Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 132

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 132
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72,747) Accumulated other comprehensive loss (441) (667) Total equity attributable to First Watch Restaurant Group, Inc. $ 595,389 $ 561,284 FIRST WATCH RESTAURANT GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 88

FIRST WATCH RESTAURANT GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) FISCAL YEAR 2024 2023 2022 Equity in net income of subsidiaries Net income and comprehensive income $ 19,151 $ 24,718 $ 6,907 Net income per common share attributable to First Watch Restaurant Group, Inc. - basic $ 0.31 $ 0.43 $ 0.12 Net income per common share attributable to First Watch Restaurant Group, Inc. - diluted $ 0.30 $ 0.41 $ 0.11 Weighted average number of common shares outstanding - basic 60,365,393 59,531,404 59,097,512 Weighted average number of common shares outstanding - diluted 62,351,222 61,191,613 60,140,045 Statements of cash flows have not been presented as First Watch Restaurant Group, Inc. did not have any cash as of, or for Fiscal 2024, Fiscal 2023 and Fiscal 2022. Basis of Presentation The Company is a holding company without any operations of its own (the “Parent Company”). Pursuant to the terms of the Credit Agreement discussed in Note 10, Debt, the Company and certain subsidiaries of the Company have restrictions on their ability to, among other things, (i) incur additional indebtedness, pay dividends or make certain intercompany loans and advances, and (ii) exceed a maximum total rent adjusted net leverage ratio or fall below a minimum fixed charge coverage ratio. As a result of these restrictions, these parent company financial statements have been prepared in accordance with Rule 12-04 of Regulation S-X, as restricted net assets of the Company’s subsidiaries (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed 25% of the Company’s consolidated net assets as of December 29, 2024 and December 31, 2023. These condensed financial statements have been prepared on a “parent-only” basis. These condensed parent company financial statements have been prepared using the