0001789940-24-000146 | 10-Q | XBRL Viewer | First Watch Restaurant Group INC

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Interest Rate Swaps	9 Months Ended
Interest Rate Swaps	Sep. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	Interest Rate Swaps The Company utilizes interest rate swaps to hedge a portion of the cash flows of the Company’s variable rate debt. On June 23, 2023, the Company entered into two variable-to-fixed interest rate swaps. These interest rate swaps have an aggregate notional amount of $90.0 million and mature on October 6, 2026. Under the terms of the interest rate swaps, the Company will pay a weighted average fixed rate of 4.16% on the notional amount and will receive payments from the counterparties based on the three-month SOFR rate. On May 17, 2024, the Company entered into two additional variable-to-fixed interest rate swaps. These interest rate swaps have an aggregate notional amount of $60.0 million and mature on June 30, 2027. Under the terms of the interest rate swaps, the Company will pay a weighted average fixed rate of 4.42% on the notional amount and will receive payments from the counterparties based on the three-month SOFR rate. The fair value measurement of the interest rate swaps was based on the contractual terms and used observable market-based inputs. The interest rate swaps were valued using a discounted cash flow analysis on the expected cash flows using observable inputs including interest rate curves and credit spreads. Although the majority of the inputs used to value the instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and the counterparties. The Company has determined that the impact of the credit valuation adjustments was not significant to the overall valuation. As a result, the derivative was classified as Level 2 in the fair value hierarchy. Amounts reported in Other comprehensive income related to the interest rate swaps will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the thirteen and thirty-nine weeks ended September 29, 2024, a total of $0.4 million and $0.9 million, respectively, was reclassified from Other comprehensive income (loss) as a reduction to Interest expense. Over the next 12 months, the Company estimates that $0.8 million will be reclassified as an increase to interest expense.

Business Acquisitions (Tables)

9 Months Ended

Sep. 29, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions, by Acquisition

The details of each acquisition are as follows:


(in thousands, except number of acquired restaurants)	JANUARY 22, 2024		APRIL 15, 2024
Number of acquired restaurants	1		21
Purchase consideration	$	3,002	$	75,119

Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	1	$	32
Inventory	$	15	$	213
Other assets	$	1	$	133
Property, fixtures and equipment	$	1,391	$	16,511
Reacquired rights	$	498	$	21,459
Operating right-of-use assets, net of lease positions and prepaid rent	$	1,251	$	26,199
Deferred revenues - gift card liabilities assumed	$	(5)	$	(160)
Operating lease liabilities	$	(1,247)	$	(26,853)
Goodwill	$	1,097	$	37,585

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The details of each acquisition are as follows:


(in thousands, except number of acquired restaurants)	JANUARY 22, 2024		APRIL 15, 2024
Number of acquired restaurants	1		21
Purchase consideration	$	3,002	$	75,119

Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	1	$	32
Inventory	$	15	$	213
Other assets	$	1	$	133
Property, fixtures and equipment	$	1,391	$	16,511
Reacquired rights	$	498	$	21,459
Operating right-of-use assets, net of lease positions and prepaid rent	$	1,251	$	26,199
Deferred revenues - gift card liabilities assumed	$	(5)	$	(160)
Operating lease liabilities	$	(1,247)	$	(26,853)
Goodwill	$	1,097	$	37,585

Equity and Stock-Based Compensation - Schedule of Unrecognized Stock-based Compensation Expense (Details) $ in Thousands	9 Months Ended
	Sep. 29, 2024 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)	$ 1,034
REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)	6 months
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)	$ 12,243
REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)	1 year 10 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

9 Months Ended

Sep. 29, 2024

Sep. 24, 2023

Cash flows from operating activities:

Net income

$ 18,226

$ 22,737

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

41,960

28,992

Stock-based compensation

6,394

5,386

Non-cash operating lease costs

19,246

14,132

Non-cash portion of gain on lease modifications

(5)

(123)

Non-cash loss on extinguishments and modifications of debt

358

Deferred income taxes

7,497

6,566

Amortization of debt discount and deferred issuance costs

412

332

Impairments and loss on disposal of assets

386

618

Gain on insurance proceeds

(3)

(643)

Changes in assets and liabilities, net of effects of business combinations:

Accounts receivable

600

1,174

Inventory

280

458

Prepaid expenses

1,115

Other assets, current and long-term

(1,909)

(2,758)

Accounts payable

550

(2,072)

Accrued liabilities and other long-term liabilities

6,567

4,997

Accrued compensation and deferred payroll taxes

3,486

359

Deferred revenues, current and long-term

(3,441)

(3,322)

Other liabilities

(259)

Operating lease liabilities

(7,674)

(4,904)

Net cash provided by operating activities

92,749

73,044

Cash flows from investing activities:

Capital expenditures

(87,275)

(52,770)

Acquisitions, net of cash acquired

(78,547)

(30,422)

Purchase of intangible assets

(100)

(84)

Insurance proceeds

643

Net cash used in investing activities

(165,919)

(82,633)

Cash flows from financing activities:

Repayments of note payable

(1,376)

Proceeds from borrowings on revolving credit facility

22,500

Repayments of borrowings on revolving credit facility

(52,500)

Proceeds from long-term debt

197,500

Repayments of long-term debt, including finance lease liabilities

(95,401)

(3,519)

Payment of debt discount and deferred issuance costs

(2,430)

Proceeds from exercise of stock options, net of employee taxes paid

5,044

5,008

Contingent consideration payment

(375)

(198)

Net cash provided by (used in) financing activities

74,338

(85)

Net increase (decrease) in cash and cash equivalents and restricted cash

1,168

(9,674)

Cash and cash equivalents and restricted cash, beginning of period

49,961

49,923

Cash and cash equivalents and restricted cash, end of period

51,129

40,249

Supplemental cash flow information:

Cash paid for interest, net of amounts capitalized

5,943

5,362

Cash paid for income taxes, net of refunds

2,952

1,337

Supplemental disclosures of non-cash investing and financing activities:

Leased assets obtained in exchange for new operating lease liabilities

^[1]

104,433

64,660

Leased assets obtained in exchange for new finance lease liabilities

195

145

Remeasurements and terminations of operating lease assets and lease liabilities

3,084

(1,453)

Remeasurements and terminations of finance lease assets and lease liabilities

(13)

(43)

Increase in liabilities from acquisition of property, fixtures and equipment

$ 3,044

$ 6,202

[1]	Leased assets and liabilities obtained in fiscal 2024 include $28.1 million from business acquisitions.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 24, 2023	Jun. 25, 2023	Mar. 26, 2023	Sep. 29, 2024	Sep. 24, 2023
Pay vs Performance Disclosure
Net income	$ 2,112	$ 8,900	$ 7,214	$ 5,418	$ 7,959	$ 9,360	$ 18,226	$ 22,737

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Income Taxes - Components of Income Tax Expense (Benefit) and Effective Income Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 3,496	$ 6,661	$ 27,288	$ 30,570
Income tax expense	$ (1,384)	$ (1,243)	$ (9,062)	$ (7,833)
Effective income tax rate	39.60%	18.70%	33.20%	25.60%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Business Acquisitions - Narrative (Details) - Series of Individually Immaterial Business Acquisitions $ in Millions			6 Months Ended	9 Months Ended
	Apr. 15, 2024 restaurant	Jan. 22, 2024 restaurant	Jun. 30, 2024 transaction	Sep. 29, 2024 USD ($) restaurant
Business Acquisition [Line Items]
Number of transactions \| transaction			2
Number of acquired restaurants \| restaurant	21	1		22
Acquisition related costs \| $				$ 1.5
Weighted average estimated useful life of the reacquired rights				5 years 6 months

Income Taxes

9 Months Ended

Sep. 29, 2024

Income Tax Disclosure [Abstract]

Income Taxes


	THIRTEEN WEEKS ENDED						THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 29, 2024			SEPTEMBER 24, 2023			SEPTEMBER 29, 2024			SEPTEMBER 24, 2023
Income before income taxes	$	3,496		$	6,661		$	27,288		$	30,570
Income tax expense	$	(1,384)		$	(1,243)		$	(9,062)		$	(7,833)
Effective income tax rate	39.6		%	18.7		%	33.2		%	25.6		%

The effective income tax rate for the thirteen and thirty-nine weeks ended September 29, 2024 was 39.6% and 33.2%, respectively, as compared to 18.7% and 25.6% for the thirteen and thirty-nine weeks ended September 24, 2023, respectively. The change in the effective income tax rates was primarily due to (i) the change in the valuation allowance on deferred tax assets, (ii) the benefit of tax credits for FICA taxes on certain employees’ tips and (iii) impact of executive stock-based compensation.

