Company: FWRG
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001789940-25-000041
Chunk: 16

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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Item 1.    Financial Statements (Unaudited)

 FIRST WATCH RESTAURANT GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

(Unaudited)

MARCH 30, 2025DECEMBER 29, 2024AssetsCurrent assets:Cash and cash equivalents$18,607 $33,312 Accounts receivable5,960 7,235 Inventory6,200 6,117 Prepaid expenses10,683 7,008 Derivative assets, current— 20 Other current assets2,802 2,184 Total current assets44,252 55,876 Goodwill398,565 398,565 Intangible assets, net165,970 167,596 Operating lease right-of-use assets548,548 527,674 Property, fixtures and equipment, net of accumulated depreciation of $241,905 and $229,227, respectively383,338 361,394 Other long-term assets3,465 3,251 Total assets$1,544,138 $1,514,356 Liabilities and EquityCurrent liabilities:Accounts payable$7,693 $6,961 Accrued liabilities40,585 39,607 Accrued compensation23,097 21,244 Deferred revenues3,407 5,623 Current portion of operating lease liabilities56,514 55,704 Current portion of long-term debt10,292 9,228 Derivative liabilities, current258 105 Total current liabilities141,846 138,472 Operating lease liabilities578,897 555,576 Long-term debt, net191,521 189,043 Deferred income taxes30,801 32,218 Derivative liabilities1,213 503 Other long-term liabilities3,571 3,155 Total liabilities947,849 918,967 Commitments and contingencies (Note 12)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; 60,974,543 and 60,700,090 shares issued and outstanding at March 30, 2025 and December 29, 2024, respectively610 607 Additional paid-in capital