Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 111

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 111
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2027 $ 5,606 2028 $ 4,766 2029 $ 3,103 Thereafter $ 2,201 FIRST WATCH RESTAURANT GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 73

8. Property, Fixtures and Equipment Property, fixtures and equipment, net consisted of the following: (in thousands) DECEMBER 29, 2024 DECEMBER 31, 2023 Building and land improvements $ 1,354 $ 1,354 Leased land asset 1,190 1,190 Leasehold improvements 324,389 240,976 Furniture, fixtures and equipment (including capitalized software) 223,137 179,965 Financing lease assets 5,312 3,144 Vehicles 460 460 Total property, fixtures and equipment 555,842 427,089 Accumulated depreciation (229,227) (181,481) Construction-in-progress 34,779 17,474 Total property, fixtures and equipment, net $ 361,394 $ 263,082 Depreciation expense was $52.1 million, $39.7 million and $33.3 million during Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. In Fiscal 2024 and Fiscal 2022, there were no impairment losses recorded. In Fiscal 2023, the Company recognized impairment losses of $0.5 million which primarily related to the long-lived assets of two company-owned restaurants due to their approved closures. Loss on disposals of assets of $0.5 million, $0.8 million and $0.9 million were recognized in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively, primarily related to the write-off of assets retired as a result of the replacement of assets or restaurant closures. As of December 29, 2024 and December 31, 2023, Property, fixtures and equipment, net included $1.2 million in land related to sale and leaseback transactions accounted for as financing obligations. 9. Accrued Liabilities Accrued liabilities consisted of the following: (in thousands) DECEMBER 29, 2024 DECEMBER 31, 2023 Construction liabilities $ 16,769 $ 13,944 Sales tax 7,919 6,163 Self-insurance, general liability and workers’ compensation reserves 2,521 1,593 Utilities