0001789940-25-000010 | 10-K | XBRL Viewer | First Watch Restaurant Group INC

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Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Construction liabilities	$ 16,769	$ 13,944
Sales tax	7,919	6,163
Self-insurance, general liability and workers’ compensation reserves	2,521	1,593
Utilities	2,156	1,657
Credit card fees	1,973	1,706
Contingent rent	1,058	1,160
Property tax	830	922
Common area maintenance	618	749
Interest payable	267	401
Other	5,496	7,335
Total accrued liabilities	$ 39,607	$ 35,630

Income Taxes (Tables)

12 Months Ended

Dec. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consisted of the following:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Current provision:
Federal	$	(326)	$	(217)	$	—
State	(1,952)		(2,158)		(1,007)
Total current provision	(2,278)		(2,375)		(1,007)
Deferred provision:
Federal	(7,031)		(8,896)		(4,562)
State	208		581		(115)
Total deferred provision	(6,823)		(8,315)		(4,677)
Income tax expense	$	(9,101)	$	(10,690)	$	(5,684)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	FISCAL YEAR
	2024		2023		2022
Income taxes at federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax effect	5.9		5.8		12.5
FICA tip credit	(30.3)		(19.9)		(44.2)
Other tax credits	(0.2)		—		—
Valuation allowance for federal and state	34.1		17.6		46.7
Stock-based compensation	1.8		3.4		4.2
Secondary Offerings - costs	1.0		0.6		3.2
Other permanent items	0.4		0.5		0.6
Rate change	(0.5)		0.6		1.7
Other	(0.7)		—		(0.6)
Total	32.5	%	29.6	%	45.1	%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities were as follows:


(in thousands)	DECEMBER 29, 2024		DECEMBER 31, 2023
Deferred income tax assets
FICA tip credit	$	59,671	$	49,946
State tax credits	48		—
Net operating loss	17,462		22,964
Operating lease liabilities	155,540		123,718
Organizational costs	520		477
Interest limitation	416		383
Accrued compensation	2,781		2,758
Deferred revenues	492		522
Stock-based compensation	3,512		3,552
Research expenses	590		393
Interest rate swaps	146		221
Other	1,748		1,272
Valuation allowance	(57,664)		(48,111)
Total deferred income tax assets	185,262		158,095
Deferred income tax liabilities
Operating lease right-of-use assets	(132,054)		(104,810)
Depreciation	(48,303)		(41,583)
Intangible assets	(37,123)		(37,033)
Total deferred income tax liabilities	(217,480)		(183,426)
Net deferred income tax liabilities	$	(32,218)	$	(25,331)

Summary of Tax Credit Carryforwards

The amount and expiration dates of tax carryforwards as of December 29, 2024 are as follows:


(in thousands)	EXPIRATION DATE	AMOUNT
Federal net operating loss carryforwards	Indefinite	$	77,780
General business tax credits (carried forward 20 years)	2028 - 2044	$	59,842

Summary of Valuation Allowance

Changes in the deferred tax asset valuation allowance were as follows:


	(in thousands)
Balance as of December 26, 2021	$	(35,863)
Increase	(5,891)
Balance as of December 25, 2022	(41,754)
Increase	(6,357)
Balance as of December 31, 2023	(48,111)
Increase	(9,553)
Balance as of December 29, 2024	$	(57,664)

Transaction Expenses (Income), Net (Tables)

12 Months Ended

Dec. 29, 2024

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

Schedule of Transaction (Income) Expenses, Net

Transaction expenses (income), net consisted of the following:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Acquisition-related costs	1,595		$	2,062	$	—
Secondary offering costs	$	1,259	1,031		1,957
Credit Agreement modification	268		127		—
Contingent consideration liability revaluation	(612)		—		165
(Gain) Loss, net on restaurant closures/relocations	13		(73)		391
Other	64		—		—
Total transaction expenses (income), net	$	2,587	$	3,147	$	2,513

Accounts Receivable

12 Months Ended

Dec. 29, 2024

Receivables [Abstract]

Accounts Receivable

Accounts receivable consisted of the following:


(in thousands)	DECEMBER 29, 2024		DECEMBER 31, 2023
Receivables from third-party delivery providers	$	1,445	$	1,559
Receivables from franchisees	987		1,390
Receivables from vendors	1,657		873
Receivables related to gift card sales	1,683		1,585
Other receivables	1,463		125
Total accounts receivable	$	7,235	$	5,532

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 33,312	$ 49,632
Restricted cash	0	329
Accounts receivable	7,235	5,532
Inventory	6,117	5,381
Prepaid expenses	7,008	7,494
Derivative assets, current	20	457
Other current assets	2,184	2,365
Total current assets	55,876	71,190
Goodwill	398,565	359,883
Intangible assets, net	167,596	151,186
Operating lease right-of-use assets	527,674	420,001
Property, fixtures and equipment, net of accumulated depreciation of $229,227 and $181,481, respectively	361,394	263,082
Other long-term assets	3,251	1,703
Total assets	1,514,356	1,267,045
Current liabilities:
Accounts payable	6,961	6,324
Accrued liabilities	39,607	35,630
Accrued compensation and deferred payroll taxes	21,244	21,711
Deferred revenues	5,623	5,499
Current portion of operating lease liabilities	55,704	40,281
Current portion of long-term debt	9,228	5,628
Interest rate swap liabilities, current	105	0
Total current liabilities	138,472	115,073
Operating lease liabilities	555,576	441,290
Long-term debt, net	189,043	119,767
Deferred income taxes	32,218	25,331
Derivative liabilities	503	1,346
Other long-term liabilities	3,155	2,954
Total liabilities	918,967	705,761
Commitments and contingencies (Note 18)
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; 60,700,090 and 59,891,705 shares issued and outstanding at December 29, 2024 and December 31, 2023, respectively	607	599
Additional paid-in capital	649,045	634,099
Accumulated deficit	(53,822)	(72,747)
Accumulated other comprehensive loss	(441)	(667)
Total equity	595,389	561,284
Total liabilities and equity	$ 1,514,356	$ 1,267,045

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

12 Months Ended

Dec. 29, 2024

Dec. 31, 2023

Dec. 25, 2022

Cash flows from operating activities:

Net income

$ 18,925

$ 25,385

$ 6,907

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

Depreciation and amortization

57,715

41,223

34,230

Stock-based compensation

8,525

7,604

10,374

Non-cash operating lease costs

26,584

19,595

16,122

Non-cash portion of gain on lease modifications

(5)

(123)

(83)

Deferred income taxes

6,823

8,315

4,677

Amortization of debt discount and deferred issuance costs

567

452

445

Non-cash loss on extinguishments and modifications of debt

358

Impairments and loss on disposal of assets

525

1,359

920

Gain on insurance proceeds

(34)

(1,198)

(219)

Changes in assets and liabilities:

Accounts receivable

(1,703)

632

(1,714)

Inventory

(508)

(62)

(1,005)

Prepaid expenses

509

(1,671)

(123)

