First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Q2 2024 Earnings Conference Call August 6, 2024 8:00 AM ET

Company Participants

Steven Marotta – Vice President-Investor Relations
Chris Tomasso – President and Chief Executive Officer
Mel Hope – Chief Financial Officer

Conference Call Participants

Patrick Johnson – Stifel
Brian M. Vaccaro – Raymond James
Andy Barish – Jefferies
Pratik Patel – Barclays
Gregory Francfort – Guggenheim Securities
Ali Arfstrom – Piper Sandler
Katherine Griffin – Bank of America
Karen Holthouse – Citi

Operator

Thank you for standing by, and welcome to the First Watch Restaurant Group, Inc. Second Quarter Earnings Conference Call occurring today, August 6, 2024, 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 open 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 would now like to turn the conference over to Steven Marotta, Vice President of Investor Relations at First Watch to begin.

Steven 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 its earnings release for the second quarter of fiscal 2024 on Globe Newswire and filed its quarterly report on Form 10-Q with the SEC. These documents can be found at investors.firstwatch.com.

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 limitations, statements concerning the condition of the company’s industry and its operations, performance and financial condition, outlook, growth plans and strategies, and future expenses.

Any such statements should be considered in conjunction with cautionary statements in the company’s earnings release and the risk factor disclosure in the company’s filings with the SEC, including our Annual Report on Form 10-K and quarterly reports on Form 10-Q.

First Watch assumes 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 margins, 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.