Company: FWRG
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001789940-25-000041
Chunk: 27

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 lease assetsProperty, fixtures and equipment, net3,355 2,724 Total lease assets$552,908 $530,398 Operating lease liabilities - current(1)Current portion of operating lease liabilities$56,514 $55,704 Operating lease liabilities - non-currentOperating lease liabilities578,897 555,576 Finance lease liabilities - current(1)Current portion of long-term debt417 587 Finance lease liabilities - non-currentLong-term debt, net4,042 2,179 Total lease liabilities$639,870 $614,046 _____________(1) Excludes all variable lease expense for real estate leases.

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

The components of lease expense are as follows:(in thousands)Consolidated Statements of Operations and Comprehensive Income (Loss) ClassificationTHIRTEEN WEEKS ENDEDMARCH 30, 2025MARCH 31, 2024Operating lease expenseOther restaurant operating expensesOccupancy expensesPre-opening expensesGeneral and administrative expenses$19,630 $15,693 Variable lease expenseFood and beverage costsOccupancy expensesGeneral and administrative expenses5,234 4,608 Finance lease expense:Amortization of leased assetsDepreciation and amortization193 128 Interest on lease liabilitiesInterest expense44 18 Total lease expense (1)$25,101 $20,447 _____________(1) Includes contingent rent expense of $0.5 million and $0.5 million during the thirteen weeks ended March 30, 2025 and March 31, 2024.Supplemental cash flow information related to leases was as follows:(in thousands)THIRTEEN WEEKS ENDEDMARCH 30, 2025MARCH 31, 2024Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows - operating leases$16,373 $14,144 Operating cash flows - finance leases$44 $18 Financing cash flows - finance leases$136 $155 Supplemental information related to leases was as follows:THIRTEEN WEEKS ENDED MARCH 30, 2025MARCH 31, 2024Weighted-average remaining lease term (in years)Operating leases13.113.6Finance leases13.12.9Weighted-average discount rate (1)