Other assets, current and long-term

111

(2,342)

1,072

Accounts payable

637

(1,301)

(3,470)

Accrued liabilities and other long-term liabilities

2,648

6,082

4,739

Accrued compensation and deferred payroll taxes, current and long-term

(467)

3,812

(3,297)

Deferred revenues, current and long-term

(136)

(657)

719

Operating lease liabilities

(5,142)

(11,399)

(7,048)

Other liabilities

(259)

(368)

(309)

Net cash provided by operating activities

115,673

95,338

62,937

Cash flows from investing activities:

Capital expenditures

(127,949)

(84,527)

(62,219)

Business acquisitions, net of cash acquired

(78,638)

(39,880)

Purchase of intangible assets

(100)

(161)

(1,111)

Insurance proceeds

1,198

219

Net cash used in investing activities

(206,653)

(123,370)

(63,111)

Cash flows from financing activities:

Proceeds from borrowings on revolving credit facility

22,500

30,000

Repayments of long-term debt, including finance lease liabilities

(96,793)

(6,183)

(2,389)

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

6,429

5,827

1,425

Repayments of note payable

(1,376)

(2,868)

Note payable borrowing

1,892

Proceeds from issuance of long-term debt

197,500

Repayments of borrowings on revolving credit facility

(52,500)

Contingent consideration payment

(375)

(198)

(78)

Payment of debt discount and deferred issuance costs

(2,430)

Net cash provided by (used in) financing activities

74,331

28,070

(2,018)

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

(16,649)

(2,192)

Cash and cash equivalents and restricted cash:

Beginning of period

49,961

49,923

52,115

End of period

33,312

49,961

49,923

Supplemental cash flow information:

Cash paid for interest, net of amounts capitalized

12,328

8,725

3,368

Cash paid for income taxes, net of refunds

3,108

1,952

915

Supplemental disclosures of non-cash investing and financing activities:

Leased assets obtained in exchange for new operating lease liabilities

^[1]

129,105

88,819

45,979

Leased assets obtained in exchange for new finance lease liabilities

2,143

249

127

Remeasurements and terminations of operating lease assets and lease liabilities

5,797

(898)

(2,563)

Remeasurements and terminations of finance lease assets and lease liabilities

(48)

(197)

Increase in liabilities from acquisition of property, fixtures and equipment

2,825

7,036

2,463

Leased assets obtained in exchange for new operating lease liabilities

^[1]

129,105

88,819

$ 45,979

Series of Individually Immaterial Business Acquisitions

Supplemental disclosures of non-cash investing and financing activities:

Leased assets obtained in exchange for new operating lease liabilities

28,100

24,000

Leased assets obtained in exchange for new operating lease liabilities

$ 28,100

$ 24,000

[1]	Leased assets and liabilities obtained in Fiscal 2024 and 2023 include $28.1 million and $24.0 million from business acquisitions.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Pay vs Performance Disclosure
Net income	$ 18,925	$ 25,385	$ 6,907

- 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

Interest Rate Swaps (Details) - Interest Rate Swap $ in Millions	12 Months Ended
	Dec. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 17, 2024 USD ($) derivative	Jun. 23, 2023 USD ($)
Derivative [Line Items]
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	$ 1.0	$ 0.5
Cash flow hedge gain (loss) to be reclassified within 12 months	$ (0.2)

Leases

12 Months Ended

Dec. 29, 2024

Leases [Abstract]

Leases

The following table includes a detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheets Classification	DECEMBER 29, 2024		DECEMBER 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	527,674	$	420,001
Finance lease assets	Property, fixtures and equipment, net	2,724		1,033
Total lease assets		$	530,398	$	421,034

Operating lease liabilities (1) - current	Current portion of operating lease liabilities	55,704		40,281
Operating lease liabilities - non-current	Operating lease liabilities	555,576		441,290
Finance lease liabilities - current	Current portion of long-term debt	587		628
Finance lease liabilities - non-current	Long-term debt, net	2,179		448
Total lease liabilities		$	614,046	$	482,647

_____________

(1) Excludes all variable lease expense.

The components of lease expense were as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Income (Loss) Classification	FISCAL YEAR
		2024		2023		2022
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	69,908	$	56,129	$	49,620
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	19,249		17,158		14,642
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	539		507		521
Interest on lease liabilities	Interest expense	64		92		130
Total lease expense (1)		$	89,760	$	73,886	$	64,913

_____________

(1) Includes contingent rent expense of $1.8 million and $2.1 million and $1.6 million during Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.

Supplemental cash flow information related to leases was as follows:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	48,467	$	47,930	$	39,546
Operating cash flows - finance leases	$	64	$	92	$	130
Financing cash flows - finance leases	$	590	$	558	$	514

Supplemental information related to leases was as follows:


	FISCAL YEAR
	2024		2023
Weighted-average remaining lease term (in years)
Operating leases	13.3		13.8
Finance leases	15.0		2.8
Weighted-average discount rate (1)
Operating leases	7.7	%	8.3	%
Finance leases	6.2	%	6.9	%

____________

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

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


(in thousands)	OPERATING LEASES		FINANCE LEASES
FISCAL YEAR
2025	$	57,876	$	603
2026	75,245		(861)
2027	75,376		378
2028	74,728		365
2029	74,392		343
Thereafter	656,547		4,477
Total future minimum lease payments (1)	1,014,164		5,305
Less: imputed interest	(402,884)		(2,539)
Total present value of lease liabilities	$	611,280	$	2,766

_____________

(1) Excludes approximately $116.1 million of executed operating leases that have not commenced as of December 29, 2024.

Sale-Leaseback Transactions

In 2015, Management entered into an agreement relating to the sale and leaseback of the land for use in restaurant operations and received cash proceeds of $3.1 million. As the Company had continuing involvement with the property, the sale of the land did not qualify for sale accounting. As a result, the cash proceeds were recorded as a financing obligation. The balance of the financing obligation was $3.1 million as of December 29, 2024 and December 31, 2023.

Leases

The following table includes a detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheets Classification	DECEMBER 29, 2024		DECEMBER 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	527,674	$	420,001
Finance lease assets	Property, fixtures and equipment, net	2,724		1,033
Total lease assets		$	530,398	$	421,034

Operating lease liabilities (1) - current	Current portion of operating lease liabilities	55,704		40,281
Operating lease liabilities - non-current	Operating lease liabilities	555,576		441,290
Finance lease liabilities - current	Current portion of long-term debt	587		628
Finance lease liabilities - non-current	Long-term debt, net	2,179		448
Total lease liabilities		$	614,046	$	482,647

_____________

(1) Excludes all variable lease expense.

The components of lease expense were as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Income (Loss) Classification	FISCAL YEAR
		2024		2023		2022
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	69,908	$	56,129	$	49,620
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	19,249		17,158		14,642
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	539		507		521
Interest on lease liabilities	Interest expense	64		92		130
Total lease expense (1)		$	89,760	$	73,886	$	64,913

_____________

(1) Includes contingent rent expense of $1.8 million and $2.1 million and $1.6 million during Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.

