Company: FWRG
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001789940-25-000086
Chunk: 27

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 long-term debt1,873 587 Finance lease liabilities - non-currentLong-term debt, net11,051 2,179 Total lease liabilities$731,164 $614,046 _____________ (1) Excludes all variable lease expense for real estate leases.

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Table of ContentsFIRST WATCH RESTAURANT GROUP, INC.NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The components of lease expense were as follows:(in thousands)Consolidated Statements of Operations and Comprehensive Income (Loss) ClassificationTHIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDEDSEPTEMBER 28, 2025SEPTEMBER 29, 2024SEPTEMBER 28, 2025SEPTEMBER 29, 2024Operating lease expenseOther restaurant operating expensesOccupancy expensesPre-opening expensesGeneral and administrative expenses$21,905 $18,269 $62,449 $51,021 Variable lease expenseFood and beverage costsOccupancy expensesGeneral and administrative expenses5,953 4,816 16,997 14,242 Finance lease expense:Amortization of leased assetsDepreciation and amortization342 134 760 395 Interest on lease liabilitiesInterest expense155 15 286 51 Total lease expense (1)$28,355 $23,234 $80,492 $65,709 _____________(1) Includes contingent rent expense of $0.5 million and $0.4 million during the thirteen weeks ended September 28, 2025 and September 29, 2024, respectively, and $1.5 million and $1.3 million for the thirty-nine weeks ended September 28, 2025 and September 29, 2024, respectively.Supplemental cash flow information related to leases was as follows:(in thousands)THIRTY-NINE WEEKS ENDEDSEPTEMBER 28, 2025SEPTEMBER 29, 2024Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows - operating leases$41,044 $39,450 Operating cash flows - finance leases$286 $51 Financing cash flows - finance leases$223 $431 Supplemental information related to leases was as follows:THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2025SEPTEMBER 29, 2024Weighted-average