Company: FWRG
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001789940-25-000072
Chunk: 22

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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ceivables related to gift card sales628 1,683 Other receivables382 1,463 Total accounts receivable$5,484 $7,235 

6.    Accrued Liabilities

Accrued liabilities consisted of the following:(in thousands)JUNE 29, 2025DECEMBER 29, 2024Construction liabilities$16,188 $16,769 Sales tax9,075 7,919 Interest payable4,373 267 Insurance liabilities2,901 2,521 Utilities2,545 2,156 Credit card fees2,232 1,973 Property tax1,748 830 Contingent rent917 1,058 Common area maintenance477 618 Other7,280 5,496 Total accrued liabilities$47,736 $39,607 

7.  Debt

Long-term debt, net consisted of the following:JUNE 29, 2025DECEMBER 29, 2024(in thousands)BalanceInterest Rate BalanceInterest Rate Term Facilities$217,250 6.90%$193,797 6.93%Revolving Credit Facility35,5007.30%—Finance lease liabilities7,4232,766Financing obligation3,0503,050Less: Unamortized debt discount and deferred issuance costs(1,399)(1,342)Total debt, net 261,824198,271Less: Current portion of long-term debt(11,815)(9,228)        Long-term debt, net$250,009 $189,043 Credit FacilityFWR Holding Corporation (“FWR”), a subsidiary of the Company, is the borrower under the credit agreement dated October 6, 2021, the terms of which were amended on February 24, 2023 and January 5, 2025, which provides for (i) a $225.0 million term loan A facility and delayed draw facility (the “Term Facilities”) and (ii) a $125.0 million revolving credit facility (“the Revolving Credit Facility”), and together with the Term Facilities, (the “Credit Facility”). The Credit Facility matures on January 5, 2029.

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

During the second quarter of 2025, the