Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 117

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 117
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: (in thousands) Consolidated Statements of Operations and Comprehensive Income (Loss) Classification FISCAL YEAR 2024 2023 2022 Operating lease expense Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses $ 69,908 $ 56,129 $ 49,620 Variable lease expense Food and beverage costs Occupancy expenses General and administrative expenses 19,249 17,158 14,642 Finance lease expense: Amortization of leased assets Depreciation and amortization 539 507 521 Interest on lease liabilities Interest expense 64 92 130 Total lease expense (1) $ 89,760 $ 73,886 $ 64,913 _____________ (1) Includes contingent rent expense of $1.8 million and $2.1 million and $1.6 million during Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. Supplemental cash flow information related to leases was as follows: FISCAL YEAR (in thousands) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 48,467 $ 47,930 $ 39,546 Operating cash flows - finance leases $ 64 $ 92 $ 130 Financing cash flows - finance leases $ 590 $ 558 $ 514 FIRST WATCH RESTAURANT GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 78

Supplemental information related to leases was as follows: FISCAL YEAR 2024 2023 Weighted-average remaining lease term (in years) Operating leases 13.3 13.8 Finance leases 15.0 2.8 Weighted-average discount rate (1) Operating leases 7.7 % 8.3 % Finance leases 6.2 % 6.9 % ____________ (1) Based on the Company’s incremental borrowing rate. As of December 29, 2024, future minimum lease payments for operating and finance leases consisted of the following: (in thousands) OPERATING LEASES FINANCE LEASES FISCAL YEAR 2025 $ 57,876 $ 603 2026 75,245 (861) 2027 75,376 378 2028 74,728 365 2029 74,392 343 Thereafter 656,547 4,477 Total future minimum lease payments (1