Company: FWRG
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001789940-25-000086
Chunk: 17

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 17
---
)(1,198)601,313 Net income— — — 2,991 — 2,991 Stock-based compensation— — 2,941 — — 2,941 Common stock issued under stock-based compensation plans, net8,134 — — — — — Other comprehensive income, net of tax— — — — 66 66 Balance at September 28, 202561,032,105 $610 $657,387 $(49,554)$(1,132)$607,311 

The accompanying notes are an integral part of these consolidated financial statements.

6

FIRST WATCH RESTAURANT GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

(Unaudited)

THIRTY-NINE WEEKS ENDEDSEPTEMBER 28, 2025SEPTEMBER 29, 2024Cash flows from operating activities:Net income$4,268 $18,226 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization54,355 41,960 Stock-based compensation, net of amounts capitalized7,926 6,394 Non-cash operating lease costs24,167 19,241 Non-cash loss on extinguishments and modifications of debt— 358 Deferred income taxes1,798 7,497 Amortization of debt discount and deferred issuance costs493 412 Impairments and loss on disposal of assets311 386 Changes in assets and liabilities, net of effects of business combinations:Accounts receivable1,729 600 Inventory(179)280 Prepaid expenses365 78 Other assets, current and long-term(2,590)(1,912)Accounts payable270 550 Accrued liabilities and other long-term liabilities11,546 6,567 Accrued compensation and deferred payroll taxes9,320 3,486 Deferred revenues, current and long-term(3,570)(3,441)Other liabilities— (259)Operating lease liabilities(2,757)(7,674)Net cash provided by operating activities107,452 92,749 Cash flows from investing activities:Capital expenditures(120,108)(87,272)Acquisitions, net of cash acquired(54,833)(78,547)Purchase of intangible assets(830)(100)Net