First Watch Restaurant Group Inc at ICR Conference (Virtual) Transcript
My name is Gregory Francfort. I'm the restaurant analyst at Guggenheim Securities. Before we dive in, I'm just going to read a quick (technical difficulty) uncertainty and the risk of the expectations and other forward-looking statements may not occur or be achieved. Please refer to First Watch's Safe Harbor language in its third-quarter earnings release for discussions of such risk factors.
Thank you, ICR, for the opportunity to host a great company, then exciting growth story. I'm going to give a quick preview of the managing and the concept. First Watch was founded in 1983 and operates in the daytime dining segment of the restaurant industry. It serves guests from 7 AM to 2:30 PM every day of the week. The brand has grown to 428 units in the US and units are generating $1.8 million in AUVs with very solid 19% to 20% restaurant-level margins, which equates to 40%-plus cash and cash returns.
CEO Chris Tomasso joined the Company in 2006 from Cracker Barrel, where he ran the marketing side of the business. And CFO Mel Hope joined in 2018
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