The effective income tax rates for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 were different than the blended federal and state statutory rate primarily due to (i) the change in the valuation allowance, (ii) the benefit of tax credits for FICA taxes on certain employees’ tips, (iii) the impacts of executive stock-based compensation and (iv) non-deductible costs associated with the Secondary Offerings.

Valuation allowance

Management evaluates quarterly whether the resulting deferred tax assets are realizable given the Company’s earnings history. Based on the available evidence, the Company does not meet the more likely than not standard related to the realization of a portion of the deferred tax assets as of September 29, 2024. Accordingly, the Company has established a valuation allowance on the portion of deferred tax assets deemed not realizable, including state charitable contribution carryovers, various state loss carryforwards and various federal tax credit carryforwards.

Management continues to assess the rationale for recording a valuation allowance for deferred tax assets. As the Company’s future taxable earnings increase and deferred tax assets are utilized, it is possible that a portion of the valuation allowance will no longer be needed. Release of any valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense in the period of the release. The timing and amount of any release related to future taxable income is currently indeterminable.

Contingent consideration liability

Certain federal loss carryforwards, state loss carryforwards and general business credits were accumulated from operations prior to the August 2017 merger through which the Company became majority owned by Advent. Under the terms of an agreement with the previous stockholders, to the extent that these credits and carryforwards were utilized to reduce taxes payable, the Company was required to pay the previous stockholders an amount equal to tax savings. In accordance with the agreement, an initial contingent consideration liability of $1.2 million was recognized and adjusted periodically for estimated future use and the actual distributions to previous stockholders. By agreement the obligation would lapse following a change in control event.

During the first quarter of 2024, Advent sold common stock of the Company through a secondary public offering. As a result, Advent no longer controlled a majority of the Company’s issued and outstanding shares of common stock. Advent’s first quarter sale, therefore, represents a change of control event as defined in the agreement. Given this change in control event, the remaining $0.6 million of the contingent consideration liability was released through Transaction expenses, net. Final payment to previous stockholders was made in the second quarter of 2024.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Debt - Long-Term Debt, Net (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease liabilities	$ 827	$ 1,076
Less: Unamortized debt discount and deferred issuance costs	(1,426)	(1,231)
Total debt, net	197,482	125,395
Less: Current portion of long-term debt	(7,830)	(5,628)
Long-term debt, net	189,652	119,767
Financing obligation \| Other Debt
Debt Instrument [Line Items]
Carrying Value	3,050	3,050
Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Carrying Value	$ 98,750	$ 92,500
Interest Rate	7.93%	7.70%
Delayed Draw Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Carrying Value	$ 96,281	$ 0
Interest Rate	7.90%
Revolving Credit Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Carrying Value	$ 0	$ 30,000
Interest Rate		7.72%

Debt

9 Months Ended

Sep. 29, 2024

Debt Disclosure [Abstract]

Debt

Long-term debt, net consisted of the following:


	SEPTEMBER 29, 2024			DECEMBER 31, 2023
(in thousands)	Balance		Interest Rate	Balance		Interest Rate
Term Facility	$	98,750	7.93%	$	92,500	7.70%
Delayed Draw Term Facility	96,281		7.90%	—
Revolving Credit Facility	—			30,000		7.72%
Finance lease liabilities	827			1,076
Financing obligation	3,050			3,050
Less: Unamortized debt discount and deferred issuance costs	(1,426)			(1,231)
Total debt, net	197,482			125,395
Less: Current portion of long-term debt	(7,830)			(5,628)
Long-term debt, net	$	189,652		$	119,767

Credit Facility

FWR Holding Corporation (“FWR”), a subsidiary of the Company, is the borrower under the credit agreement dated October 6, 2021 (“Credit Agreement”), which provided for (i) a $100.0 million term loan A facility (the “Term Facility”) and (ii) a $75.0 million revolving credit facility (the “Revolving Credit Facility” and, together with the Term Facility, collectively, the “Credit Facility”).

On February 24, 2023, the Company entered into Amendment No. 1 to the Credit Agreement to replace the London interbank offer rate (“LIBOR”) with a secured overnight financing rate (“SOFR”) pursuant to the terms and LIBOR fallback language in the Credit Agreement. All outstanding borrowings under the Credit Agreement continued to bear interest at LIBOR until March 27, 2023.

On January 5, 2024, the Company entered into Amendment No. 2 to the Credit Agreement (the “Second Amendment”) with terms substantially identical to the Credit Agreement to (i) replace the $100.0 million Term Facility with a new $100.0 million term loan A facility (the “New Term Facility”), (ii) replace the $75.0 million Revolving Credit Facility with a new $75.0 million revolving credit facility (the “New Revolving Credit Facility”), (iii) increase the New Revolving Credit Facility by $50.0 million, bringing the aggregate committed amount under the New Revolving Credit Facility to $125.0 million and (iv) add a new $125.0 million incremental delayed draw term loan facility (the “New Delayed Draw Term Facility”). The New Delayed Draw Term Facility is available to FWR for a period of 18 months from the date of the Second Amendment and the proceeds may be used to fund permitted acquisitions and new restaurant capital expenditures, repay revolving loans and/or replenish balance sheet cash, in each case, used for such permitted acquisitions or capital expenditures.

Loans drawn under the New Delayed Draw Term Facility will amortize in equal quarterly installments at the same amortization rate per annum as then applicable to loans under the New Term Facility. The New Term Facility, the New Revolving Credit Facility and the New Delayed Draw Term Facility mature on January 5, 2029.

On April 12, 2024, the Company drew $97.5 million of the $125.0 million New Delayed Draw Term Facility. The proceeds were used to repay $22.5 million of borrowings under the New Revolving Credit Facility and fund the franchise acquisition on April 15, 2024 that was completed for approximately $75.1 million.

As of September 29, 2024, borrowings under the Credit Facility, as amended, bear interest at the option of FWR at either (i) the alternate base rate plus a margin of between 150 and 225 basis points depending on the total rent adjusted net leverage ratio of FWR and its restricted subsidiaries on a consolidated basis (the “Total Rent Adjusted Net Leverage Ratio”) or (ii) SOFR plus a credit spread adjustment of 10 basis points plus a margin of between 250 and 325 basis points depending on the Total Rent Adjusted Net Leverage Ratio. Refer to Note 8, Interest Rate Swaps, for information about the variable-to-fixed interest rate swap agreements entered in June 2023 and May 2024.

Fair Value of Debt

The estimated fair value of the outstanding debt, excluding finance lease obligations and financing obligations, is classified as Level 3 in the fair value hierarchy and was estimated using discounted cash flow models, market yield and yield volatility. The following table includes the carrying value and fair value of the Company’s debt as of the periods indicated:


	SEPTEMBER 29, 2024				DECEMBER 31, 2023
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Facility	$	98,750	$	98,324	$	92,500	$	92,201
Delayed Draw Term Facility	$	96,281	$	95,866	$	—	$	—
Revolving Credit Facility	$	—	$	—	$	30,000	$	29,897

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity and Stock-Based Compensation - Schedule of Nonvested Restricted Stock Units Activity (Details) - Restricted stock units $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 29, 2024 USD ($) $ / shares shares
RESTRICTED STOCK UNITS
Beginning balance (in shares) \| shares	521,042
Granted (in shares) \| shares	467,175
Forfeited (in shares) \| shares	(33,393)
Vested (in shares) \| shares	(192,164)
Ending balance (in shares) \| shares	762,660
WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Beginning balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 15.71
Granted, weighted average exercise price (in dollars per share) \| $ / shares	24.21
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	19.46
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	15.93
Ending balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 20.69
AGGREGATE INTRINSIC VALUE (in thousands)
Beginning balance outstanding, aggregate intrinsic value \| $	$ 10,473
Ending outstanding, aggregate intrinsic value \| $	$ 12,004

Equity and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 29, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Roll Forward

A summary of stock option activity during the thirty-nine weeks ended September 29, 2024 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)		WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (in years)
Outstanding, December 31, 2023	4,347,186	$	10.22	$	42,965	5.1
Forfeited	(33,286)	$	12.84
Exercised	(468,224)	$	10.77
Outstanding, September 29, 2024	3,845,676	$	10.13	$	21,616	4.4

Exercisable, September 29, 2024	3,513,980	$	9.89	$	20,571	4.1

Schedule of Fair Value Non-vested Options at Grant Dates

A summary of the non-vested stock option activity during the thirty-nine weeks ended September 29, 2024 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Nonvested, December 31, 2023	1,234,031	$	7.36
Forfeited	(33,286)	$	4.70
Vested	(869,049)	$	7.80
Nonvested, September 29, 2024	331,696	$	6.46

