Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 93

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 93
---
 EXCEPT SHARE AND PER SHARE DATA) FISCAL YEAR 2024 2023 2022 Revenues: Restaurant sales $ 1,004,355 $ 877,092 $ 719,181 Franchise revenues 11,555 14,459 10,981 Total revenues 1,015,910 891,551 730,162 Operating costs and expenses: Restaurant operating expenses (exclusive of depreciation and amortization shown below): Food and beverage costs 223,097 197,374 172,561 Labor and other related expenses 335,038 294,010 238,257 Other restaurant operating expenses 151,968 134,477 114,476 Occupancy expenses 82,694 68,400 59,919 Pre-opening expenses 10,109 7,173 5,414 General and administrative expenses 113,270 103,121 84,959 Depreciation and amortization 57,715 41,223 34,230 Impairments and loss on disposal of assets 525 1,359 920 Transaction expenses, net 2,587 3,147 2,513 Total operating costs and expenses 977,003 850,284 713,249 Income from operations 38,907 41,267 16,913 Interest expense (12,640) (8,063) (5,232) Other income, net 1,759 2,871 910 Income before income taxes 28,026 36,075 12,591 Income tax expense (9,101) (10,690) (5,684) Net income $ 18,925 $ 25,385 $ 6,907 Net income $ 18,925 $ 25,385 $ 6,907 Other comprehensive income (loss): Unrealized gain (loss) on derivatives 301 (889) — Income tax related to other comprehensive (loss) income (75) 222 — Other comprehensive income (loss) 226 (667) — Comprehensive income $ 19,151 $ 24,718 $ 6,907 Net income per common share - basic $ 0.31 $ 0.43 $ 0.12 Net income per common share - diluted $ 0.30 $ 0.41 $ 0.11 Weighted average number of common shares outstanding - basic 60,365,393 59,531,404 59,097,512 Weighted average number of common