Company: FWRG
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001789940-25-000086
Chunk: 13

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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Item 1.    Financial Statements (Unaudited)

 FIRST WATCH RESTAURANT GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

(Unaudited)

SEPTEMBER 28, 2025DECEMBER 29, 2024AssetsCurrent assets:Cash and cash equivalents$20,714 $33,312 Accounts receivable5,506 7,235 Inventory6,486 6,117 Prepaid expenses6,712 7,008 Derivative assets, current— 20 Other current assets4,298 2,184 Total current assets43,716 55,876 Goodwill420,208 398,565 Intangible assets, net177,235 167,596 Operating lease right-of-use assets609,820 527,674 Property, fixtures and equipment, net of accumulated depreciation of $268,698 and $229,227, respectively464,593 361,394 Other long-term assets4,657 3,251 Total assets$1,720,229 $1,514,356 Liabilities and EquityCurrent liabilities:Accounts payable$7,231 $6,961 Accrued liabilities49,831 39,607 Accrued compensation30,564 21,244 Deferred revenues2,637 5,623 Current portion of operating lease liabilities72,785 55,704 Current portion of long-term debt13,123 9,228 Derivative liabilities, current596 105 Total current liabilities176,767 138,472 Operating lease liabilities645,455 555,576 Long-term debt, net250,988 189,043 Deferred income taxes33,787 32,218 Derivative liabilities912 503 Other long-term liabilities5,009 3,155 Total liabilities1,112,918 918,967 Commitments and contingencies (Note 13)Equity:Preferred stock; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding— — Common stock; $0.01 par value; 300,000,000 shares authorized; 61,032,105 and  60,700,090 shares issued and outstanding at September 28, 2025 and December 29, 2024, respectively610 607 Additional paid