Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 108

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 108
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UST 9, 2023 NOVEMBER 13, 2023 Number of acquired restaurants 6 5 6 6 Number of acquired restaurants under development — — 1 — Purchase price (cash) $ 8,177 $ 8,651 $ 14,129 $ 9,568 Transaction costs incurred $ 362 $ 352 $ 400 $ 327 Deferred franchise fees recognized as a result of termination of pre-existing franchise agreement $ 78 $ 123 $ 200 $ 206 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash $ 9 $ 6 $ 16 $ 9 Inventory $ 57 $ 62 $ 102 $ 70 Prepaid rent and other assets $ 67 $ 26 $ 89 $ 51 Property, fixtures and equipment $ 1,840 $ 3,783 $ 6,364 $ 5,185 Reacquired rights $ 1,342 $ 2,304 $ 4,358 $ 1,405 Goodwill (primarily expected synergies and assembled workforce; tax deductible) $ 5,272 $ 2,667 $ 3,888 $ 2,837 Operating right-of-use assets, net of lease positions and prepaid rent $ 3,088 $ 5,199 $ 8,432 $ 6,418 Operating lease liabilities $ (3,418) $ (5,269) $ (8,962) $ (6,388) Accounts payable $ — $ — $ (35) $ — Deferred tax liability — $ — $ (72) $ — Deferred revenues - gift card liabilities assumed $ (80) $ (127) $ (51) $ (19) 4. Revenues The following tables include a detail of liabilities from contracts with customers: (in thousands) DECEMBER 29, 2024 DECEMBER 31, 2023 Deferred revenues: Deferred gift card revenue $ 5,385 $ 5,224 Deferred franchise fee revenue - current 238 275 Total current deferred revenues $ 5,623 $ 5,499 Other long-term liabilities: Deferred franchise fee revenue - non-current $ 1,691 $ 1,786 Changes in deferred gift card contract liabilities were as follows: FISCAL YEAR (in thousands) 2024 2023 2022 Deferred gift card revenue: Balance, beginning of period $ 5,224 $ 4,897 $ 4,410 Gift card sales 11