Company: FWRG
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001789940-25-000041
Chunk: 58

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 2
Chunk 58
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 2025MARCH 31, 2024RevenuesRestaurant sales$279,591 99.1 %$239,308 98.7 %Franchise revenues2,649 0.9 %3,141 1.3 %Total revenues$282,240 100.0 %$242,449 100.0 %Operating costs and expensesRestaurant operating expenses (1) (exclusive of depreciation and amortization shown below):Food and beverage costs66,647 23.8 %52,184 21.8 %Labor and other related expenses96,754 34.6 %79,735 33.3 %Other restaurant operating expenses44,259 15.8 %36,792 15.4 %Occupancy expenses23,149 8.3 %19,168 8.0 %Pre-opening expenses2,660 1.0 %1,567 0.7 %General and administrative expenses30,219 10.7 %27,658 11.4 %Depreciation and amortization16,557 5.9 %12,271 5.1 %Impairments and loss on disposal of assets9 — %119 — %Transaction expenses, net873 0.3 %669 0.3 %Total operating costs and expenses281,127 99.6 %230,163 94.9 %Income from operations (1)1,113 0.4 %12,286 5.1 %Interest expense(3,334)(1.2)%(2,599)(1.1)%Other income, net684 0.2 %326 0.1 %(Loss) income before income taxes(1,537)(0.5)%10,013 4.1 %Income tax benefit (expense) 708 0.3 %(2,799)(1.2)%Net (loss) income$(829)(0.3)%$7,214 3.0 %_____________

(1) As a percentage of restaurant sales.

21

Restaurant Sales 

Restaurant sales represent the aggregate sales of food and beverages, net of discounts, at company-owned restaurants. Restaurant sales in any period are directly influenced by the number of operating weeks in the period, the number of open restaurants, customer traffic and average check. Average check