Supplemental cash flow information related to leases was as follows:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	48,467	$	47,930	$	39,546
Operating cash flows - finance leases	$	64	$	92	$	130
Financing cash flows - finance leases	$	590	$	558	$	514

Supplemental information related to leases was as follows:


	FISCAL YEAR
	2024		2023
Weighted-average remaining lease term (in years)
Operating leases	13.3		13.8
Finance leases	15.0		2.8
Weighted-average discount rate (1)
Operating leases	7.7	%	8.3	%
Finance leases	6.2	%	6.9	%

____________

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

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


(in thousands)	OPERATING LEASES		FINANCE LEASES
FISCAL YEAR
2025	$	57,876	$	603
2026	75,245		(861)
2027	75,376		378
2028	74,728		365
2029	74,392		343
Thereafter	656,547		4,477
Total future minimum lease payments (1)	1,014,164		5,305
Less: imputed interest	(402,884)		(2,539)
Total present value of lease liabilities	$	611,280	$	2,766

_____________

(1) Excludes approximately $116.1 million of executed operating leases that have not commenced as of December 29, 2024.

Sale-Leaseback Transactions

Revenues - Detail of Contract Liabilities (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred gift card revenue	$ 5,385	$ 5,224
Deferred franchise fee revenue - current	238	275
Total current deferred revenues	5,623	5,499
Deferred franchise fee revenue - non-current	$ 1,691	$ 1,786

Stock-Based Compensation - Schedule of Nonvested Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 25, 2022
WEIGHTED AVERAGE GRANT DATE FAIR VALUE
Granted, weighted average grant date fair value (in dollars per share)		$ 6.81
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested options, beginning balance (in shares)	521,042
Granted (in shares)	475,328
Options vested (in shares)	(197,427)
Options forfeited (in shares)	(39,222)
Nonvested options, ending balance (in shares)	759,721
WEIGHTED AVERAGE GRANT DATE FAIR VALUE
Nonvested grant date fair value, beginning balance (in dollars per share)	$ 15.71
Granted, weighted average grant date fair value (in dollars per share)	24.08
Options vested, grant date fair value (in dollars per share)	16.02
Options forfeited, grant date fair value (in dollars per share)	19.54
Nonvested grant date fair value, ending balance (in dollars per share)	$ 20.67
AGGREGATE INTRINSIC VALUE (in thousands)
Beginning balance outstanding, aggregate intrinsic value	$ 10,473
Ending outstanding, aggregate intrinsic value	$ 14,207

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Deferred income tax assets
FICA tip credit	$ 59,671	$ 49,946
State tax credits	48	0
Net operating loss	17,462	22,964
Operating lease liabilities	155,540	123,718
Organizational costs	520	477
Interest limitation	416	383
Accrued compensation	2,781	2,758
Deferred revenues	492	522
Stock-based compensation	3,512	3,552
Research expenses	590	393
Interest rate swaps	146	221
Other	1,748	1,272
Valuation allowance	(57,664)	(48,111)	$ (41,754)	$ (35,863)
Total deferred income tax assets	185,262	158,095
Deferred income tax liabilities
Operating lease right-of-use assets	(132,054)	(104,810)
Depreciation	(48,303)	(41,583)
Intangible assets	(37,123)	(37,033)
Total deferred income tax liabilities	(217,480)	(183,426)
Net deferred income tax liabilities	$ (32,218)	$ (25,331)

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 29, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Business Acquisitions On November 8, 2024, the Company executed an asset purchase agreement to acquire 16 restaurants from a franchisee, together with other associated assets, including, but not limited to, franchise and development rights for cash of approximately $49.0 million. On February 12, 2025, the Company executed an asset purchase agreement to acquire 3 restaurants from a franchisee, together with other associated assets, including, but not limited to, franchise and development rights for cash of approximately $7.0 million. The closing dates of the purchases are subject to the satisfaction of certain customary closing conditions set forth in the respective asset purchase agreements.

Leases - Sale-Leaseback Transactions - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 27, 2015
Leases [Abstract]
Sale and leaseback transaction, cash proceed			$ 3,100,000
Sale leaseback transaction, finance obligation	$ 3,100,000	$ 3,100,000

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Revenues:
Total revenues	$ 1,015,910	$ 891,551	$ 730,162
Less:
Food and beverage costs	223,097	197,374	172,561
Labor and other related expenses	335,038	294,010	238,257
Other restaurant operating expenses	151,968	134,477	114,476
Occupancy expenses	82,694	68,400	59,919
Pre-opening expenses	10,109	7,173	5,414
Stock-based compensation	8,500	7,600	10,400
General and administrative expenses	113,270	103,121	84,959
Depreciation and amortization	57,715	41,223	34,230
Interest expense	(12,640)	(8,063)	(5,232)
Other income, net	1,759	2,871	910
Income tax expense	(9,101)	(10,690)	(5,684)
Net income	18,925	25,385	6,907
Reportable Segment
Revenues:
Total revenues	1,015,910	891,551	730,162
Less:
Food and beverage costs	223,097	197,374	172,561
Labor and other related expenses	335,038	294,010	238,257
Other restaurant operating expenses	151,968	134,477	114,476
Occupancy expenses	82,694	68,400	59,919
Pre-opening expenses	10,109	7,173	5,414
Stock-based compensation	8,525	7,604	10,374
General and administrative expenses	104,745	95,517	74,585
Depreciation and amortization	57,715	41,223	34,230
Other segment items	3,112	4,506	3,433
Interest expense	(12,640)	(8,063)	(5,232)
Other income, net	(1,759)	(2,871)	(910)
Income tax expense	(9,101)	(10,690)	(5,684)
Net income	$ 18,925	$ 25,385	$ 6,907

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Leases [Abstract]
Operating lease expense	$ 69,908	$ 56,129	$ 49,620
Variable lease expense	19,249	17,158	14,642
Amortization of leased assets	539	507	521
Interest on lease liabilities	64	92	130
Total lease expense	89,760	73,886	64,913
Contingent rent expense	$ 1,800	$ 2,100	$ 1,600

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 29, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Roll Forward

The following table summarizes stock option activity for Fiscal 2024:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE		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	(35,211)	$	12.82
Exercised	(610,958)	$	10.52
Outstanding, December 29, 2024	3,701,017	$	10.14	$	31,676	4.1

Exercisable, December 29, 2024	3,376,772	$	9.90	$	29,721	3.8

Schedule of Fair Value Non-vested Options at Grant Dates

A summary of the non-vested stock option activity during Fiscal 2024 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE
Nonvested, December 31, 2023	1,234,031	$	7.36
Vested	(874,575)	$	7.76
Forfeited	(35,211)	$	4.82
Nonvested, December 29, 2024	324,245	$	6.55

Details of Weighted-Average Grant-Date Fair Values and Assumptions Used for Estimating Fair Values

The assumptions utilized to estimate the grant date fair value of these awards granted in Fiscal 2022 were as follows:


