Sweetgreen, Inc. (NYSE:SG) Q2 2023 Earnings Conference Call July 27, 2023 5:00 PM ET

Company Participants

Rebecca Nounou - Head, IR

Jonathan Neman - Co-Founder & CEO

Mitch Reback - CFO

Conference Call Participants

Sharon Zackfia - William Blair

Katherine Griffin - Bank of America

John Ivankoe - JPMorgan

Chris Carril - RBC Capital Markets

Karen Holthouse - Citi

Andrew Charles - TD Cowen

Brian Mullan - Piper Sandler

Operator

Good day, everyone, and welcome to the Sweetgreen Second Quarter 2023 Earnings Call. Today's call is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions].

I would now like to turn the conference over to Rebecca Nounou, Head of Investor Relations. Please go ahead.

Rebecca Nounou

Thank you, and good afternoon, everyone. Here with me today are Jonathan Neman, Co-Founder and Chief Executive Officer; and Mitch Reback, Chief Financial Officer.

Before we begin, we have a couple of reminders. Our earnings release is available on our website at investor.sweetgreen.com.

During this call, we will be making comments of a forward-looking nature. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties. For more information about some of these risks, please review the company's SEC filings, including the section titled "Risk Factors" in our latest Annual Report on Form 10-K filing and subsequently filed quarterly report on Form 10-Q. These forward-looking statements are based on information as of today, and we assume no obligation to publicly update or revise our forward-looking statements.

Additionally, we will be discussing certain non-GAAP financial measures, which are in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of these items to the nearest U.S. GAAP measure can be found in this afternoon's press release available on our IR website.

With that, it's my pleasure to turn the call over to Jonathan to kick things off.

Jonathan Neman

Thank you, Rebecca, and good afternoon, everyone.

I've shared before that I believe times like these create opportunities for companies with great brands, large addressable markets and loyal customers. Great businesses have to be and companies, balancing growth and profitability.

In the second quarter, we put our words into action generating 22% year-over-year revenue growth, delivering a restaurant level profit margin of 20.4% and adjusted EBITDA of $3.3 million. Our first quarter of positive adjusted EBITDA as a public company. This milestone demonstrates our commitment to disciplined capital efficient growth. I want to extend my gratitude to every Sweetgreen team member for their hard work and dedication in delivering these results.