2019 (\"Q3 2019\") is presented for enhanced comparability due to the economic impact of COVID-19\n*** See \"Non-GAAP Financial Measures Reconciliations\" below",
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      "kind": "title",
      "text": "Q3 2023 HIGHLIGHTS",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "8d6e5532-4509-48fb-a117-158332f17008",
      "evidence": "The deck presents Q3 2023 highlights and outlook",
      "position": 0,
      "objective": "Highlighting the importance of current performance",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
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