Schedule of Nonvested Restricted Stock Units Activity

A summary of the Company’s RSU activity during the thirty-nine weeks ended September 29, 2024 is as follows:


	RESTRICTED STOCK UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, December 31, 2023	521,042	$	15.71	$	10,473
Granted	467,175	$	24.21
Forfeited	(33,393)	$	19.46
Vested	(192,164)	$	15.93
Outstanding, September 29, 2024	762,660	$	20.69	$	12,004

Schedule of Unrecognized Stock-based Compensation Expense

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of September 29, 2024:


	UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)		REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Stock options	$	1,034	0.5
Restricted stock units	$	12,243	1.9

Accrued Liabilities (Tables)

9 Months Ended

Sep. 29, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	SEPTEMBER 29, 2024		DECEMBER 31, 2023
Construction liabilities	$	16,988	$	13,944
Sales tax	7,110		6,163
Interest payable	3,926		401
Insurance liabilities	3,022		1,593
Utilities	2,202		1,657
Credit card fees	1,839		1,706
Property tax	1,663		922
Contingent rent	1,120		1,160
Common area maintenance	546		749
Acquisition-related liabilities	111		1,326
Other	5,260		6,009
Total accrued liabilities	$	43,787	$	35,630

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 29, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company reports financial information on a 52- or 53-week fiscal year ending on the last Sunday of each calendar year. The quarters ended September 29, 2024 and September 24, 2023 were 13-week periods. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2023 (“2023 Form 10-K”). The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in the 2023 Form 10-K and include all adjustments necessary for the fair statement of the consolidated financial statements for the quarterly periods presented. The results of operations for quarterly periods are not necessarily indicative of the results to be expected for other quarterly periods or the entire fiscal year. Use of Estimates The preparation of the unaudited interim consolidated financial statements in accordance with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates and such differences could be material. Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable, accrued expenses and other current liabilities approximate their fair values due to their short-term maturities. Interest Rate Swaps As an element of the Company’s interest rate risk management strategy, Management uses interest rate swaps. The intent of these instruments is to reduce cash flow exposure to variability in future interest rates on the Company’s debt. Management has elected to designate and qualify the interest rate swaps as cash flow hedges. As such, the instruments are recorded on the balance sheet at fair value. Thereafter, gains or losses on the instruments are recognized in equity as changes to Other Comprehensive Income and subsequently reclassified into earnings at the time of the Company’s debt interest payments. Summary of Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. The new guidance requires that a public entity disclose, on an annual and interim basis, disaggregated expense information that is regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. The disclosures are also required for public entities that have a single reporting segment. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and should be adopted retrospectively. Early adoption is permitted. Management is currently evaluating the impact of this new standard. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements including disaggregated information about a reporting entity’s effective tax rate reconciliation as well as disaggregated information on income taxes paid. The new guidance is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. Management is currently evaluating the impact of this new standard. Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

Interest Rate Swaps (Details) - Interest Rate Swap $ in Millions	3 Months Ended	9 Months Ended
	Sep. 29, 2024 USD ($)	Sep. 29, 2024 USD ($)	May 17, 2024 USD ($) derivative	Jun. 23, 2023 USD ($) derivative
Derivative [Line Items]
Number of interest rate derivatives held \| derivative				2
Derivative, notional amount			$ 60.0	$ 90.0
Derivative, average fixed interest rate			4.42%	4.16%
Number of additional interest rate derivatives entered into \| derivative			2
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, after tax	$ 0.4	$ 0.9
Cash flow hedge amount to be reclassified within 12 months		$ 0.8

Business Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) $ in Thousands			9 Months Ended
	Apr. 15, 2024 USD ($) restaurant	Jan. 22, 2024 USD ($) restaurant	Sep. 29, 2024 USD ($) restaurant	Dec. 31, 2023 USD ($)
Recognized amounts of identifiable assets acquired and liabilities assumed:
Goodwill			$ 398,565	$ 359,883
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of acquired restaurants \| restaurant	21	1	22
Purchase consideration	$ 75,119	$ 3,002
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	32	1
Inventory	213	15
Other assets	133	1
Property, fixtures and equipment	16,511	1,391
Reacquired rights	21,459	498
Operating right-of-use assets, net of lease positions and prepaid rent	26,199	1,251
Deferred revenues - gift card liabilities assumed	(160)	(5)
Operating lease liabilities	(26,853)	(1,247)
Goodwill	$ 37,585	$ 1,097

Debt - Narrative (Details) - USD ($) $ in Thousands						9 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Apr. 15, 2024	Apr. 12, 2024	Jan. 22, 2024	Jan. 05, 2024	Sep. 29, 2024	Sep. 24, 2023	Oct. 06, 2021
Debt Instrument [Line Items]
Proceeds from borrowings on revolving credit facility						$ 22,500	$ 0
Series of Individually Immaterial Business Acquisitions
Debt Instrument [Line Items]
Purchase consideration		$ 75,119		$ 3,002
New Facilities \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	0.10%
New Facilities \| Minimum \| Adjusted Leverage Rate
Debt Instrument [Line Items]
Variable rate	1.50%
New Facilities \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	2.50%
New Facilities \| Maximum \| Adjusted Leverage Rate
Debt Instrument [Line Items]
Variable rate	2.25%
New Facilities \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	3.25%
Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 100,000
Revolving Credit Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 75,000
New Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 100,000
New Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					125,000
New Revolving Credit Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					75,000
Line of credit facility, increase (decrease), net					50,000
Repayments of lines of credit			$ 22,500
New Delayed Draw Term Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 125,000
Proceeds from borrowings on revolving credit facility			$ 97,500
New Delayed Draw Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, expiration period					18 months

Debt (Tables)

9 Months Ended

Sep. 29, 2024

Debt Disclosure [Abstract]

Long-Term Debt, Net

Long-term debt, net consisted of the following:


	SEPTEMBER 29, 2024			DECEMBER 31, 2023
(in thousands)	Balance		Interest Rate	Balance		Interest Rate
Term Facility	$	98,750	7.93%	$	92,500	7.70%
Delayed Draw Term Facility	96,281		7.90%	—
Revolving Credit Facility	—			30,000		7.72%
Finance lease liabilities	827			1,076
Financing obligation	3,050			3,050
Less: Unamortized debt discount and deferred issuance costs	(1,426)			(1,231)
Total debt, net	197,482			125,395
Less: Current portion of long-term debt	(7,830)			(5,628)
Long-term debt, net	$	189,652		$	119,767

Schedule of Estimated Fair Value of the Outstanding Debt, Excluding Finance Lease Liabilities and Financing Obligations

The following table includes the carrying value and fair value of the Company’s debt as of the periods indicated:


	SEPTEMBER 29, 2024				DECEMBER 31, 2023
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Facility	$	98,750	$	98,324	$	92,500	$	92,201
Delayed Draw Term Facility	$	96,281	$	95,866	$	—	$	—
Revolving Credit Facility	$	—	$	—	$	30,000	$	29,897

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Accounts Receivable

9 Months Ended

Sep. 29, 2024

Receivables [Abstract]

Accounts Receivable

Accounts receivable consisted of the following:


(in thousands)	SEPTEMBER 29, 2024		DECEMBER 31, 2023
Receivable rebates from vendors	$	1,558	$	873
Receivables from third-party delivery providers	1,520		1,559
Receivables from franchisees	986		1,390
Receivables related to gift card sales	343		1,585
Other receivables	525		125
Total accounts receivable	$	4,932	$	5,532

Income Taxes (Tables)

9 Months Ended

Sep. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) and Effective Income Tax Rate


	THIRTEEN WEEKS ENDED						THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 29, 2024			SEPTEMBER 24, 2023			SEPTEMBER 29, 2024			SEPTEMBER 24, 2023
Income before income taxes	$	3,496		$	6,661		$	27,288		$	30,570
Income tax expense	$	(1,384)		$	(1,243)		$	(9,062)		$	(7,833)
Effective income tax rate	39.6		%	18.7		%	33.2		%	25.6		%

Leases - Supplemental Information Related to Leases (Details)	Sep. 29, 2024	Sep. 24, 2023
Weighted-average remaining lease term (in years)
Operating leases	13 years 4 months 24 days	14 years
Finance leases	3 years 6 months	2 years 8 months 12 days
Weighted-average discount rate
Operating leases	7.80%	8.40%
Finance leases	6.40%	7.20%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 216,367	$ 181,481
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	60,552,093	59,891,705
Common stock, shares outstanding (in shares)	60,552,093	59,891,705

