Company: FWRG
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001789940-25-000010
Chunk: 110

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 110
---
 have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP 

Tampa, Florida

March 11, 2025

We have served as the Company’s auditor since 1999.

57

Table of Contents

FIRST WATCH RESTAURANT GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)  

DECEMBER 29, 2024DECEMBER 31, 2023AssetsCurrent assets:Cash and cash equivalents$33,312 $49,632 Restricted cash— 329 Accounts receivable7,235 5,532 Inventory6,117 5,381 Prepaid expenses7,008 7,494 Derivative assets, current20 457 Other current assets2,184 2,365 Total current assets55,876 71,190 Goodwill398,565 359,883 Intangible assets, net167,596 151,186 Operating lease right-of-use assets527,674 420,001 Property, fixtures and equipment, net of accumulated depreciation of $229,227 and $181,481, respectively361,394 263,082 Other long-term assets3,251 1,703 Total assets$1,514,356 $1,267,045 Liabilities and EquityCurrent liabilities:Accounts payable$6,961 $6,324 Accrued liabilities39,607 35,630 Accrued compensation and deferred payroll taxes21,244 21,711 Deferred revenues5,623 5,499 Current portion of operating lease liabilities55,704 40,281