Company: FWRG
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001789940-25-000041
Chunk: 22

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements including disaggregated information about a reporting entity’s effective tax rate reconciliation as well as disaggregated information on income taxes paid. The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis, however, retrospective application is permitted. Management is currently evaluating the impact of this new standard and anticipates an expansion in the Company’s annual income tax disclosures. 

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

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which establishes new disclosure requirements related to purchases of inventory, employee compensation, selling expenses, depreciation and intangible amortization. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027 and should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. Management is currently evaluating the impact of this new standard. Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

3.    Revenues

Revenues recognized disaggregated by type were as follows: THIRTEEN WEEKS ENDED(in thousands)MARCH 30, 2025MARCH 31, 2024Restaurant sales:In-restaurant dining sales$226,727 $195,199 Third-party delivery sales32,005 25,935 Take-out sales20,859 18,174 Total restaurant sales$279,591 $239,308 Franchise revenues:Royalty and system fund contributions$2,587 $3,009 Initial fees62 102 Business combinations - revenues recognized— 30 Total franchise revenues2,649 3,141 Total revenues$282,240 $242,449 The following tables include a detail of liabilities from contracts with customers:(in thousands)MARCH 30, 2025DECEMBER 29, 2024Deferred revenues:Deferred gift card revenue$3,154 $5,385 Deferred franchise fee revenue - current253 238 Total current deferred revenues$3