Equity and Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 29, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
NUMBER OF OPTIONS
Options outstanding, beginning of period (in shares) \| shares	4,347,186
Options forfeited (in shares) \| shares	(33,286)
Options exercised (in shares) \| shares	(468,224)
Options outstanding, end of period (in shares) \| shares	3,845,676	4,347,186
Options exercisable, end of period (in shares) \| shares	3,513,980
WEIGHTED AVERAGE EXERCISE PRICE PER SHARE
Outstanding, beginning of period, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.22
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	12.84
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	10.77
Outstanding, end of period, weighted average exercise price (in dollars per share) \| $ / shares	10.13	$ 10.22
Exercisable, end of period, weighted average exercise price (in dollars per share) \| $ / shares	$ 9.89
AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, beginning of period, aggregate intrinsic value \| $	$ 42,965
Outstanding, end of period, aggregate intrinsic value \| $	21,616	$ 42,965
Exercisable, end of period, aggregate intrinsic value \| $	$ 20,571
WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (in years)
Outstanding, weighted average remaining contractual term	4 years 4 months 24 days	5 years 1 month 6 days
Exercisable, weighted average remaining contractual term	4 years 1 month 6 days

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Revenues:
Total revenues	$ 251,609	$ 219,212	$ 752,619	$ 646,918
Restaurant operating expenses (exclusive of depreciation and amortization shown below):
Food and beverage costs	55,865	48,709	163,852	143,028
Labor and other related expenses	83,756	73,137	247,332	212,312
Other restaurant operating expenses	38,891	33,694	113,232	97,572
Occupancy expenses	21,075	17,555	60,733	49,950
Pre-opening expenses	2,387	2,035	5,782	4,323
General and administrative expenses	27,680	25,179	82,527	73,168
Depreciation and amortization	15,153	10,434	41,960	28,992
Impairments and loss on disposal of assets	114	185	386	618
Transaction expenses, net	375	546	1,769	2,543
Total operating costs and expenses	245,296	211,474	717,573	612,506
Income from operations	6,313	7,738	35,046	34,412
Interest expense	(3,441)	(1,848)	(9,421)	(5,792)
Other income, net	624	771	1,663	1,950
Income before income taxes	3,496	6,661	27,288	30,570
Income tax expense	(1,384)	(1,243)	(9,062)	(7,833)
Net income	2,112	5,418	18,226	22,737
Net income	2,112	5,418	18,226	22,737
Other comprehensive income
Unrealized (loss) gain on derivatives	(3,560)	1,257	(2,421)	1,097
Income tax related to other comprehensive income	888	(272)	604	(272)
Comprehensive (loss) income	$ (560)	$ 6,403	$ 16,409	$ 23,562
Net income per common share - basic (in dollars per share)	$ 0.03	$ 0.09	$ 0.30	$ 0.38
Net income per common share - diluted (in dollars per share)	$ 0.03	$ 0.09	$ 0.29	$ 0.37
Weighted average common shares outstanding - basic (in shares)	60,428,016	59,646,027	60,275,167	59,424,989
Weighted average common shares outstanding - diluted (in shares)	61,851,127	61,562,524	62,343,751	61,016,105
Restaurant sales
Revenues:
Total revenues	$ 248,965	$ 215,495	$ 743,730	$ 636,050
Franchise revenues
Revenues:
Total revenues	$ 2,644	$ 3,717	$ 8,889	$ 10,868

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023
Leases [Abstract]
Operating cash flows - operating leases	$ 39,450	$ 31,707
Operating cash flows - finance leases	51	72
Financing cash flows - finance leases	$ 431	$ 394

Net Income Per Common Share (Tables)

9 Months Ended

Sep. 29, 2024

Earnings Per Share [Abstract]

Computations of Basic and Diluted Net Income (Loss) Per Common Share

The following table sets forth the computations of basic and diluted net income per common share:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands, except share and per share data)	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Numerator:
Net income	$	2,112	$	5,418	$	18,226	$	22,737
Denominator:
Weighted average common shares outstanding - basic	60,428,016		59,646,027		60,275,167		59,424,989
Weighted average common shares outstanding - diluted	61,851,127		61,562,524		62,343,751		61,016,105
Net income per common share - basic	$	0.03	$	0.09	$	0.30	$	0.38
Net income per common share - diluted	$	0.03	$	0.09	$	0.29	$	0.37
Stock options outstanding not included in diluted net income per common share as their effect is anti-dilutive	14,584		12,552		12,552		59,101
Restricted stock units outstanding not included in diluted net income per share as their effect is anti-dilutive	419,863		—		317,530		1,302

Revenues - Change in Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Changes in contract liabilities, deferred gift card revenue
Balance, beginning of period	$ 3,022	$ 3,154	$ 5,224	$ 4,897
Gift card sales	1,271	1,185	5,518	5,746
Gift card redemptions	(1,915)	(1,921)	(7,766)	(7,726)
Gift card breakage	(237)	(228)	(1,000)	(807)
Gift card liabilities assumed through acquisitions	0	180	165	260
Balance, end of period	2,141	2,370	2,141	2,370
Changes in contract liabilities, deferred franchise fee revenue
Balance, beginning of period	1,893	2,672	2,061	2,768
Cash received	32	36	439	175
Franchise revenues recognized	(57)	(150)	(219)	(307)
Business combinations - franchise revenues recognized	0	(323)	(413)	(401)
Balance, end of period	$ 1,868	$ 2,235	$ 1,868	$ 2,235

Equity and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended			9 Months Ended
	Jul. 03, 2023	Jun. 13, 2023	May 18, 2023	Sep. 29, 2024	Mar. 31, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023	Sep. 27, 2024	Dec. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering and registration costs					$ 0.5
Closing price of common stock on Nasdaq (in dollars per share)									$ 15.74	$ 20.10
Stock-based compensation expense				$ 2.1		$ 1.8	$ 6.4	$ 5.4
Share-based payment arrangement, expense, tax benefit				$ 0.1		$ 0.8	$ 1.6	1.3
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							467,175
Award vesting period							3 years
Restricted stock units \| Three Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							353,683
Restricted stock units \| One Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							41,896
Award vesting period							1 year
Restricted stock units \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							71,596
Annual vesting amount, percentage							50.00%
Restricted stock units \| Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting amount, percentage							50.00%
Secondary Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock sold (in shares)		3,000,000,000	3,500,000,000		6,900,000
Payments of stock issuance costs								$ 1.0
Over-Allotment Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock sold (in shares)	450,000,000		525,000,000		900,000

Cover - shares	9 Months Ended
Cover - shares	Sep. 29, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2024
Document Transition Report	false
Entity File Number	001-40866
Entity Registrant Name	First Watch Restaurant Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4271369
Entity Address, Address Line One	8725 Pendery Place
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Bradenton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34201
City Area Code	941
Local Phone Number	907-9800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	FWRG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,569,820
Entity Central Index Key	0001789940
Amendment Flag	false
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Net Income Per Common Share

9 Months Ended

Sep. 29, 2024

Earnings Per Share [Abstract]

Net Income Per Common Share

The following table sets forth the computations of basic and diluted net income per common share:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands, except share and per share data)	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Numerator:
Net income	$	2,112	$	5,418	$	18,226	$	22,737
Denominator:
Weighted average common shares outstanding - basic	60,428,016		59,646,027		60,275,167		59,424,989
Weighted average common shares outstanding - diluted	61,851,127		61,562,524		62,343,751		61,016,105
Net income per common share - basic	$	0.03	$	0.09	$	0.30	$	0.38
Net income per common share - diluted	$	0.03	$	0.09	$	0.29	$	0.37
Stock options outstanding not included in diluted net income per common share as their effect is anti-dilutive	14,584		12,552		12,552		59,101
Restricted stock units outstanding not included in diluted net income per share as their effect is anti-dilutive	419,863		—		317,530		1,302

Diluted net income per common share is calculated by adjusting the weighted average shares outstanding for the theoretical effect of potential common shares that would be issued for stock option awards outstanding and unvested as of the respective periods using the treasury method.

Leases

9 Months Ended

Sep. 29, 2024

Leases [Abstract]

Leases

The following table includes detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheet Classification	SEPTEMBER 29, 2024		DECEMBER 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	507,627	$	420,001
Finance lease assets	Property, fixtures and equipment, net	819		1,033
Total lease assets		$	508,446	$	421,034

Operating lease liabilities (1) - current	Current portion of operating lease liabilities	$	47,565	$	40,281
Operating lease liabilities - non-current	Operating lease liabilities	533,849		441,290
Finance lease liabilities - current	Current portion of long-term debt	424		628
Finance lease liabilities - non-current	Long-term debt, net	403		448
Total lease liabilities		$	582,241	$	482,647

_____________

(1) Excludes all variable lease expense.

