Beamr video compression achieves up to 50% improvement for AVs
First Watch Restaurant Group, Inc. (FWRG) reported Q4 EPS of ($0.01), $0.04 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $185.7 million versus the consensus estimate of $187.61 million.
Outlook Fiscal Year 2023
The Company provides the following outlook for the 53-week fiscal year ended December 31, 2023:
- Same-restaurant sales growth of 6.0% to 8.0% with continued positive same-restaurant traffic growth
- Total revenue growth of 15.0% to 19.0%
- Adjusted EBITDA* in the range of $76.0 million to $81.0 million
- Total of 45-51 new system-wide restaurants, net of 3 company-owned restaurant closures (38 to 42 new company-owned restaurants and 10 to 12 new franchise-owned restaurants)
- Capital expenditures in the range of $100.0 million to $110.0 million invested primarily in new restaurant projects and planned remodels
- Blended tax rate of 36.0% to 38.0%
The Company reiterates its long-term annual financial targets as follows:
- Percentage unit growth in the low double digits
- Same-restaurant sales growth of ~3.5%
- Restaurant sales growth in the mid-teens
- Adjusted EBITDA percentage growth in the mid-teens
The Company also believes that the brand has the potential for more than 2,200 restaurants in the U.S.