UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended March 26, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Washington, D.C. 20549 FORM 10-Q (Mark One) For the transition period from ______ to ______ Commission file number 001-40866 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 First Watch Restaurant Group, Inc. (Exact name of registrant as specified in its charter) (State or other ju ...

Financial Data and Key Metrics Changes - System-wide sales increased by 21.9% year-over-year, reaching $914.8 million compared to $750.7 million [44] - Total revenues rose by 21.5% year-over-year, while adjusted EBITDA increased by 4.5% [44] - Same-restaurant sales growth was 14.5% compared to 2021 and 29.6% compared to 2019, with a traffic growth of 7.7% versus 2021 [20][21] Business Line Data and Key Metrics Changes - The company opened 43 new restaurants in 2022, with 29 company-owned locations achieving annualized average unit volumes (AUVs) about 7% above the comp group AUV of $2 million [22] - Adjusted EBITDA for the fourth quarter was $15.1 million, with a margin of 8.1% [33] - Restaurant-level operating profit was $30.5 million for the quarter, with a margin of 16.7% [77] Market Data and Key Metrics Changes - The company experienced a 3% year-over-year decline in same-restaurant traffic across the industry, contrasting with its own growth metrics [21] - Labor and related expenses were 34.5% of sales in the fourth quarter, up from 33.3% in the third quarter [32] Company Strategy and Development Direction - The company is focused on five primary strategic initiatives to enhance both front and back of house operations, including evolving real estate strategy and kitchen equipment upgrades [49][50] - The goal is to reach 2,200 domestic locations, with capital expenditures expected between $100 million and $110 million for 2023 [36] - The company aims for same-restaurant sales growth of 6% to 8% in 2023, with total revenue growth projected between 15% and 19% [80] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by macroeconomic conditions but expressed confidence in the company's growth trajectory and ability to meet evolving consumer preferences [30][54] - The company is prepared for potential inflationary pressures and plans to adjust pricing as necessary to protect margins [66][80] Other Important Information - The company has implemented a market revitalization program to remodel restaurants and enhance customer experience [3] - The company has secured fixed price agreements for eggs and potatoes to mitigate volatility in food costs [56] Q&A Session Summary Question: What is the outlook for restaurant margins and pricing strategies? - Management indicated a target of 18% to 20% for restaurant-level operating profit and plans to evaluate pricing adjustments mid-year if necessary [66] Question: Can you clarify the labor inflation expectations? - Labor inflation is expected to be 9% to 11%, primarily due to increases in minimum wage regulations in certain states [68] Question: How is the rollout of alcohol sales progressing? - Alcohol is now available in about 85% of restaurants, contributing to approximately 6.1% of sales mix in those locations [95] Question: What are the expectations for commodity inflation? - Commodity inflation is projected to be between 4% and 6% for the year, with expectations of stability throughout [80][138] Question: How does the company plan to optimize restaurant operations? - The company is focusing on role specialization and process improvements to enhance efficiency and customer satisfaction [51][144]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 25, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-040866 First Watch Restaurant Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delawar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 25, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-40866 First Watch Restaurant Group, Inc. (Exact name of registrant as specified in its charter) (State or othe ...

Financial Data and Key Metrics Changes - System-wide sales for Q2 2022 reached $231.2 million, an increase of $17.1 million from Q1 2022 and $30.5 million from Q2 2021 [38] - Total revenues were $184.5 million, up $11.3 million from Q1 2022 and $30.5 million from Q2 2021 [38] - Net income for the quarter was $2.7 million, with adjusted EBITDA at $17.8 million and a restaurant level operating profit margin of 18.2% [45] Business Line Data and Key Metrics Changes - Same restaurant sales growth was 13.4% year-over-year and 30.2% compared to 2019, driven primarily by increased customer counts [12] - Same restaurant traffic growth was 8.1% year-over-year and 7.4% compared to 2019 [40] - Franchise revenues grew to $2.8 million due to increased sales from franchise-owned restaurants and the addition of 11 new franchise restaurants [41] Market Data and Key Metrics Changes - Dining room recovery reached 93% compared to 2019, with consistent off-premise sales volumes [40] - Average weekly traffic remained consistent throughout the quarter, with June achieving 4.2% traffic growth year-over-year [14] Company Strategy and Development Direction - The company plans to open between 30 and 35 new company-owned restaurants and 8 to 13 new franchise-owned restaurants in 2022 [50] - The alcohol program rollout is on track, now available in over 75% of the system [29] - The company is focused on enhancing customer experience and operational efficiency through technology, including the kitchen display system (KDS) [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's resilience amid economic uncertainty, citing a history of strong performance during downturns [80] - The company raised its guidance for same restaurant sales growth to 13% to 15% for the year, driven by continued positive traffic [49] - Management believes that commodity inflation has peaked and expects costs to normalize moving forward [17][42] Other Important Information - The company has donated $300,000 to pediatric cancer research through a partnership with the V Foundation [32] - Staffing levels are at 93%, with a slight improvement in manager levels to 2.8 managers per restaurant [25] Q&A Session Summary Question: What drove the acceleration in traffic and sales? - Management noted that traffic and sales growth has been consistent across all markets, supported by menu innovation and service focus [56][57] Question: How does the company gauge the durability of current performance? - Management highlighted a long history of traffic growth and consumer demand, indicating confidence in sustaining performance [56] Question: What gives confidence in taking price increases amid macro pressures? - Management believes the pricing power is supported by the brand's value proposition and consumer willingness to spend [70] Question: How is the labor environment affecting operations? - Management indicated that while staffing levels are lower, efficiencies gained through technology and training are helping maintain performance [71][73] Question: What is the outlook for commodity inflation? - Management expects commodity inflation to remain in double digits for the remainder of the year but believes it will not reach the highs seen in Q2 [89]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 26, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-40866 First Watch Restaurant Group, Inc. (Exact name of registrant as specified in its charter) (State or other jur ...

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Q1 2022 Results Earnings Conference Call May 10, 2022 8:00 AM ET Company Participants Raphael Gross - Investor Relations, ICR Chris Tomasso - Chief Executive Officer and President Mel Hope - Chief Financial Officer Conference Call Participants Chris O'Cull - Stifel, Nicolaus & Company Jeffrey Bernstein - Barclays Capital Inc. Nicole Miller Regan - Piper Sandler & Co. Jon Tower - Citigroup Andy Barish - Jefferies Andrew Charles - Cowen and Company, LLC Gregory ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 27, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-40866 First Watch Restaurant Group, Inc. (Exact name of registrant as specified in its charter) (State or other ju ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 26, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-04321 First Watch Restaurant Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or orga ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 26, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-04321 First Watch Restaurant Group, Inc. (Exact name of registrant as specified in its charter) (State or othe ...