Company: FWRG
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001789940-25-000086
Chunk: 23

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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022 $5,385 $5,224 Gift card sales1,455 1,271 6,305 5,518 Gift card redemptions(2,073)(1,915)(8,422)(7,766)Gift card breakage(260)(237)(980)(1,000)Gift card liabilities assumed through acquisitions— — 135 165 Balance, end of period$2,423 $2,141 $2,423 $2,141 Changes in deferred franchise fee contract liabilities were as follows:THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED(in thousands)SEPTEMBER 28, 2025SEPTEMBER 29, 2024SEPTEMBER 28, 2025SEPTEMBER 29, 2024Deferred franchise fee revenue:Balance, beginning of period$1,489 $1,893 $1,929 $2,061 Cash received20 32 95 439 Franchise revenues recognized(53)(57)(170)(219)Business combinations - franchise revenues recognized— — (398)(413)Balance, end of period$1,456 $1,868 $1,456 $1,868 

5.    Accounts Receivable

Accounts receivable consisted of the following:(in thousands)SEPTEMBER 28, 2025DECEMBER 29, 2024Receivable rebates from vendors$1,332 $1,657 Receivables from third-party delivery providers2,354 1,445 Receivables from franchisees934 987 Receivables related to gift card sales362 1,683 Other receivables524 1,463 Total accounts receivable$5,506 $7,235 

6.    Accrued Liabilities

Accrued liabilities consisted of the following:(in thousands)SEPTEMBER 28, 2025DECEMBER 29, 2024Construction liabilities$16,378 $16,769 Sales tax8,973 7,919 Interest payable4,663 267 Insurance liabilities3,499 2,521 Utilities3,011 2,156 Credit card fees2,090 1,973 Property tax2,262 830 Contingent rent1,241 1,058 Other7