Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 110

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 110
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 Accounts receivable consisted of the following: (in thousands) DECEMBER 29, 2024 DECEMBER 31, 2023 Receivables from third-party delivery providers $ 1,445 $ 1,559 Receivables from franchisees 987 1,390 Receivables from vendors 1,657 873 Receivables related to gift card sales 1,683 1,585 Other receivables 1,463 125 Total accounts receivable $ 7,235 $ 5,532 FIRST WATCH RESTAURANT GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 72

6. Goodwill The changes in the carrying value of goodwill were as follows: (in thousands) Balance as of December 25, 2022 $ 345,219 Additions - acquisitions 14,664 Balance as of December 31, 2023 359,883 Additions - acquisitions 38,682 Balance as of December 29, 2024 $ 398,565 7. Intangible Assets, Net Intangible assets, net consisted of the following: DECEMBER 29, 2024 (in thousands) Weighted Average Useful Lives Gross Carrying Value Accumulated Amortization Net Carrying Value Registered trademarks, trade names, domains, liquor licenses Indefinite $ 139,202 $ — $ 139,202 Franchise rights 7 years 40,771 (12,377) 28,394 $ 179,973 $ (12,377) $ 167,596 DECEMBER 31, 2023 (in thousands) Weighted Average Useful Lives Gross Carrying Value Accumulated Amortization Net Carrying Value Registered trademarks, trade names, domains, liquor licenses Indefinite $ 139,103 $ — $ 139,103 Franchise rights 8 years 18,813 (6,730) 12,083 $ 157,916 $ (6,730) $ 151,186 Total amortization expense related to definite-lived intangible assets was $5.6 million, $1.5 million and $1.0 million in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. Estimated future amortization of definite-lived intangible assets as of December 29, 2024 is as follows: FISCAL YEAR (in thousands) 2025 $ 6,549 2026 $ 6,169