The components of lease expense are as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Income Classification	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	18,269	$	14,492	$	51,021	$	40,933
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	4,816		4,438		14,242		12,444
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	134		126		395		380
Interest on lease liabilities	Interest expense	15		20		51		72
Total lease expense (1)		$	23,234	$	19,076	$	65,709	$	53,829

_____________

(1) Includes contingent rent expense of $0.4 million and $0.5 million during the thirteen weeks ended September 29, 2024 and September 24, 2023, respectively, and $1.3 million and $1.4 million for the thirty-nine weeks ended September 29, 2024 and September 24, 2023, respectively.

Supplemental cash flow information related to leases was as follows:


(in thousands)	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	39,450	$	31,707
Operating cash flows - finance leases	$	51	$	72
Financing cash flows - finance leases	$	431	$	394

Supplemental information related to leases was as follows:


	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Weighted-average remaining lease term (in years)
Operating leases	13.4		14.0
Finance leases	3.5		2.7
Weighted-average discount rate (1)
Operating leases	7.8	%	8.4	%
Finance leases	6.4	%	7.2	%

____________

(1) Based on the Company’s incremental borrowing rate.

As of September 29, 2024, future minimum lease payments for operating and finance leases consisted of the following:


(in thousands)	OPERATING LEASES		FINANCE LEASES
Fiscal year
2024	$	6,599	$	215
2025	61,194		300
2026	72,735		113
2027	72,034		102
2028	71,408		89
Thereafter	693,894		99
Total future minimum lease payments (1)	977,864		918
Less: imputed interest	(396,450)		(91)
Total present value of lease liabilities	$	581,414	$	827

_____________

(1) Excludes approximately $112.8 million of executed operating leases that have not commenced as of September 29, 2024.

Leases

The following table includes detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheet Classification	SEPTEMBER 29, 2024		DECEMBER 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	507,627	$	420,001
Finance lease assets	Property, fixtures and equipment, net	819		1,033
Total lease assets		$	508,446	$	421,034

Operating lease liabilities (1) - current	Current portion of operating lease liabilities	$	47,565	$	40,281
Operating lease liabilities - non-current	Operating lease liabilities	533,849		441,290
Finance lease liabilities - current	Current portion of long-term debt	424		628
Finance lease liabilities - non-current	Long-term debt, net	403		448
Total lease liabilities		$	582,241	$	482,647

_____________

(1) Excludes all variable lease expense.

The components of lease expense are as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Income Classification	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	18,269	$	14,492	$	51,021	$	40,933
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	4,816		4,438		14,242		12,444
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	134		126		395		380
Interest on lease liabilities	Interest expense	15		20		51		72
Total lease expense (1)		$	23,234	$	19,076	$	65,709	$	53,829

_____________

Supplemental cash flow information related to leases was as follows:


(in thousands)	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	39,450	$	31,707
Operating cash flows - finance leases	$	51	$	72
Financing cash flows - finance leases	$	431	$	394

Supplemental information related to leases was as follows:


	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Weighted-average remaining lease term (in years)
Operating leases	13.4		14.0
Finance leases	3.5		2.7
Weighted-average discount rate (1)
Operating leases	7.8	%	8.4	%
Finance leases	6.4	%	7.2	%

____________

(1) Based on the Company’s incremental borrowing rate.

As of September 29, 2024, future minimum lease payments for operating and finance leases consisted of the following:


(in thousands)	OPERATING LEASES		FINANCE LEASES
Fiscal year
2024	$	6,599	$	215
2025	61,194		300
2026	72,735		113
2027	72,034		102
2028	71,408		89
Thereafter	693,894		99
Total future minimum lease payments (1)	977,864		918
Less: imputed interest	(396,450)		(91)
Total present value of lease liabilities	$	581,414	$	827

_____________

(1) Excludes approximately $112.8 million of executed operating leases that have not commenced as of September 29, 2024.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 29, 2024
Accounting Policies [Abstract]
Fiscal Period	The Company reports financial information on a 52- or 53-week fiscal year ending on the last Sunday of each calendar year. The quarters ended September 29, 2024 and September 24, 2023 were 13-week periods.
Basis of Presentation	The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).
Consolidation	Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in the 2023 Form 10-K and include all adjustments necessary for the fair statement of the consolidated financial statements for the quarterly periods presented. The results of operations for quarterly periods are not necessarily indicative of the results to be expected for other quarterly periods or the entire fiscal year.
Use of Estimates	Use of Estimates The preparation of the unaudited interim consolidated financial statements in accordance with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates and such differences could be material.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable, accrued expenses and other current liabilities approximate their fair values due to their short-term maturities.
Interest Rate Swaps	Interest Rate Swaps As an element of the Company’s interest rate risk management strategy, Management uses interest rate swaps. The intent of these instruments is to reduce cash flow exposure to variability in future interest rates on the Company’s debt. Management has elected to designate and qualify the interest rate swaps as cash flow hedges. As such, the instruments are recorded on the balance sheet at fair value. Thereafter, gains or losses on the instruments are recognized in equity as changes to Other Comprehensive Income and subsequently reclassified into earnings at the time of the Company’s debt interest payments.
Summary of Recently Issued Accounting Pronouncements	Summary of Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. The new guidance requires that a public entity disclose, on an annual and interim basis, disaggregated expense information that is regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. The disclosures are also required for public entities that have a single reporting segment. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and should be adopted retrospectively. Early adoption is permitted. Management is currently evaluating the impact of this new standard. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements including disaggregated information about a reporting entity’s effective tax rate reconciliation as well as disaggregated information on income taxes paid. The new guidance is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. Management is currently evaluating the impact of this new standard. Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 29, 2024	Mar. 31, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023	Aug. 31, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate	39.60%		18.70%	33.20%	25.60%
Contingent consideration liability						$ 1.2
Release of contingent consideration		$ 0.6

CONSOLIDATED STATEMENTS OF CASH FLOWS - (Parenthetical)
$ in Thousands

9 Months Ended

Sep. 29, 2024

USD ($)

Leased assets obtained in exchange for new operating lease liabilities

$ 104,433

^[1]

Series of Individually Immaterial Business Acquisitions

Leased assets obtained in exchange for new operating lease liabilities

$ 28,100

[1]	Leased assets and liabilities obtained in fiscal 2024 include $28.1 million from business acquisitions.

Leases - Operating and Finance Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
OPERATING LEASES
2024	$ 6,599
2025	61,194
2026	72,735
2027	72,034
2028	71,408
Thereafter	693,894
Total future minimum lease payments	977,864
Less: imputed interest	(396,450)
Total present value of lease liabilities	581,414
FINANCE LEASES
2024	215
2025	300
2026	113
2027	102
2028	89
Thereafter	99
Total future minimum lease payments	918
Less: imputed interest	(91)
Total present value of lease liabilities	827	$ 1,076
Executed operating leases that have not commenced	$ 112,800

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, estimate of possible loss		$ 0.8
Loss contingency, damages paid, value	$ 0.7

Leases - Lease Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 507,627	$ 420,001
Finance lease assets	819	1,033
Total lease assets	508,446	421,034
Operating lease liabilities - current	47,565	40,281
Operating lease liabilities - non-current	533,849	441,290
Finance lease liabilities - current	424	628
Finance lease liabilities - non-current	403	448
Total lease liabilities	$ 582,241	$ 482,647
Property, fixtures and equipment, net	Property, fixtures and equipment, net of accumulated depreciation of $216,367 and $181,481, respectively	Property, fixtures and equipment, net of accumulated depreciation of $216,367 and $181,481, respectively
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt, net	Long-term debt, net

Revenues - Detail of Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred gift card revenue	$ 2,141	$ 5,224
Deferred franchise fee revenue - current	232	275
Total current deferred revenues	2,373	5,499
Deferred franchise fee revenue - non-current	$ 1,636	$ 1,786

Nature of Business and Organization - Additional Information (Details)	Sep. 29, 2024 state restaurant
Franchisor Disclosure [Line Items]
Number of states where company operates and franchises restaurants \| state	29
Company-owned restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	466
Franchise-owned restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	81

