Company: FWRG
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001789940-25-000041
Chunk: 23

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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,407 $5,623 Other long-term liabilities:Deferred franchise fee revenue - non-current$1,649 $1,691 Changes in deferred gift card contract liabilities were as follows: THIRTEEN WEEKS ENDED(in thousands)MARCH 30, 2025MARCH 31, 2024Deferred gift card revenue:Balance, beginning of period$5,385 $5,224 Gift card sales1,548 1,409 Gift card redemptions(3,374)(3,112)Gift card breakage(405)(459)Gift card liabilities assumed through acquisitions— 5 Balance, end of period$3,154 $3,067 Changes in deferred franchise fee contract liabilities were as follows:THIRTEEN WEEKS ENDED(in thousands)MARCH 30, 2025MARCH 31, 2024Deferred franchise fee revenue:Balance, beginning of period$1,929 $2,061 Cash received35 335 Franchise revenues recognized(62)(102)Business combinations - franchise revenues recognized— (30)Balance, end of period$1,902 $2,264 

4.    Accounts Receivable

Accounts receivable consisted of the following:(in thousands)MARCH 30, 2025DECEMBER 29, 2024Receivable rebates from vendors$1,622 $1,657 Receivables from third-party delivery providers2,041 1,445 Receivables from franchisees1,050 987 Receivables related to gift card sales352 1,683 Other receivables895 1,463 Total accounts receivable$5,960 $7,235 

5.    Accrued Liabilities

Accrued liabilities consisted of the following:(in thousands)MARCH 30, 2025DECEMBER 29, 2024Construction liabilities$16,219 $16,769 Sales tax8,333 7,919 Interest payable269 267 Insurance liabilities2,627 2,521 Utilities2,289 2,156 Credit card fees2,201 1,973 Property tax1,187 830 Contingent rent786 1,058 Common area maintenance562 618 Other6,112 5,496 Total accrued liabilities$40,585 $39