Company: FWRG
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001789940-25-000041
Chunk: 20

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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End of period$18,607 $43,503 

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

7

FIRST WATCH RESTAURANT GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS - continued

(IN THOUSANDS)

(Unaudited) THIRTEEN WEEKS ENDED MARCH 30, 2025MARCH 31, 2024Supplemental cash flow information:Cash paid for interest, net of amounts capitalized$3,072 $2,773 Cash paid for income taxes, net of refunds$101 $— Supplemental disclosures of non-cash investing and financing activities:Leased assets obtained in exchange for new operating lease liabilities (1)$26,821 $8,902 Leased assets obtained in exchange for new finance lease liabilities$922 $28 Remeasurements and terminations of operating lease assets and lease liabilities$1,732 $(570)Remeasurements and terminations of finance lease assets and lease liabilities$(97)$(9)Decrease in liabilities from acquisition of property, fixtures and equipment$(550)$(4,337)

(1) Leased assets and liabilities obtained during the thirteen weeks ended March 31, 2024 include $1.2 million from business acquisitions.

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 30 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 March 30, 2025, the Company operated 498 company-owned restaurants and had 86 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 March 30, 2025 and March 31, 2024 were 13-week periods.  These unaudited interim consolidated financial statements