Weighted average expected term (years)	6.5
Weighted average expected volatility	52.4	%
Risk-free interest rate	2.6	%
Expected dividend yield	—

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes RSU activity for Fiscal 2024:


	RESTRICTED STOCK UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, December 31, 2023	521,042	$	15.71	$	10,473
Granted	475,328	$	24.08
Vested	(197,427)	$	16.02
Forfeited	(39,222)	$	19.54
Outstanding, December 29, 2024	759,721	$	20.67	$	14,207

Schedule of Unrecognized Stock-based Compensation Expense

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


	UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)		REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Stock options	$	509	0.3
Restricted stock units	$	10,647	1.7

Debt - Narrative (Details) - USD ($)										12 Months Ended
Debt - Narrative (Details) - USD ($)	Nov. 08, 2024	Apr. 15, 2024	Apr. 12, 2024	Jan. 22, 2024	Jan. 05, 2024	Nov. 13, 2023	Aug. 09, 2023	Jun. 26, 2023	May 01, 2023	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022	Oct. 06, 2021
Debt Instrument [Line Items]
Proceeds from borrowings on revolving credit facility										$ 22,500,000	$ 30,000,000	$ 0
Letters of credit outstanding, amount										1,700,000	1,100,000
Letters of credit draws, amount										$ 0	$ 0
Series of Individually Immaterial Business Acquisitions
Debt Instrument [Line Items]
Purchase price (cash)	$ 49,000,000	$ 75,119,000		$ 3,002,000		$ 9,568,000	$ 14,129,000	$ 8,651,000	$ 8,177,000
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 \| Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage										0.375%
Term Facility \| New Facilities \| Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage										0.50%
Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity													$ 100,000,000.0
Debt instrument, amortization cost, percentage of principal amount										1.90%
Term Facility \| New Facilities \| Line of Credit \| Fiscal Year 2025
Debt Instrument [Line Items]
Debt instrument, amortization cost, percentage of principal amount										4.40%
Term Facility \| New Facilities \| Line of Credit \| Fiscal Year 2026
Debt Instrument [Line Items]
Debt instrument, amortization cost, percentage of principal amount										5.00%
Term Facility \| New Facilities \| Line of Credit \| Fiscal Year 2027
Debt Instrument [Line Items]
Debt instrument, amortization cost, percentage of principal amount										6.90%
Term Facility \| New Facilities \| Line of Credit \| Fiscal Year 2028
Debt Instrument [Line Items]
Debt instrument, amortization cost, percentage of principal amount										9.40%
Revolving Credit Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity													$ 75,000,000.0
New Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 100,000,000.0
New Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					125,000,000.0
New Revolving Credit Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					75,000,000.0
Line of credit facility, increase (decrease), net					50,000,000.0
Repayments of lines of credit			$ 22,500,000
New Delayed Draw Term Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 125,000,000.0
Proceeds from borrowings on revolving credit facility			$ 97,500,000
New Delayed Draw Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, expiration period					18 months

Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 359,883	$ 345,219
Additions - acquisitions	38,682	14,664
Goodwill, ending balance	$ 398,565	$ 359,883

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Business Acquisitions - Narrative (Details) - restaurant								12 Months Ended
	Nov. 08, 2024	Apr. 15, 2024	Jan. 22, 2024	Nov. 13, 2023	Aug. 09, 2023	Jun. 26, 2023	May 01, 2023	Dec. 29, 2024	Dec. 31, 2023
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of acquired restaurants	16	21	1	6	6	5	6	22	23

Revenues - Schedule of Deferred Revenues Expected to be Recognized (Details) $ in Thousands	Dec. 29, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 5,623
Performance obligations expected to be satisfied in	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 287
Performance obligations expected to be satisfied in	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 258
Performance obligations expected to be satisfied in	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 236
Performance obligations expected to be satisfied in	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 199
Performance obligations expected to be satisfied in	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 711
Performance obligations expected to be satisfied in

Business Acquisitions

12 Months Ended

Dec. 29, 2024

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

Business Acquisitions

During Fiscal 2024, the Company acquired substantially all the assets associated with 22 franchise operated First Watch restaurants. The purchase price was allocated to the fair value of assets acquired and liabilities assumed, which are based on preliminary valuations and are subject to adjustment as additional information is available.

The details of each acquisition are as follows:


	DATE OF ACQUISITION
(dollars in thousands)	JANUARY 22, 2024		APRIL 15, 2024
Number of acquired restaurants	1		21
Number of acquired restaurants under development	—		—
Purchase price (cash)	$	3,002	$	75,119
Transaction costs incurred	$	211	$	1,328
Deferred franchise fees recognized as a result of termination of pre-existing franchise agreement	$	30	$	383
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
Goodwill	$	1,097	$	37,585
Operating right-of-use assets, net of lease positions and prepaid rent	$	1,251	$	26,199


Operating lease liabilities	$	(1,247)	$	(26,853)
Deferred revenues - gift card liabilities assumed	$	(5)	$	(160)

During Fiscal 2023, the Company acquired substantially all the assets associated with 23 franchise operated First Watch restaurants. The details of each acquisition are as follows:


	DATE OF ACQUISITION
(dollars in thousands)	MAY 1, 2023		JUNE 26, 2023		AUGUST 9, 2023		NOVEMBER 13, 2023
Number of acquired restaurants	6		5		6		6
Number of acquired restaurants under development	—		—		1		—
Purchase price (cash)	$	8,177	$	8,651	$	14,129	$	9,568
Transaction costs incurred	$	362	$	352	$	400	$	327
Deferred franchise fees recognized as a result of termination of pre-existing franchise agreement	$	78	$	123	$	200	$	206
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	9	$	6	$	16	$	9
Inventory	$	57	$	62	$	102	$	70
Prepaid rent and other assets	$	67	$	26	$	89	$	51
Property, fixtures and equipment	$	1,840	$	3,783	$	6,364	$	5,185
Reacquired rights	$	1,342	$	2,304	$	4,358	$	1,405
Goodwill (primarily expected synergies and assembled workforce; tax deductible)	$	5,272	$	2,667	$	3,888	$	2,837
Operating right-of-use assets, net of lease positions and prepaid rent	$	3,088	$	5,199	$	8,432	$	6,418
Operating lease liabilities	$	(3,418)	$	(5,269)	$	(8,962)	$	(6,388)
Accounts payable	$	—	$	—	$	(35)	$	—
Deferred tax liability	—		$	—	$	(72)	$	—
Deferred revenues - gift card liabilities assumed	$	(80)	$	(127)	$	(51)	$	(19)

Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	$ (12,377)	$ (6,730)
Gross Carrying Value	179,973	157,916
Net Carrying Value	$ 167,596	$ 151,186
Franchise rights
Indefinite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	7 years	8 years
Finite-lived intangible assets, gross	$ 40,771	$ 18,813
Finite-lived intangible assets, accumulated amortization	(12,377)	(6,730)
Finite-lived intangible assets, net	28,394	12,083
Registered trademarks, trade names, domains, liquor licenses
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	139,202	139,103
Finite-lived intangible assets, accumulated amortization	0	0
Indefinite-lived intangible assets, net	$ 139,202	$ 139,103

Transaction Expenses (Income), Net

12 Months Ended

Dec. 29, 2024

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

Transaction Expenses (Income), Net

Transaction expenses (income), net consisted of the following:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Acquisition-related costs	1,595		$	2,062	$	—
Secondary offering costs	$	1,259	1,031		1,957
Credit Agreement modification	268		127		—
Contingent consideration liability revaluation	(612)		—		165
(Gain) Loss, net on restaurant closures/relocations	13		(73)		391
Other	64		—		—
Total transaction expenses (income), net	$	2,587	$	3,147	$	2,513

During Fiscal 2024 and 2023, $1.6 million and $2.1 million of costs were incurred in connection with the acquisition of certain franchise-owned restaurants, which was partially offset by the gain recognized from the lease modification of one company-owned restaurant in 2024 and one company-owned restaurant in 2023.

