Company: FWRG
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001789940-25-000072
Chunk: 25

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 liabilities:(in thousands)Consolidated Balance Sheet ClassificationJUNE 29, 2025DECEMBER 29, 2024Finance lease assets - currentOther current assets$930 $— Operating lease right-of-use assetsOperating lease right-of-use assets595,464 527,674 Finance lease assetsProperty, fixtures and equipment, net6,143 2,724 Total lease assets$602,537 $530,398 Operating lease liabilities - current(1)Current portion of operating lease liabilities$67,606 $55,704 Operating lease liabilities - non-currentOperating lease liabilities629,345 555,576 Finance lease liabilities - current(1)Current portion of long-term debt565 587 Finance lease liabilities - non-currentLong-term debt, net6,858 2,179 Total lease liabilities$704,374 $614,046 _____________(1) Excludes all variable lease expense for real estate leases.The components of lease expense are as follows:(in thousands)Consolidated Statements of Operations and Comprehensive Income ClassificationTHIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDEDJUNE 29, 2025JUNE 30, 2024JUNE 29, 2025JUNE 30, 2024Operating lease expenseOther restaurant operating expensesOccupancy expensesPre-opening expensesGeneral and administrative expenses$20,914 $17,059 $40,544 $32,752 Variable lease expenseFood and beverage costsOccupancy expensesGeneral and administrative expenses5,810 4,818 11,044 9,426 Finance lease expense:Amortization of leased assetsDepreciation and amortization225 133 418 261 Interest on lease liabilitiesInterest expense87 18 131 36 Total lease expense (1)$27,036 $22,028 $52,137 $42,475 _____________(1) Includes contingent rent expense of $0.4 million during both the thirteen weeks ended June 29, 2025 and June 30, 2024, respectively, and $0.9 million for both the twenty-six weeks ended June 29, 2025 and June 30, 2024.Supplemental cash flow information related to leases was as follows:(in thousands)TWENTY-SIX WEEKS ENDEDJUNE 29, 2025JUNE 30, 2024Cash paid for amounts