Company: FWRG
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001789940-25-000010
Chunk: 96

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7
Chunk 96
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 taxes 9,101 10,690 5,684 EBITDA98,381 85,361 52,053 Stock-based compensation (1)8,525 7,604 10,374 Transaction expenses (income), net (2)2,587 3,147 2,513 Strategic transition costs (3)1,843 892 2,318 Impairments and loss on disposal of assets (4)525 1,359 920 Delaware Voluntary Disclosure Agreement Program (5)126 1,250 149 Recruiting and relocation costs (6)888 465 681 Severance costs (7)204 26 155 Insurance proceeds in connection with natural disasters, net (8)329 (621)115 Loss on extinguishment of debt428 — — Adjusted EBITDA$113,836 $99,483 $69,278 Total revenues$1,015,910 $891,551 $730,162 Net income (loss) margin1.9 %2.8 %0.9 %Adjusted EBITDA margin11.2 %11.2 %9.5 %Additional information Deferred rent expense (income) (9)$1,318 $2,090 $2,418  _____________________________

(1) Represents non-cash, stock-based compensation expense which is recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).

(2) Represents costs incurred in connection with the acquisition of franchise-owned restaurants, expenses related to debt, secondary offering costs, costs related to restaurant closures, gains or losses associated with lease or contract terminations and revaluations of contingent consideration liability.

(3) Represents costs related to process improvements and strategic initiatives. These costs are recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).

(4) Represents impairment charges and costs related to the disposal of assets due to retirements, replacements, restaurant closures and natural disasters. 

(5) Represents professional service costs incurred in connection with the Delaware Voluntary Disclosure Agreement Program related to unclaimed or abandoned property. These costs are recorded in General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).

(6) Represents costs incurred for hiring qualified individuals. These costs are recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive