Company: FWRG
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001789940-25-000072
Chunk: 21

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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301 $5,385 Deferred franchise fee revenue - current206 238 Total current deferred revenues$3,507 $5,623 Other long-term liabilities:Deferred franchise fee revenue - non-current$1,283 $1,691 Changes in deferred gift card contract liabilities were as follows: THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED(in thousands)JUNE 29, 2025JUNE 30, 2024JUNE 29, 2025JUNE 30, 2024Deferred gift card revenue:Balance, beginning of period$3,154 $3,067 $5,385 $5,224 Gift card sales3,302 2,838 4,850 4,247 Gift card redemptions(2,975)(2,739)(6,349)(5,851)Gift card breakage(315)(304)(720)(763)Gift card liabilities assumed through acquisitions135 160 135 165 Balance, end of period$3,301 $3,022 $3,301 $3,022 Changes in deferred franchise fee contract liabilities were as follows:THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED(in thousands)JUNE 29, 2025JUNE 30, 2024JUNE 29, 2025JUNE 30, 2024Deferred franchise fee revenue:Balance, beginning of period$1,902 $2,264 $1,929 $2,061 Cash received40 72 75 407 Franchise revenues recognized(55)(60)(117)(162)Business combinations - franchise revenues recognized(398)(383)(398)(413)Balance, end of period$1,489 $1,893 $1,489 $1,893 

11

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

5.    Accounts Receivable

Accounts receivable consisted of the following:(in thousands)JUNE 29, 2025DECEMBER 29, 2024Receivable rebates from vendors$1,306 $1,657 Receivables from third-party delivery providers2,202 1,445 Receivables from franchisees966 987 Re