Company: FWRG
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001789940-25-000041
Chunk: 19

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 19
---
31, 2024Cash flows from operating activities:Net (loss) income$(829)$7,214 Adjustments to reconcile net (loss) income to net cash provided by operating activities:Depreciation and amortization16,557 12,271 Stock-based compensation2,259 1,866 Non-cash operating lease costs7,679 5,752 Non-cash portion of gain on lease modifications— (5)Non-cash loss on extinguishments and modifications of debt— 358 Deferred income taxes(1,197)2,258 Amortization of debt discount and deferred issuance costs154 107 Impairments and loss on disposal of assets9 119 Gain on insurance proceeds(14)— Changes in assets and liabilities, net of effects of business combinations:Accounts receivable1,275 1,402 Inventory(83)198 Prepaid expenses(3,675)(1,418)Other assets, current and long-term102 1,291 Accounts payable732 (643)Accrued liabilities and other long-term liabilities1,996 1,698 Accrued compensation and deferred payroll taxes1,853 (1,065)Deferred revenues, current and long-term(2,258)(1,959)Other liabilities— (259)Operating lease liabilities(4,422)(4,203)Net cash provided by operating activities20,138 24,982 Cash flows from investing activities:Capital expenditures(36,558)(28,584)Acquisitions, net of cash acquired(10)(3,418)Purchase of intangible assets(51)— Insurance proceeds14 — Net cash used in investing activities(36,605)(32,002)Cash flows from financing activities:Proceeds from borrowings on revolving credit facility6,000 22,500 Repayments of borrowings on revolving credit facility(3,000)(30,000)Proceeds from long-term debt— 100,000 Repayments of long-term debt, including finance lease liabilities(1,371)(92,655)Payment of debt discount and deferred issuance costs— (2,430)Proceeds from exercise of stock options, net of employee taxes paid133 3,147 Net cash provided by financing activities1,762 562 Net decrease in cash and cash equivalents(14,705)(6,458)Cash and cash equivalents:Beginning of period33,312 49,961