Company: FWRG
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001789940-25-000072
Chunk: 17

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 17
---
CONSOLIDATED STATEMENTS OF CASH FLOWS - continued

(IN THOUSANDS)

(Unaudited) TWENTY-SIX WEEKS ENDED JUNE 29, 2025JUNE 30, 2024Supplemental cash flow information:Cash paid for interest, net of amounts capitalized$2,792 $4,362 Cash paid for income taxes, net of refunds$1,015 $2,103 Supplemental disclosures of non-cash investing and financing activities:Leased assets obtained in exchange for new operating lease liabilities (1)$83,433 $73,569 Leased assets obtained in exchange for new finance lease liabilities$4,246 $160 Remeasurements and terminations of operating lease assets and lease liabilities$3,540 $1,613 Remeasurements and terminations of finance lease assets and lease liabilities$(407)$(13)Decrease in liabilities from acquisition of property, fixtures and equipment$(581)$(550)

(1) Leased assets and liabilities obtained during the twenty-six weeks ended June 29, 2025 and June 30, 2024 include $23.6 million and $28.1 million from business acquisitions, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

8

Table of ContentsFIRST WATCH RESTAURANT GROUP, INC.NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1.    Nature of Business and Organization

First Watch Restaurant Group, Inc. (collectively with its wholly-owned subsidiaries, “the Company,” or “Management”) is a Delaware holding company. The Company operates and franchises restaurants in 31 states operating under the “First Watch” trade name, which are focused on made-to-order breakfast, brunch and lunch. The Company does not operate outside of the United States and all of its assets are located in the United States. As of June 29, 2025, the Company operated 531 company-owned restaurants and had 69 franchise-owned restaurants.

2.    Summary of Significant Accounting Policies

Basis of PresentationThe Company reports financial information on a 52- or 53-week fiscal year ending on the last Sunday of each calendar year. The quarters ended June 29, 2025 and June 30, 2024 were 13-week periods.  These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes ther