During Fiscal 2024 and 2023 $1.3 million and $1.0 million of costs were incurred by the Company in connection with underwritten secondary public offerings of the Company’s common stock by entities affiliated with our majority owner, Advent International L.P., (“Secondary Offerings”). During Fiscal 2022, total costs of $2.0 million were incurred by the Company in connection with Secondary Offerings as well as for the Registration Statement on Form S-3 that allows the Company to sell up to 5,000,000 shares of common stock from time to time in one or more offerings.

The Company revalued the contingent consideration liability initially recognized in connection with the Advent Acquisition (see Note 14, Income Taxes, for additional information) and recorded a gain of $0.6 and a loss of $0.2 million in Fiscal 2024 and Fiscal 2022, respectively. There was no revaluation adjustment recorded for the contingent liability in Fiscal 2023.

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 26, 2021		59,048,446
Beginning balance at Dec. 26, 2021	$ 504,429	$ 590	$ 608,878	$ (105,039)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share issuance (in shares)		162,573
Common stock issued under stock-based compensation plans, net	1,425	$ 2	1,423
Net income	6,907			6,907
Stock-based compensation	10,374		10,374
Ending balance (in shares) at Dec. 25, 2022		59,211,019
Ending balance at Dec. 25, 2022	523,135	$ 592	620,675	(98,132)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock-based compensation plans, net (in shares)		680,686
Common stock issued under stock-based compensation plans, net	5,827	$ 7	5,820
Net income	25,385			25,385
Stock-based compensation	7,604		7,604
Other comprehensive income (loss), net of tax	$ (667)				(667)
Ending balance (in shares) at Dec. 31, 2023	59,891,705	59,891,705
Ending balance at Dec. 31, 2023	$ 561,284	$ 599	634,099	(72,747)	(667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock-based compensation plans, net (in shares)	610,958	808,385
Common stock issued under stock-based compensation plans, net	$ 6,429	$ 8	6,421
Net income	18,925			18,925
Stock-based compensation	8,525		8,525
Other comprehensive income (loss), net of tax	$ 226				226
Ending balance (in shares) at Dec. 29, 2024	60,700,090	60,700,090
Ending balance at Dec. 29, 2024	$ 595,389	$ 607	$ 649,045	$ (53,822)	$ (441)

Transaction Expenses (Income), Net - Schedule of Transaction (Income) Expenses, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition-related costs	$ 1,595	$ 2,062	$ 0
Secondary offering costs	1,259	1,031	1,957
Credit Agreement modification	268	127	0
Contingent consideration liability revaluation	(612)	0	165
(Gain) Loss, net on restaurant closures/relocations	13	(73)	391
Other	64	0	0
Transaction expenses, net	$ 2,587	$ 3,147	$ 2,513

Stock-Based Compensation

12 Months Ended

Dec. 29, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Plans

The Company has two compensation plans that provide for the granting of stock options and other share-based awards to key employees and non-employee members of the board of directors. The 2017 Omnibus Equity Incentive Plan (the “2017 Equity Plan”) and the 2021 Equity Incentive Plan (the “2021 Equity Plan”) provide for the grant of incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units, stock appreciation rights and stock-based awards.

2021 Equity Plan

The number of common stock reserved for issuance under the 2021 Equity Plan (“Share Reserve”) for Fiscal 2024, Fiscal 2023 and Fiscal 2022 was 6,416,126, 5,218,292 and 4,034,072 respectively.

The number of shares of common stock that may be issued under the 2021 Equity Plan will automatically increase on the first day of each fiscal year, beginning on December 26, 2022 and continuing for each fiscal year until, and including, the fiscal year ending on December 29, 2030, equal to the least of (i) 2.0% of the total number of shares of common stock actually issued and outstanding on the last day of the preceding fiscal year, (ii) a number of shares of common stock determined by the board of directors; and (iii) the number of shares of common stock equal to the Share Reserve. If any award granted under the 2021 Equity Plan is cancelled, expired, forfeited, or surrendered without consideration or otherwise terminated without delivery of the shares to the participant, then such unissued shares will be returned to the 2021 Equity Plan and be available for future awards under the 2021 Equity Plan. Shares that are withheld from any award in payment of the exercise, base or purchase price or taxes related to such an award, not issued or delivered as a result of the net settlement of any award, or repurchased by the Company on the open market with the proceeds of a stock option will be deemed to have been delivered and will not be available for future awards under the 2021 Equity Plan.

There were no stock option awards granted under the 2021 Equity Plan during Fiscal 2024 or Fiscal 2023. The non-qualified time-based option awards granted under the 2021 Equity Plan in Fiscal 2022 vest over a three-year requisite service period from the date of grant and expire 10 years after the grant date. Restricted stock units are granted at values equal to the market price of the Company’s common stock on the date of grant. Stock-based compensation expense for awards made under the 2021 Equity Plan is recognized on a straight-line recognition method over the requisite service period.

2017 Equity Plan

The 2017 Equity Plan authorizes stock-based awards to be granted for up to 6,138,240 shares of common stock. The awards granted under the 2017 Equity Plan consisted of non-qualified stock options that generally vest over a five-year requisite service period from the date of grant (the “time-based option awards”), as well as upon the occurrence of certain events and if certain market conditions were achieved, the (“performance-based option awards”). Stock-based compensation expense related to the stock option awards issued under the 2017 Plan is recognized on an accelerated recognition method over the requisite service period. All stock options have an exercisable life of no more than 10 years from the date of grant. No awards were granted under the 2017 Equity Plan during Fiscal 2024, Fiscal 2023 and Fiscal 2022, and the Company does not intend to grant any further awards under the 2017 Equity Plan.

Modification of Performance-Based Option Awards - 2017 Equity Plan

On August 31, 2021, the Company’s board of directors amended the 2017 Equity Plan such that the performance-based option awards that convert into time-based option awards upon an initial public offering no longer vest over a period of three years, but instead vest one-third (1/3rd) on each of the first two anniversaries of an initial public offering and one-third (1/3rd) on the 273rd day following the second anniversary of an initial public offering. This was accounted for as a modification, resulting in a new fair value for all the performance-based option awards using an option-pricing model as of the modification date.

