Company: FWRG
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001789940-25-000072
Chunk: 12

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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Item 1.    Financial Statements (Unaudited)

 FIRST WATCH RESTAURANT GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

(Unaudited)

JUNE 29, 2025DECEMBER 29, 2024AssetsCurrent assets:Cash and cash equivalents$19,177 $33,312 Accounts receivable5,484 7,235 Inventory6,772 6,117 Prepaid expenses8,396 7,008 Derivative assets, current— 20 Other current assets3,118 2,184 Total current assets42,947 55,876 Goodwill420,208 398,565 Intangible assets, net179,132 167,596 Operating lease right-of-use assets595,464 527,674 Property, fixtures and equipment, net of accumulated depreciation of $254,075and $229,227, respectively434,180 361,394 Other long-term assets4,062 3,251 Total assets$1,675,993 $1,514,356 Liabilities and EquityCurrent liabilities:Accounts payable$7,506 $6,961 Accrued liabilities47,736 39,607 Accrued compensation19,832 21,244 Deferred revenues3,507 5,623 Current portion of operating lease liabilities67,606 55,704 Current portion of long-term debt11,815 9,228 Derivative liabilities, current325 105 Total current liabilities158,327 138,472 Operating lease liabilities629,345 555,576 Long-term debt, net250,009 189,043 Deferred income taxes31,501 32,218 Derivative liabilities1,271 503 Other long-term liabilities4,227 3,155 Total liabilities1,074,680 918,967 Commitments and contingencies (Note 13)Equity:Preferred stock; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding— — Common stock; $0.01 par value; 300,000,000 shares authorized; 61,023,971 and 60,700,090 shares issued and outstanding at June 29, 2025 and December 29, 2024, respectively610 607 Additional paid