First Watch Restaurant (US:FWRG)2022-08-09 17:16Q2 2022 Performance Highlights - System-wide sales increased by 200% to $2312 million in Q2 2022 from $1926 million in Q2 2021[15] - Total revenues increased 198% to $1845 million in Q2 2022 from $1540 million in Q2 2021[15] - Same-restaurant sales growth was 134% in Q2 2022 (302% relative to Q2 2019)[15] - Same-restaurant traffic growth was 81% in Q2 2022 (74% relative to Q2 2019)[15] - Restaurant level operating profit margin was 182% in Q2 2022 compared to 225% in Q2 2021[15] - Net income was $27 million or $005 per diluted share in Q2 2022 compared to $38 million or $008 per diluted share in Q2 2021[15] - Adjusted EBITDA was $178 million in Q2 2022 compared to $222 million in Q2 2021[15] - The company opened 9 system-wide restaurants (5 company-owned and 4 franchise-owned) across 7 states[15] Fiscal Year 2022 Outlook - Total revenue growth of approximately 200% relative to 2021 is expected[16] - Adjusted EBITDA is projected to be in the range of $700 million to $720 million[16] - Same-restaurant sales growth is expected to be in the range of 130% to 150% with continued positive traffic[16]