Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 130

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 130
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 the issuer of our gift cards was re-domiciled in Florida, which exempts gift cards from the abandoned and unclaimed property laws. 19. Segment Information Management determined the Company’s single operating segment on the basis that the Company’s Chief Operating Decision Maker (the “CODM”), the Chief Executive Officer, assesses performance and allocates resources at the Company's consolidated level. The Company’s CODM uses consolidated net income to evaluate performance and make key operating decisions, such as investments in our long-term growth strategy. This measure is also used to monitor budget against actual results. Segment accounting policies are consistent with those described in Note 2, Summary of Significant Accounting Policies. Revenue is derived from sales of food and beverage, net discounts, by our restaurants as well as franchise royalty, system fund and initial franchise fees. The measure of total assets for the reporting segment is reported on the consolidated balance sheets as total assets. The measure of capital expenditures for the reporting segment is reported on the consolidated statements of cash flows as total capital expenditures. The following table details consolidated net income for the segment for the periods indicated: FISCAL YEAR (in thousands) 2024 2023 2022 Total revenues $ 1,015,910 $ 891,551 $ 730,162 Less: Food and beverage costs 223,097 197,374 172,561 Labor and other related expenses 335,038 294,010 238,257 Other restaurant operating expenses 151,968 134,477 114,476 Occupancy expenses 82,694 68,400 59,919 Pre-opening expenses 10,109 7,173 5,414 Stock-based compensation 8,525 7,604 10,374 General and administrative expenses(1) 104,745 95,517 74,585 Depreciation and amortization 57,715 41,223 34,230 Other segment items(2) 3,112 4,506 3,433 Interest expense 12,640 8,063 5,232 Other income, net (1,759) (2,871) (910) Income tax expense 9,101 10,690 5,684 Net income $ 18,925 $ 25,385 $ 6,907 (1) General and administrative expenses excludes stock-based compensation presented separately. (2) Other segment items included in segment net income primarily includes transaction expenses, and impairments and loss on disposal of assets