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 51,129	$ 49,632
Restricted cash	0	329
Accounts receivable	4,932	5,532
Inventory	5,329	5,381
Prepaid expenses	7,439	7,494
Derivative assets, current	0	457
Other current assets	4,180	2,365
Total current assets	73,009	71,190
Goodwill	398,565	359,883
Intangible assets, net	169,328	151,186
Operating lease right-of-use assets	507,627	420,001
Property, fixtures and equipment, net of accumulated depreciation of $216,367 and $181,481, respectively	333,054	263,082
Other long-term assets	3,374	1,703
Total assets	1,484,957	1,267,045
Current liabilities:
Accounts payable	6,874	6,324
Accrued liabilities	43,787	35,630
Accrued compensation	25,197	21,711
Deferred revenues	2,373	5,499
Current portion of operating lease liabilities	47,565	40,281
Current portion of long-term debt	7,830	5,628
Derivative liabilities, current	389	0
Total current liabilities	134,015	115,073
Operating lease liabilities	533,849	441,290
Long-term debt, net	189,652	119,767
Deferred income taxes	32,224	25,331
Derivative liabilities	2,921	1,346
Other long-term liabilities	3,165	2,954
Total liabilities	895,826	705,761
Commitments and contingencies (Note 12)
Equity:
Preferred stock; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding	0	0
Common stock; $0.01 par value; 300,000,000 shares authorized; 60,552,093 and 59,891,705 shares issued and outstanding at September 29, 2024 and December 31, 2023, respectively	606	599
Additional paid-in capital	645,530	634,099
Accumulated deficit	(54,521)	(72,747)
Accumulated other comprehensive loss	(2,484)	(667)
Total equity	589,131	561,284
Total liabilities and equity	$ 1,484,957	$ 1,267,045

Debt - Schedule of Estimated Fair Value of the Outstanding Debt, Excluding Finance Lease Liabilities and Financing Obligations (Details) - New Facilities - Line of Credit - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Term Facility
Debt Instrument [Line Items]
Carrying Value	$ 98,750	$ 92,500
Term Facility \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Fair Value	98,324	92,201
Delayed Draw Term Facility
Debt Instrument [Line Items]
Carrying Value	96,281	0
Delayed Draw Term Facility \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Fair Value	95,866	0
Revolving Credit Facility
Debt Instrument [Line Items]
Carrying Value	0	30,000
Revolving Credit Facility \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Fair Value	$ 0	$ 29,897

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
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+ Details

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 251,609	$ 219,212	$ 752,619	$ 646,918
Restaurant sales
Disaggregation of Revenue [Line Items]
Total revenues	248,965	215,495	743,730	636,050
In-restaurant dining sales
Disaggregation of Revenue [Line Items]
Total revenues	207,047	176,696	613,422	520,277
Third-party delivery sales
Disaggregation of Revenue [Line Items]
Total revenues	22,372	22,011	72,682	65,765
Take-out sales
Disaggregation of Revenue [Line Items]
Total revenues	19,546	16,788	57,626	50,008
Franchise revenues
Disaggregation of Revenue [Line Items]
Total revenues	2,644	3,717	8,889	10,868
Royalty and system fund contributions
Disaggregation of Revenue [Line Items]
Total revenues	2,587	3,244	8,257	10,160
Initial fees
Disaggregation of Revenue [Line Items]
Total revenues	57	150	219	307
Business combinations - revenues recognized
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 323	$ 413	$ 401

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Leases [Abstract]
Operating lease expense	$ 18,269	$ 14,492	$ 51,021	$ 40,933
Variable lease expense	4,816	4,438	14,242	12,444
Amortization of leased assets	134	126	395	380
Interest on lease liabilities	15	20	51	72
Total lease expense	23,234	19,076	65,709	53,829
Contingent rent	$ 400	$ 500	$ 1,300	$ 1,400

Accrued Liabilities

9 Months Ended

Sep. 29, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	SEPTEMBER 29, 2024		DECEMBER 31, 2023
Construction liabilities	$	16,988	$	13,944
Sales tax	7,110		6,163
Interest payable	3,926		401
Insurance liabilities	3,022		1,593
Utilities	2,202		1,657
Credit card fees	1,839		1,706
Property tax	1,663		922
Contingent rent	1,120		1,160
Common area maintenance	546		749
Acquisition-related liabilities	111		1,326
Other	5,260		6,009
Total accrued liabilities	$	43,787	$	35,630

Equity and Stock-Based Compensation - Schedule of Fair Value Non-vested Options at Grant Dates (Details)	9 Months Ended
	Sep. 29, 2024 $ / shares shares
NUMBER OF OPTIONS
Beginning balance (in shares) \| shares	1,234,031
Forfeited (in shares) \| shares	(33,286)
Vested (in shares) \| shares	(869,049)
Ending balance (in shares) \| shares	331,696
WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Beginning balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 7.36
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	4.70
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	7.80
Ending balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 6.46

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 24, 2023	Jun. 25, 2023	Mar. 26, 2023	Sep. 29, 2024	Sep. 24, 2023
Numerator
Net income	$ 2,112	$ 8,900	$ 7,214	$ 5,418	$ 7,959	$ 9,360	$ 18,226	$ 22,737
Denominator
Weighted average common shares outstanding - basic (in shares)	60,428,016			59,646,027			60,275,167	59,424,989
Weighted average common shares outstanding - diluted (in shares)	61,851,127			61,562,524			62,343,751	61,016,105
Net income per common share - basic (in dollars per share)	$ 0.03			$ 0.09			$ 0.30	$ 0.38
Net income per common share - diluted (in dollars per share)	$ 0.03			$ 0.09			$ 0.29	$ 0.37
Stock options
Denominator
Stock option awards outstanding not included in diluted net income per common share as their effect is anti-dilutive (in shares)	14,584			12,552			12,552	59,101
Restricted stock units
Denominator
Stock option awards outstanding not included in diluted net income per common share as their effect is anti-dilutive (in shares)	419,863			0			317,530	1,302

Accounts Receivable (Tables)

9 Months Ended

Sep. 29, 2024

Receivables [Abstract]

Accounts Receivable

Accounts receivable consisted of the following:


(in thousands)	SEPTEMBER 29, 2024		DECEMBER 31, 2023
Receivable rebates from vendors	$	1,558	$	873
Receivables from third-party delivery providers	1,520		1,559
Receivables from franchisees	986		1,390
Receivables related to gift card sales	343		1,585
Other receivables	525		125
Total accounts receivable	$	4,932	$	5,532

Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Receivables [Abstract]
Receivable rebates from vendors	$ 1,558	$ 873
Receivables from third-party delivery providers	1,520	1,559
Receivables from franchisees	986	1,390
Receivables related to gift card sales	343	1,585
Other receivables	525	125
Total accounts receivable	$ 4,932	$ 5,532

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Construction liabilities	$ 16,988	$ 13,944
Sales tax	7,110	6,163
Interest payable	3,926	401
Insurance liabilities	3,022	1,593
Utilities	2,202	1,657
Credit card fees	1,839	1,706
Property tax	1,663	922
Contingent rent	1,120	1,160
Common area maintenance	546	749
Acquisition-related liabilities	111	1,326
Other	5,260	6,009
Accrued liabilities	$ 43,787	$ 35,630

Nature of Business and Organization	9 Months Ended
Nature of Business and Organization	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Organization	Nature of Business and OrganizationFirst Watch Restaurant Group, Inc. (collectively with its wholly-owned subsidiaries, “the Company,” or “Management”) is a Delaware holding company. The Company operates and franchises restaurants in 29 states operating under the “First Watch” trade name, which are focused on made-to-order breakfast, brunch and lunch. The Company does not operate outside of the United States and all of its assets are located in the United States. As of September 29, 2024, the Company operated 466 company-owned restaurants and had 81 franchise-owned restaurants

Revenues (Tables)

9 Months Ended

Sep. 29, 2024

Revenue from Contract with Customer [Abstract]

Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following tables include a detail of liabilities from contracts with customers:


(in thousands)	SEPTEMBER 29, 2024		DECEMBER 31, 2023
Deferred revenues:
Deferred gift card revenue	$	2,141	$	5,224
Deferred franchise fee revenue - current	232		275
Total current deferred revenues	$	2,373	$	5,499
Other long-term liabilities:
Deferred franchise fee revenue - non-current	$	1,636	$	1,786

Changes in deferred gift card contract liabilities were as follows:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Deferred gift card revenue:
Balance, beginning of period	$	3,022	$	3,154	$	5,224	$	4,897
Gift card sales	1,271		1,185		5,518		5,746
Gift card redemptions	(1,915)		(1,921)		(7,766)		(7,726)
Gift card breakage	(237)		(228)		(1,000)		(807)
Gift card liabilities assumed through acquisitions	—		180		165		260
Balance, end of period	$	2,141	$	2,370	$	2,141	$	2,370

Changes in deferred franchise fee contract liabilities were as follows:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Deferred franchise fee revenue:
Balance, beginning of period	$	1,893	$	2,672	$	2,061	$	2,768
Cash received	32		36		439		175
Franchise revenues recognized	(57)		(150)		(219)		(307)
Business combinations - franchise revenues recognized	—		(323)		(413)		(401)
Balance, end of period	$	1,868	$	2,235	$	1,868	$	2,235

