Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 71

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 71
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 and administrative expenses 113,270 11.1 % 103,121 11.6 % Depreciation and amortization 57,715 5.7 % 41,223 4.6 % Impairments and loss on disposal of assets 525 0.1 % 1,359 0.2 % Transaction expenses, net 2,587 0.3 % 3,147 0.4 % Total operating costs and expenses 977,003 96.2 % 850,284 95.4 % Income from operations (1) 38,907 3.9 % 41,267 4.7 % Interest expense (12,640) (1.2) % (8,063) (0.9) % Other income, net 1,759 0.2 % 2,871 0.3 % Income before income taxes 28,026 2.8 % 36,075 4.0 % Income tax expense (9,101) (0.9) % (10,690) (1.2) % Net income $ 18,925 1.9 % $ 25,385 2.8 % ____________ (1) Percentages are calculated as a percentage of restaurant sales. 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 growth is driven by our menu price increases and changes to our menu mix. FISCAL YEAR (in thousands) 2024 2023 Change Restaurant sales: In-restaurant dining sales $ 829,048 $ 716,960 $ 112,088 15.6 % Third-party delivery sales 97,444 91,433 6,011 6.6 % Take-out sales 77,863 68,699 9,164 13.3 % Total Restaurant sales $ 1,004,355 $ 877,092 $ 127,263 14.5 % The increase in total restaurant sales was primarily due to (i) opening and acquiring restaurants in 2024, (ii) recognizing a full year of sales for restaurants opened and acquired in 2023 and (iii) menu price increases. The increase was partially offset by (i) 2024 negative same-