First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Q3 2023 Earnings Call Transcript November 1, 2023 8:00 AM ET

Company Participants

Steve Marotta - Vice President of Investor Relations

Christopher Tomasso - Chief Executive Officer & President

Mel Hope - Chief Financial Officer

Conference Call Participants

Jeffrey Bernstein - Barclays

Katherine Griffin - Bank of America

Andy Barish - Jefferies

Ella Ji - Stifel

Brian Vaccaro - Raymond James

Ashley Aloupis - Piper Sandler

John McNamara - Guggenheim Securities

Operator

Thank you for standing by and welcome to the First Watch Restaurant Group, Inc. Third Quarter 2023 Earnings Conference Call, occurring today November 1, 2023 at 8:00 AM Eastern Time.

Please note that all participants are currently in a listen-only mode. Following the presentation, the conference call will be opened for analyst questions and instructions on how to ask a question will be given at that time. This call will be archived and available for replay at investors.firstwatch.com under the News & Events section.

I'd like to turn the conference over to Steve Marotta, Vice President of Investor Relations at First Watch to begin.

Steve Marotta

Hello, everyone. I am joined by First Watch's Chief Executive Officer and President, Chris Tomasso; and Chief Financial Officer, Mel Hope. This morning, First Watch issued earnings release for the third quarter of 2023 on Globe Newswire and filed its quarterly report on Form 10-Q with the SEC. These documents can be found at investors.firstwatch.com.

Let me cover a few housekeeping matters before introducing Chris. This conference call will include forward-looking statements that are subject to various risks and uncertainties that could cause the company's actual results to differ materially from these statements. Such statements include without limitation, statements concerning the condition, the company’s industry and its operation, performance and financial condition, growth strategy and future expenses. Any such statements should be considered in conjunction with cautionary statements in the company's earnings release and the Risk Factors disclosure in the company's filings with the SEC, including quarterly report on Form 10-Q. First Watch undertakes no obligation to update these forward-looking statements whether as a result of new information, future developments or otherwise, except as may be required by law.

Lastly, management's remarks today will include references to various non-GAAP measures including restaurant level operating profit, restaurant level operating profit margin, adjusted EBITDA and adjusted EBITDA margin. Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP results contained in the company's earnings release filed this morning.