Disaggregation of Revenue

Revenues recognized disaggregated by type were as follows:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Restaurant sales:
In-restaurant dining sales	$	207,047	$	176,696	$	613,422	$	520,277
Third-party delivery sales	22,372		22,011		72,682		65,765
Take-out sales	19,546		16,788		57,626		50,008
Total restaurant sales	$	248,965	$	215,495	$	743,730	$	636,050

Franchise revenues:
Royalty and system fund contributions	$	2,587	$	3,244	$	8,257	$	10,160
Initial fees	57		150		219		307
Business combinations - revenues recognized	—		323		413		401
Total franchise revenues	2,644		3,717		8,889		10,868
Total revenues	$	251,609	$	219,212	$	752,619	$	646,918

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is subject to legal proceedings, claims and liabilities that arise in the ordinary course of business. The amount of the anticipated liability with respect to these matters was not material as of September 29, 2024. In the event any litigation losses become probable and estimable, the Company will recognize anticipated losses. Unclaimed Property The Company is subject to unclaimed or abandoned property (escheat) laws which require it to turn over to state governmental authorities the property of others held by the Company that has been unclaimed for specified periods of time. Property subject to escheat laws generally relates to uncashed checks, trade accounts receivable credits and unredeemed gift card balances. During the first quarter of 2022, the Company received a letter from the Delaware Secretary of State inviting the Company to participate in the Delaware Secretary of State’s Abandoned or Unclaimed Property Voluntary Disclosure Agreement Program to avoid being sent an audit notice by the Delaware Department of Finance. On August 31, 2022, the Company was accepted into Delaware’s Voluntary Disclosure Agreement Program, entitling it to certain benefits and protections offered to participants in the program. In 2023, the Company recorded $0.8 million in General and administrative expenses for this matter. In the second quarter of 2024, the Company paid $0.7 million to the State of Delaware to resolve escheat matters related to unclaimed gift card balances. The Company believes any additional payments to the State of Delaware to resolve the remaining escheat matters will not be significant. Management believes the Company is not currently required to remit any amounts relating to future unredeemed gift cards to states as the Company’s subsidiary that is the issuer of our gift cards was re-domiciled in Florida, which exempts gift cards from the abandoned and unclaimed property laws.

Leases (Tables)

9 Months Ended

Sep. 29, 2024

Leases [Abstract]

Supplemental Information Related to Leases

The following table includes detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheet Classification	SEPTEMBER 29, 2024		DECEMBER 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	507,627	$	420,001
Finance lease assets	Property, fixtures and equipment, net	819		1,033
Total lease assets		$	508,446	$	421,034

Operating lease liabilities (1) - current	Current portion of operating lease liabilities	$	47,565	$	40,281
Operating lease liabilities - non-current	Operating lease liabilities	533,849		441,290
Finance lease liabilities - current	Current portion of long-term debt	424		628
Finance lease liabilities - non-current	Long-term debt, net	403		448
Total lease liabilities		$	582,241	$	482,647

_____________

(1) Excludes all variable lease expense.

Supplemental information related to leases was as follows:


	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Weighted-average remaining lease term (in years)
Operating leases	13.4		14.0
Finance leases	3.5		2.7
Weighted-average discount rate (1)
Operating leases	7.8	%	8.4	%
Finance leases	6.4	%	7.2	%

____________

(1) Based on the Company’s incremental borrowing rate.

Supplemental Cash Flow Information

The components of lease expense are as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Income Classification	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	18,269	$	14,492	$	51,021	$	40,933
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	4,816		4,438		14,242		12,444
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	134		126		395		380
Interest on lease liabilities	Interest expense	15		20		51		72
Total lease expense (1)		$	23,234	$	19,076	$	65,709	$	53,829

_____________

Supplemental cash flow information related to leases was as follows:


(in thousands)	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	39,450	$	31,707
Operating cash flows - finance leases	$	51	$	72
Financing cash flows - finance leases	$	431	$	394

Operating Lease Maturity

As of September 29, 2024, future minimum lease payments for operating and finance leases consisted of the following:


(in thousands)	OPERATING LEASES		FINANCE LEASES
Fiscal year
2024	$	6,599	$	215
2025	61,194		300
2026	72,735		113
2027	72,034		102
2028	71,408		89
Thereafter	693,894		99
Total future minimum lease payments (1)	977,864		918
Less: imputed interest	(396,450)		(91)
Total present value of lease liabilities	$	581,414	$	827

_____________

(1) Excludes approximately $112.8 million of executed operating leases that have not commenced as of September 29, 2024.

Finance Lease Maturity

As of September 29, 2024, future minimum lease payments for operating and finance leases consisted of the following:


(in thousands)	OPERATING LEASES		FINANCE LEASES
Fiscal year
2024	$	6,599	$	215
2025	61,194		300
2026	72,735		113
2027	72,034		102
2028	71,408		89
Thereafter	693,894		99
Total future minimum lease payments (1)	977,864		918
Less: imputed interest	(396,450)		(91)
Total present value of lease liabilities	$	581,414	$	827

_____________

(1) Excludes approximately $112.8 million of executed operating leases that have not commenced as of September 29, 2024.

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 25, 2022		59,211,019
Beginning balance at Dec. 25, 2022	$ 523,135	$ 592	$ 620,675	$ (98,132)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,360			9,360
Stock-based compensation	1,497		1,497
Common stock issued under stock-based compensation plans, net (in shares)		73,571
Common stock issued under stock-based compensation plans, net	565	$ 1	564
Ending balance (in shares) at Mar. 26, 2023		59,284,590
Ending balance at Mar. 26, 2023	534,557	$ 593	622,736	(88,772)	0
Beginning balance (in shares) at Dec. 25, 2022		59,211,019
Beginning balance at Dec. 25, 2022	523,135	$ 592	620,675	(98,132)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,737
Ending balance (in shares) at Sep. 24, 2023		59,794,999
Ending balance at Sep. 24, 2023	557,091	$ 597	631,064	(75,395)	825
Beginning balance (in shares) at Mar. 26, 2023		59,284,590
Beginning balance at Mar. 26, 2023	534,557	$ 593	622,736	(88,772)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,959			7,959
Stock-based compensation	2,125		2,125
Common stock issued under stock-based compensation plans, net (in shares)		179,360
Common stock issued under stock-based compensation plans, net	1,356	$ 1	1,355
Other comprehensive income (loss), net of tax	(160)				(160)
Ending balance (in shares) at Jun. 25, 2023		59,463,950
Ending balance at Jun. 25, 2023	545,837	$ 594	626,216	(80,813)	(160)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,418			5,418
Stock-based compensation	1,764		1,764
Common stock issued under stock-based compensation plans, net (in shares)		331,049
Common stock issued under stock-based compensation plans, net	3,087	$ 3	3,084
Other comprehensive income (loss), net of tax	985				985
Ending balance (in shares) at Sep. 24, 2023		59,794,999
Ending balance at Sep. 24, 2023	$ 557,091	$ 597	631,064	(75,395)	825
Beginning balance (in shares) at Dec. 31, 2023	59,891,705	59,891,705
Beginning balance at Dec. 31, 2023	$ 561,284	$ 599	634,099	(72,747)	(667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,214			7,214
Stock-based compensation	1,866		1,866
Common stock issued under stock-based compensation plans, net (in shares)		480,826
Common stock issued under stock-based compensation plans, net	3,147	$ 5	3,142
Other comprehensive income (loss), net of tax	929				929
Ending balance (in shares) at Mar. 31, 2024		60,372,531
Ending balance at Mar. 31, 2024	$ 574,440	$ 604	639,107	(65,533)	262
Beginning balance (in shares) at Dec. 31, 2023	59,891,705	59,891,705
Beginning balance at Dec. 31, 2023	$ 561,284	$ 599	634,099	(72,747)	(667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 18,226
Common stock issued under stock-based compensation plans, net (in shares)	468,224
Ending balance (in shares) at Sep. 29, 2024	60,552,093	60,552,093
Ending balance at Sep. 29, 2024	$ 589,131	$ 606	645,530	(54,521)	(2,484)
Beginning balance (in shares) at Mar. 31, 2024		60,372,531
Beginning balance at Mar. 31, 2024	574,440	$ 604	639,107	(65,533)	262
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,900			8,900
Stock-based compensation	2,452		2,452
Common stock issued under stock-based compensation plans, net (in shares)		30,307
Common stock issued under stock-based compensation plans, net	66		66
Other comprehensive income (loss), net of tax	(74)				(74)
Ending balance (in shares) at Jun. 30, 2024		60,402,838
Ending balance at Jun. 30, 2024	585,784	$ 604	641,625	(56,633)	188
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,112			2,112
Stock-based compensation	2,076		2,076
Common stock issued under stock-based compensation plans, net (in shares)		149,255
Common stock issued under stock-based compensation plans, net	1,831	$ 2	1,829
Other comprehensive income (loss), net of tax	$ (2,672)				(2,672)
Ending balance (in shares) at Sep. 29, 2024	60,552,093	60,552,093
Ending balance at Sep. 29, 2024	$ 589,131	$ 606	$ 645,530	$ (54,521)	$ (2,484)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Business Acquisitions

