Company: FWRG
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001789940-25-000010
Chunk: 2

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 2
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 Current portion of long-term debt9,228 5,628 Interest rate swap liabilities, current105 — Total current liabilities138,472 115,073 Operating lease liabilities555,576 441,290 Long-term debt, net189,043 119,767 Deferred income taxes32,218 25,331 Derivative liabilities503 1,346 Other long-term liabilities3,155 2,954 Total liabilities918,967 705,761 Commitments and contingencies (Note 18)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; 60,700,090 and 59,891,705 shares issued and outstanding at December 29, 2024 and December 31, 2023, respectively607 599 Additional paid-in capital649,045 634,099 Accumulated deficit(53,822)(72,747)Accumulated other comprehensive loss(441)(667)Total equity595,389 561,284 Total liabilities and equity$1,514,356 $1,267,045 

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

58

FIRST WATCH RESTAURANT GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

 FISCAL YEAR 202420232022Revenues:Restaurant sales$1,004,355 $877,092 $719,181 Franchise revenues11,555 14,459 10,981 Total revenues1,015,910 891,551 730,162 Operating costs and expenses:Restaurant operating expenses (exclusive of depreciation and amortization shown below):Food and beverage costs223,097 197,374 172,561 Labor and other related expenses335,038 294,010 238,257 Other restaurant operating expenses151,968 134,477 114,476 Occupancy expenses82,694 68,400 59,919 Pre-opening expenses10,109 7,173 5,414 General and administrative expenses113,270 103,121 84,959 Depreciation and amortization57,715 41,223