Company: FWRG
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001789940-25-000072
Chunk: 20

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 $13,060 Goodwill$2,876 $18,767 Operating right-of-use assets, net of lease positions and prepaid rent$2,922 $17,305 Operating lease liabilities$(3,735)$(19,896)Accounts payable$(2)$— Deferred revenues - gift card liabilities assumed$(39)$(96)Goodwill reflects the value of expected synergies and assembled workforce, and was assigned to the Company’s single reporting unit. The Company will treat the transactions as asset acquisitions for income tax purposes, which allows for any goodwill recognized to be tax deductible and amortized over a 15-year statutory life. The weighted average estimated useful life of the reacquired rights is 6.1 years.Pro-forma financial information of the acquired restaurants for periods prior to the acquisition dates is not presented due to the immaterial impact on our consolidated financial statements.

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

4.    Revenues

Revenues recognized disaggregated by type were as follows: THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED(in thousands)JUNE 29, 2025JUNE 30, 2024JUNE 29, 2025JUNE 30, 2024Restaurant sales:In-restaurant dining sales$247,400 $211,176 $474,127 $406,375 Third-party delivery sales34,465 24,375 66,470 50,310 Take-out sales23,118 19,906 43,977 38,080 Total restaurant sales$304,983 $255,457 $584,574 $494,765 Franchise revenues:Royalty and system fund contributions$2,451 $2,661 $5,038 $5,670 Initial fees55 60 117 162 Business combinations - revenues recognized398 383 398 413 Total franchise revenues2,904 3,104 5,553 6,245 Total revenues$307,887 $258,561 $590,127 $501,010 The following tables include a detail of liabilities from contracts with customers:(in thousands)JUNE 29, 2025DECEMBER 29, 2024Deferred revenues:Deferred gift card revenue$3,