9 Months Ended

Sep. 29, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Acquisitions

During the first and second quarters of 2024, the Company acquired, in two separate transactions, substantially all the assets associated with 22 franchise-operated First Watch restaurants. For both transactions, the purchase price was allocated to the fair value of the assets acquired and the liabilities assumed. The allocations were based on preliminary valuations and are subject to adjustment as additional information is available. The Company expects to finalize the valuation of these assets not later than one year from the respective acquisition date. Transaction costs of $1.5 million were incurred in relation to the acquisitions and were recorded to Transaction expenses, net within the Consolidated Statement of Operations and Comprehensive Income. The details of each acquisition are as follows:


(in thousands, except number of acquired restaurants)	JANUARY 22, 2024		APRIL 15, 2024
Number of acquired restaurants	1		21
Purchase consideration	$	3,002	$	75,119

Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	1	$	32
Inventory	$	15	$	213
Other assets	$	1	$	133
Property, fixtures and equipment	$	1,391	$	16,511
Reacquired rights	$	498	$	21,459
Operating right-of-use assets, net of lease positions and prepaid rent	$	1,251	$	26,199
Deferred revenues - gift card liabilities assumed	$	(5)	$	(160)
Operating lease liabilities	$	(1,247)	$	(26,853)
Goodwill	$	1,097	$	37,585

Goodwill reflects the value of expected synergies and assembled workforce, and was assigned to the Company’s single reporting unit. The Company will treat the transactions as asset acquisitions for income tax purposes, which allows for any goodwill recognized to be tax deductible and amortized over a 15-year statutory life.

The weighted average estimated useful life of the reacquired rights is 5.5 years.

Pro-forma financial information of the acquired restaurants for periods prior to the acquisition dates is not presented due to the immaterial impact on our consolidated financial statements.

Equity and Stock-Based Compensation

9 Months Ended

Sep. 29, 2024

Share-Based Payment Arrangement [Abstract]

Equity and Stock-Based Compensation

Equity transactions

During the first quarter of 2024, funds managed by the Company’s largest stockholder, Advent International, L.P. (“Advent”) sold 6,900,000 shares of the Company’s common stock through an underwritten secondary public offering, including 900,000 shares of common stock that were sold pursuant to the underwriter’s option to purchase additional shares, which was exercised in full. All net proceeds from the sale of the shares of common stock were distributed to the selling stockholders. The Company incurred approximately $0.5 million of costs in connection with the offerings that were recorded within Transaction expenses, net on the Consolidated Statements of Operations and Comprehensive Income (Loss).

During the second quarter of 2023, Advent sold 3,500,000 and 3,000,000 shares of the Company’s common stock through underwritten secondary public offerings that were completed on May 18, 2023 and June 13, 2023, respectively. The selling stockholders sold an additional 525,000 and 450,000 shares of common stock on May 18, 2023 and July 3, 2023, respectively, pursuant to the terms of the underwriter’s option associated with each secondary offering. All net proceeds from the sale of the shares of common stock were distributed to the selling stockholders. The Company incurred approximately $1.0 million of costs that were recorded within Transaction expenses, net on the Consolidated Statements of Operations and Comprehensive Income (Loss).

Stock option awards

There were no stock option awards granted during the thirty-nine weeks ended September 29, 2024. A summary of stock option activity during the thirty-nine weeks ended September 29, 2024 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)		WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (in years)
Outstanding, December 31, 2023	4,347,186	$	10.22	$	42,965	5.1
Forfeited	(33,286)	$	12.84
Exercised	(468,224)	$	10.77
Outstanding, September 29, 2024	3,845,676	$	10.13	$	21,616	4.4

Exercisable, September 29, 2024	3,513,980	$	9.89	$	20,571	4.1

The aggregate intrinsic value is based on the difference between the exercise price of the stock option and the closing price of the Company’s common stock on Nasdaq on the last trading day of the period.

A summary of the non-vested stock option activity during the thirty-nine weeks ended September 29, 2024 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Nonvested, December 31, 2023	1,234,031	$	7.36
Forfeited	(33,286)	$	4.70
Vested	(869,049)	$	7.80
Nonvested, September 29, 2024	331,696	$	6.46

Restricted stock units

During the thirty-nine weeks ended September 29, 2024, a total of 467,175 restricted stock units (“RSUs”) were granted. Of the total RSUs granted, 353,683 will vest ratably over a period of three years from grant date, 41,896 will vest one year from the grant date, and the remaining 71,596 will vest 50% on the second anniversary of the grant date and 50% on the third anniversary of grant date. A summary of the Company’s RSU activity during the thirty-nine weeks ended September 29, 2024 is as follows:


	RESTRICTED STOCK UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, December 31, 2023	521,042	$	15.71	$	10,473
Granted	467,175	$	24.21
Forfeited	(33,393)	$	19.46
Vested	(192,164)	$	15.93
Outstanding, September 29, 2024	762,660	$	20.69	$	12,004

The aggregate intrinsic value is based on the closing price of the Company’s common stock on Nasdaq of $15.74 and $20.10 on September 27, 2024 and December 29, 2023, the last trading days for the periods, respectively.

Stock-based compensation expense was $2.1 million and $1.8 million during the thirteen weeks ended September 29, 2024 and September 24, 2023, respectively, and $6.4 million and $5.4 million during the thirty-nine weeks ended September 29, 2024 and September 24, 2023, respectively.

The total related income tax benefit for stock-based compensation expense was $0.1 million and $0.8 million during the thirteen weeks ended September 29, 2024 and September 24, 2023, and $1.6 million and $1.3 million during the thirty-nine weeks ended September 29, 2024 and September 24, 2023, respectively.

Unrecognized stock-based compensation expense

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of September 29, 2024:


	UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)		REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Stock options	$	1,034	0.5
Restricted stock units	$	12,243	1.9

Revenues

9 Months Ended

Sep. 29, 2024

Revenue from Contract with Customer [Abstract]

Revenues

The following tables include a detail of liabilities from contracts with customers:


(in thousands)	SEPTEMBER 29, 2024		DECEMBER 31, 2023
Deferred revenues:
Deferred gift card revenue	$	2,141	$	5,224
Deferred franchise fee revenue - current	232		275
Total current deferred revenues	$	2,373	$	5,499
Other long-term liabilities:
Deferred franchise fee revenue - non-current	$	1,636	$	1,786

Changes in deferred gift card contract liabilities were as follows:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Deferred gift card revenue:
Balance, beginning of period	$	3,022	$	3,154	$	5,224	$	4,897
Gift card sales	1,271		1,185		5,518		5,746
Gift card redemptions	(1,915)		(1,921)		(7,766)		(7,726)
Gift card breakage	(237)		(228)		(1,000)		(807)
Gift card liabilities assumed through acquisitions	—		180		165		260
Balance, end of period	$	2,141	$	2,370	$	2,141	$	2,370

Changes in deferred franchise fee contract liabilities were as follows:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Deferred franchise fee revenue:
Balance, beginning of period	$	1,893	$	2,672	$	2,061	$	2,768
Cash received	32		36		439		175
Franchise revenues recognized	(57)		(150)		(219)		(307)
Business combinations - franchise revenues recognized	—		(323)		(413)		(401)
Balance, end of period	$	1,868	$	2,235	$	1,868	$	2,235

Revenues recognized disaggregated by type were as follows:


	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 29, 2024		SEPTEMBER 24, 2023		SEPTEMBER 29, 2024		SEPTEMBER 24, 2023
Restaurant sales:
In-restaurant dining sales	$	207,047	$	176,696	$	613,422	$	520,277
Third-party delivery sales	22,372		22,011		72,682		65,765
Take-out sales	19,546		16,788		57,626		50,008
Total restaurant sales	$	248,965	$	215,495	$	743,730	$	636,050

Franchise revenues:
Royalty and system fund contributions	$	2,587	$	3,244	$	8,257	$	10,160
Initial fees	57		150		219		307
Business combinations - revenues recognized	—		323		413		401
Total franchise revenues	2,644		3,717		8,889		10,868
Total revenues	$	251,609	$	219,212	$	752,619	$	646,918

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details