On September 19, 2021, the Company’s board of directors modified performance-based option awards that contained a market condition granted under the 2017 Equity Plan, such that the vesting terms for one such tranche were amended to waive the market condition. Accordingly, upon the Company’s IPO, such tranche converted into time-based option awards and vest one-third (1/3rd) on each of the first two anniversaries of the Company’s IPO and one-third (1/3rd) on the 273rd day following the second anniversary of the Company’s IPO. This was accounted for as a modification resulting in a new fair value using the option-pricing model for such performance-based option awards as of the modification date.

On September 19, 2021, the Company’s board of directors modified the terms of performance-based option awards granted under the 2017 Equity Plan to the Company’s Chairman Emeritus. The modification accelerated the vesting period of the performance-based option awards that convert into time-based option awards upon an initial public offering such that they no longer vest one-third (1/3rd) on each of the first two anniversaries of an initial public offering and one-third (1/3rd) on the 273rd day following the second anniversary of an initial public offering, but instead will vest on August 1, 2022. Additionally, the exercise period of these time-based and performance-based vested option awards was modified such that any vested option may be exercised at any time prior to the 10th anniversary of the original grant date. These actions were accounted for as modifications and resulted in an increase of $0.3 million to the fair value of these awards.

Upon the consummation of the Company’s IPO in October 2021, certain performance-based option awards converted into time-based option awards and stock compensation expense of $2.4 million was recognized in the fourth quarter of Fiscal 2021. The remaining expense is being recognized on an accelerated recognition method over the remaining service period. An immediate one-time charge of $5.6 million was recognized upon closing of the IPO, which included (i) the expense from the date of the modifications through the IPO date and (ii) the expense related to performance-based option awards for which the market condition was not satisfied upon the IPO.

Stock Options

The following table summarizes stock option activity for Fiscal 2024:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE		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	(35,211)	$	12.82
Exercised	(610,958)	$	10.52
Outstanding, December 29, 2024	3,701,017	$	10.14	$	31,676	4.1

Exercisable, December 29, 2024	3,376,772	$	9.90	$	29,721	3.8

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 the Nasdaq Global Select Market on the last day of the trading period. The total intrinsic value of stock options exercised was $6.6 million, $5.7 million, and $1.1 million during Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.

A summary of the non-vested stock option activity during Fiscal 2024 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE
Nonvested, December 31, 2023	1,234,031	$	7.36
Vested	(874,575)	$	7.76
Forfeited	(35,211)	$	4.82
Nonvested, December 29, 2024	324,245	$	6.55

There were no stock options granted during Fiscal 2024 or Fiscal 2023. The weighted average grant date fair value of options granted during Fiscal 2022 was $6.81. The total grant date fair value of stock options that vested during Fiscal 2024, Fiscal 2023 and Fiscal 2022 was $6.8 million, $7.1 million and $7.4 million, respectively.

Fair value of Stock Options

The Black-Scholes valuation model is used to estimate the fair value of stock option awards granted. The assumptions utilized to estimate the grant date fair value of these awards granted in Fiscal 2022 were as follows:


Weighted average expected term (years)	6.5
Weighted average expected volatility	52.4	%
Risk-free interest rate	2.6	%
Expected dividend yield	—

The Company did not have sufficient historical stock option exercise activity and therefore the expected term of stock options granted in Fiscal 2022 is estimated using the simplified method, which represents the mid-point between the vesting period and the contractual term for each grant. The expected volatility of stock options is based on the historical volatilities of a set of publicly traded peer companies in a similar industry as the Company lacks company-specific historical or implied volatility information. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the expected term of the stock option award. The expected dividend yield is based on the fact that the Company has never paid cash dividends and does not have intentions of paying dividends in the foreseeable future.

Restricted Stock Units

The following table summarizes RSU activity for Fiscal 2024:


	RESTRICTED STOCK UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, December 31, 2023	521,042	$	15.71	$	10,473
Granted	475,328	$	24.08
Vested	(197,427)	$	16.02
Forfeited	(39,222)	$	19.54
Outstanding, December 29, 2024	759,721	$	20.67	$	14,207

Of the 475,328 RSUs granted in Fiscal 2024, 353,683 will vest ratably over a period of three years from the grant date, 50,049 will vest one year from the grant date, and 50% of the remaining 71,596 will vest two years from the grant date and 50% will vest three years from the grant date.

The total intrinsic value of restricted stock units that vested in Fiscal 2024 and Fiscal 2023 was $4.7 million and $0.7 million, respectively.

Stock-Based Compensation Expense

Stock-based compensation expense was $8.5 million, $7.6 million and $10.4 million during Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.

The total related income tax benefit for stock-based compensation expense was $0.8 million, $0.6 million and $2.1 million for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.

Cash received from stock options exercised was $6.4 million, $5.8 million and $1.4 million for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. The tax benefit realized from stock option exercises and vesting of restricted stock units was $2.3 million, $1.6 million and $0.3 million in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.

Unrecognized Stock-Based Compensation Expense

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


	UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)		REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Stock options	$	509	0.3
Restricted stock units	$	10,647	1.7

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Revenues:
Total revenues	$ 1,015,910	$ 891,551	$ 730,162
Less:
Food and beverage costs	223,097	197,374	172,561
Labor and other related expenses	335,038	294,010	238,257
Other restaurant operating expenses	151,968	134,477	114,476
Occupancy expenses	82,694	68,400	59,919
Pre-opening expenses	10,109	7,173	5,414
General and administrative expenses	113,270	103,121	84,959
Depreciation and amortization	57,715	41,223	34,230
Impairments and loss on disposal of assets	525	1,359	920
Transaction expenses, net	2,587	3,147	2,513
Total operating costs and expenses	977,003	850,284	713,249
Income from operations	38,907	41,267	16,913
Interest expense	(12,640)	(8,063)	(5,232)
Other income, net	1,759	2,871	910
Income before income taxes	28,026	36,075	12,591
Income tax expense	(9,101)	(10,690)	(5,684)
Net income	18,925	25,385	6,907
Net income	18,925	25,385	6,907
Other comprehensive income (loss):
Unrealized gain (loss) on derivatives	301	(889)	0
Income tax related to other comprehensive (loss) income	(75)	222	0
Other comprehensive income (loss)	226	(667)	$ 0
Comprehensive income	$ 19,151	$ 24,718
Net income (loss) per common share - basic (in dollars per share)	$ 0.31	$ 0.43	$ 0.12
Net income (loss) per common share - diluted (in dollars per share)	$ 0.30	$ 0.41	$ 0.11
Weighted average common shares outstanding - basic (in shares)	60,365,393	59,531,404	59,097,512
Weighted average common shares outstanding - diluted (in shares)	62,351,222	61,191,613	60,140,045
Restaurant sales
Revenues:
Total revenues	$ 1,004,355	$ 877,092	$ 719,181
Franchise revenues
Revenues:
Total revenues	$ 11,555	$ 14,459	$ 10,981

