The following is a summary of the First Watch Restaurant Group, Inc. (FWRG) Q3 2024 Earnings Conference Call Transcript:

Financial Performance:

• In Q3 2024, First Watch reported total revenues of $251.6 million and adjusted EBITDA of $25.6 million, with a net income of $2.1 million.

• Revenue grew by 14.8% compared to the same quarter last year, primarily driven by 44 new restaurant openings and franchise acquisitions.

Business Progress:

• The company opened nine new system-wide restaurants and has plans to open 23 new restaurants in Q4.

• First Watch introduced targeted marketing campaigns and technological enhancements in operational efficiency to support growth and better customer service.

• Significant improvements were made in employee turnover and internal promotions, contributing to better operational execution.

Opportunities:

• The company's focus on dining room and direct off-premise channels, coupled with the use of targeted marketing campaigns and customer data analytics, represents strategic efforts to increase market share and customer engagement.

• First Watch's growth plans include levering data to target specific customer segments more effectively, particularly aiming to enhance market effectiveness in the competitive breakfast and brunch segment.

Risks:

• The company acknowledged a decline in third-party delivery traffic, impacting overall traffic metrics. However, they are actively exploring ways to address the challenges within third-party delivery dynamics.

• The impact of hurricanes in Q4 could pose risks to construction-related progress and may delay new restaurant openings planned for December.

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