Company: FWRG
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001789940-25-000010
Chunk: 113

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 113
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 202259,211,019 $592 $620,675 $(98,132)$— $523,135 Common stock issued under stock-based compensation plans, net680,686 7 5,820 — — 5,827 Net income— — — 25,385 — 25,385 Stock-based compensation— — 7,604 — — 7,604 Other comprehensive loss, net of tax— — — — (667)(667)Balance at December 31, 202359,891,705 $599 $634,099 $(72,747)$(667)$561,284 Common stock issued under stock-based compensation plans, net808,385 8 6,421 — — 6,429 Net income— — — 18,925 — 18,925 Stock-based compensation— — 8,525 — — 8,525 Other comprehensive income, net of tax— — — — 226 226 Balance at December 29, 202460,700,090 $607 $649,045 $(53,822)$(441)$595,389 

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

60

FIRST WATCH RESTAURANT GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

FISCAL YEAR202420232022Cash flows from operating activities:Net income$18,925 $25,385 $6,907 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization57,715 41,223 34,230 Stock-based compensation8,525 7,604 10,374 Non-cash operating lease costs26,584 19,595 16,122 Non-cash portion of gain on lease modifications(5)(123)(83)Deferred income taxes6,823 8,315 4,677 Amortization of debt discount and deferred issuance costs567 452 445 Non-cash loss on extinguishments and modifications of debt358 — — Impairments and loss on disposal of assets525 1,359 920 Gain on insurance proceeds(34)(1,198)(219)Changes in assets and liabilities:Accounts receivable(1,703