Accrued Liabilities

12 Months Ended

Dec. 29, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	DECEMBER 29, 2024		DECEMBER 31, 2023
Construction liabilities	$	16,769	$	13,944
Sales tax	7,919		6,163
Self-insurance, general liability and workers’ compensation reserves	2,521		1,593
Utilities	2,156		1,657
Credit card fees	1,973		1,706
Contingent rent	1,058		1,160
Property tax	830		922
Common area maintenance	618		749
Interest payable	267		401
Other	5,496		7,335
Total accrued liabilities	$	39,607	$	35,630

Revenues - Change in Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Deferred gift card revenue:
Balance, beginning of period	$ 5,224	$ 4,897	$ 4,410
Gift card sales	11,492	12,329	9,627
Gift card redemptions	(10,230)	(11,198)	(8,225)
Gift card breakage	(1,266)	(1,081)	(915)
Gift card liabilities assumed through acquisitions	165	277	0
Balance, end of period	5,385	5,224	4,897
Deferred franchise fee revenue:
Balance, beginning of period	2,061	2,768	2,536
Cash received	559	288	530
Franchise revenues recognized	(278)	(388)	(298)
Business combinations - franchise revenues recognized	(413)	(607)	0
Balance, end of period	$ 1,929	$ 2,061	$ 2,768

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 5.6	$ 1.5	$ 1.0

Debt (Tables)

12 Months Ended

Dec. 29, 2024

Debt Disclosure [Abstract]

Long-Term Debt, Net

Long-term debt, net consisted of the following:


	DECEMBER 29, 2024			DECEMBER 31, 2023
(in thousands)	Balance		Interest Rate	Balance		Interest Rate
Term Facility	$	98,125	6.93%	$	92,500	7.70%
Delayed Draw Term Facility	95,672		6.93%	—
Revolving Credit Facility	—			30,000		7.72%
Finance lease liabilities	2,766			1,076
Financing obligation	3,050			3,050
Less: Unamortized debt discount and deferred issuance costs	(1,342)			(1,231)
Total Debt, net	198,271			125,395
Less: Current portion of long-term debt	(9,228)			(5,628)
Long-term debt, net	$	189,043		$	119,767

Schedule of Maturities of Long-Term Debt

Principal payments due on the outstanding debt, excluding finance lease liabilities and financing obligations, as of December 29, 2024 are as follows:


FISCAL YEAR	(in thousands)
2025	8,641
2026	9,875
2027	13,578
2028	18,516
2029	143,187
	$	193,797

Schedule of Other Nonoperating Income (Expense)

The following table summarizes our interest expense:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Interest expense	$	(14,257)	$	(8,063)	$	(5,232)
Capitalized interest	$	1,617	$	—	$	—
Total interest expense, net	$	(12,640)	$	(8,063)	$	(5,232)

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:


	DECEMBER 29, 2024				DECEMBER 31, 2023
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Facility	$	98,125	$	97,933	$	92,500	$	92,201
Delayed Draw Term Facility	$	95,672	$	95,484	$	—	$	—
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.

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+ Details

Commitments and Contingencies - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2022 gal	Jun. 30, 2024 USD ($)	Dec. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Recorded unconditional purchase obligation			$ 11.7	$ 4.8
Long term purchase commitment, maximum gallons to be purchased \| gal	585,940
Long-term purchase commitment, period	5 years
Purchase commitment, remaining minimum amount committed			$ 5.3
Loss contingency, estimate of possible loss				$ 0.8
Loss contingency, damages paid, value		$ 0.7

Stock-Based Compensation - Details of Weighted-Average Grant-Date Fair Values and Assumptions Used for Estimating Fair Values (Details)	12 Months Ended
	Dec. 25, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average expected volatility	52.40%
Risk-free interest rate	2.60%
Expected dividend yield	$ 0
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average expected term (years)	6 years 6 months

- 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

Property, Fixtures and Equipment - Schedule of Property, Fixtures and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Financing lease assets	$ 5,312	$ 3,144
Total property, fixtures and equipment	555,842	427,089
Accumulated depreciation	(229,227)	(181,481)
Construction-in-progress	34,779	17,474
Property, fixtures and equipment, net of accumulated depreciation of $229,227 and $181,481, respectively	361,394	263,082
Building and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,354	1,354
Leased land asset
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,190	1,190
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	324,389	240,976
Furniture, fixtures and equipment (including capitalized software)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	223,137	179,965
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 460	$ 460

Leases (Tables)

12 Months Ended

Dec. 29, 2024

Leases [Abstract]

Supplemental Information Related to Leases

The following table includes a detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheets Classification	DECEMBER 29, 2024		DECEMBER 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	527,674	$	420,001
Finance lease assets	Property, fixtures and equipment, net	2,724		1,033
Total lease assets		$	530,398	$	421,034

Operating lease liabilities (1) - current	Current portion of operating lease liabilities	55,704		40,281
Operating lease liabilities - non-current	Operating lease liabilities	555,576		441,290
Finance lease liabilities - current	Current portion of long-term debt	587		628
Finance lease liabilities - non-current	Long-term debt, net	2,179		448
Total lease liabilities		$	614,046	$	482,647

_____________

(1) Excludes all variable lease expense.

Supplemental information related to leases was as follows:


	FISCAL YEAR
	2024		2023
Weighted-average remaining lease term (in years)
Operating leases	13.3		13.8
Finance leases	15.0		2.8
Weighted-average discount rate (1)
Operating leases	7.7	%	8.3	%
Finance leases	6.2	%	6.9	%

____________

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

Supplemental Cash Flow Information

The components of lease expense were as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Income (Loss) Classification	FISCAL YEAR
		2024		2023		2022
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	69,908	$	56,129	$	49,620
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	19,249		17,158		14,642
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	539		507		521
Interest on lease liabilities	Interest expense	64		92		130
Total lease expense (1)		$	89,760	$	73,886	$	64,913

_____________

(1) Includes contingent rent expense of $1.8 million and $2.1 million and $1.6 million during Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.

Supplemental cash flow information related to leases was as follows:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	48,467	$	47,930	$	39,546
Operating cash flows - finance leases	$	64	$	92	$	130
Financing cash flows - finance leases	$	590	$	558	$	514

Operating Lease Maturity

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


(in thousands)	OPERATING LEASES		FINANCE LEASES
FISCAL YEAR
2025	$	57,876	$	603
2026	75,245		(861)
2027	75,376		378
2028	74,728		365
2029	74,392		343
Thereafter	656,547		4,477
Total future minimum lease payments (1)	1,014,164		5,305
Less: imputed interest	(402,884)		(2,539)
Total present value of lease liabilities	$	611,280	$	2,766

_____________

(1) Excludes approximately $116.1 million of executed operating leases that have not commenced as of December 29, 2024.

