Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 95

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 95
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 25,385 $ 6,907 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 57,715 41,223 34,230 Stock-based compensation 8,525 7,604 10,374 Non-cash operating lease costs 26,584 19,595 16,122 Non-cash portion of gain on lease modifications (5) (123) (83) Deferred income taxes 6,823 8,315 4,677 Amortization of debt discount and deferred issuance costs 567 452 445 Non-cash loss on extinguishments and modifications of debt 358 — — Impairments and loss on disposal of assets 525 1,359 920 Gain on insurance proceeds (34) (1,198) (219) Changes in assets and liabilities: Accounts receivable (1,703) 632 (1,714) Inventory (508) (62) (1,005) Prepaid expenses 509 (1,671) (123) Other assets, current and long-term 111 (2,342) 1,072 Accounts payable 637 (1,301) (3,470) Accrued liabilities and other long-term liabilities 2,648 6,082 4,739 Accrued compensation and deferred payroll taxes, current and long-term (467) 3,812 (3,297) Deferred revenues, current and long-term (136) (657) 719 Operating lease liabilities (5,142) (11,399) (7,048) Other liabilities (259) (368) (309) Net cash provided by operating activities 115,673 95,338 62,937 Cash flows from investing activities: Capital expenditures (127,949) (84,527) (62,219) Business acquisitions, net of cash acquired (78,638) (39,880) — Purchase of intangible assets (100) (161) (1,111) Insurance proceeds 34 1,198 219 Net cash used in investing activities (206,653) (123,370) (63,111) The accompanying notes are an integral part of these consolidated financial statements. 62

FIRST WATCH RESTAURANT GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS - continued (IN THOUSANDS) FISCAL YEAR 2024 2023 2022 Cash flows from financing activities: Proceeds from