Finance Lease Maturity

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


(in thousands)	OPERATING LEASES		FINANCE LEASES
FISCAL YEAR
2025	$	57,876	$	603
2026	75,245		(861)
2027	75,376		378
2028	74,728		365
2029	74,392		343
Thereafter	656,547		4,477
Total future minimum lease payments (1)	1,014,164		5,305
Less: imputed interest	(402,884)		(2,539)
Total present value of lease liabilities	$	611,280	$	2,766

_____________

(1) Excludes approximately $116.1 million of executed operating leases that have not commenced as of December 29, 2024.

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 29, 2024	Mar. 07, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-29
Document Period End Date	Dec. 29, 2024
Document Transition Report	false
Entity File Number	001-040866
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Small Business	false
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 570.4
Entity Common Stock, Shares Outstanding		60,700,090
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement relating to the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 29, 2024.
Entity Central Index Key	0001789940
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Dec. 29, 2024
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company sponsors a defined contribution 401(k) savings plan (“401(k) Plan”) which requires the Company to match contributions for participants. In Fiscal 2024 and Fiscal 2023, the Company matched 50% of the first 6% of employees’ wages deferred into the 401(k) Plan. In Fiscal 2022, the Company matched of 25% of the first 6% of employees’ wages deferred into the 401(k) Plan. The 401(k) Plan also allows for additional profit-sharing contributions by the Company at the sole discretion of Management. Company contributions vest over a five-year service period. Total expense recognized for the Company’s contributions to the 401(k) Plan was $1.9 million, $1.1 million and $0.6 million in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.

Goodwill (Tables)

12 Months Ended

Dec. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying value of goodwill were as follows:


(in thousands)
Balance as of December 25, 2022	$	345,219
Additions - acquisitions	14,664
Balance as of December 31, 2023	359,883
Additions - acquisitions	38,682
Balance as of December 29, 2024	$	398,565

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,015,910	$ 891,551	$ 730,162
Restaurant sales
Disaggregation of Revenue [Line Items]
Total revenues	1,004,355	877,092	719,181
In-restaurant dining sales
Disaggregation of Revenue [Line Items]
Total revenues	829,048	716,960	571,048
Third-party delivery sales
Disaggregation of Revenue [Line Items]
Total revenues	97,444	91,433	82,049
Take-out sales
Disaggregation of Revenue [Line Items]
Total revenues	77,863	68,699	66,084
Franchise revenues
Disaggregation of Revenue [Line Items]
Total revenues	11,555	14,459	10,981
Royalty and system fund contributions
Disaggregation of Revenue [Line Items]
Total revenues	10,864	13,464	10,683
Initial fees
Disaggregation of Revenue [Line Items]
Total revenues	278	388	298
Business combinations - revenues recognized
Disaggregation of Revenue [Line Items]
Total revenues	$ 413	$ 607	$ 0

Net Income Per Common Share (Tables)

12 Months Ended

Dec. 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:


	FISCAL YEAR
(in thousands, except share and per share data)	2024		2023		2022
Numerator:
Net income	$	18,925	$	25,385	$	6,907
Denominator:
Weighted average common shares outstanding - basic	60,365,393		59,531,404		59,097,512
Weighted average common shares outstanding - diluted	62,351,222		61,191,613		60,140,045
Net income per common share - basic	$	0.31	$	0.43	$	0.12
Net income per common share - diluted	$	0.30	$	0.41	$	0.11
Stock options outstanding not included in diluted net income per common share as their effect is anti-dilutive	12,552		13,656		1,787,517
Restricted stock units outstanding not included in diluted net income per common share as their effect is anti-dilutive	336,410		355		—

Condensed Financial Information of Registrant (Parent Company Only)

12 Months Ended

Dec. 29, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Registrant (Parent Company Only)

FIRST WATCH RESTAURANT GROUP, INC.

(PARENT COMPANY ONLY)

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)


	DECEMBER 29, 2024		DECEMBER 31, 2023
Assets
Investment in subsidiaries	$	595,389	$	561,284

Equity
Preferred stock; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding	$	—	$	—
Common stock; $0.01 par value; 300,000,000 shares authorized; 60,700,090 and 59,891,705 shares issued and outstanding at December 29, 2024 and December 31, 2023, respectively	607		599
Additional paid-in capital	649,045		634,099
Accumulated deficit	(53,822)		(72,747)
Accumulated other comprehensive loss	(441)		(667)
Total equity attributable to First Watch Restaurant Group, Inc.	$	595,389	$	561,284

FIRST WATCH RESTAURANT GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)


	FISCAL YEAR
	2024		2023		2022
Equity in net income of subsidiaries
Net income and comprehensive income	$	19,151	$	24,718	$	6,907
Net income per common share attributable to First Watch Restaurant Group, Inc. - basic	$	0.31	$	0.43	$	0.12
Net income per common share attributable to First Watch Restaurant Group, Inc. - diluted	$	0.30	$	0.41	$	0.11
Weighted average number of common shares outstanding - basic	60,365,393		59,531,404		59,097,512
Weighted average number of common shares outstanding - diluted	62,351,222		61,191,613		60,140,045

Statements of cash flows have not been presented as First Watch Restaurant Group, Inc. did not have any cash as of, or for Fiscal 2024, Fiscal 2023 and Fiscal 2022.

Basis of Presentation

The Company is a holding company without any operations of its own (the “Parent Company”). Pursuant to the terms of the Credit Agreement discussed in Note 10, Debt, the Company and certain subsidiaries of the Company have restrictions on their ability to, among other things, (i) incur additional indebtedness, pay dividends or make certain intercompany loans and advances, and (ii) exceed a maximum total rent adjusted net leverage ratio or fall below a minimum fixed charge coverage ratio. As a result of these restrictions, these parent company financial statements have been prepared in accordance with Rule 12-04 of Regulation S-X, as restricted net assets of the Company’s subsidiaries (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed 25% of the Company’s consolidated net assets as of December 29, 2024 and December 31, 2023.

These condensed financial statements have been prepared on a “parent-only” basis. These condensed parent company financial statements have been prepared using the same accounting principles and policies described in the notes to the Company’s consolidated financial statements, with the only exception being that the parent company accounts for its subsidiaries using the equity method. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The accompanying financial information should be read in conjunction with the accompanying Company’s consolidated financial statements and related notes thereto.

Condensed Financial Information of Registrant (Parent Company Only) - CONSOLIDATED BALANCE SHEETS (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Assets
Investment in subsidiaries	$ 595,389	$ 561,284	$ 523,135	$ 504,429
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; 60,700,090 and 59,891,705 shares issued and outstanding at December 29, 2024 and December 31, 2023, respectively	607	599
Additional paid-in capital	649,045	634,099
Accumulated deficit	(53,822)	(72,747)
Accumulated other comprehensive loss	(441)	(667)
Total equity	595,389	561,284	$ 523,135	$ 504,429
Parent Company
Assets
Investment in subsidiaries	595,389	561,284
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; 60,700,090 and 59,891,705 shares issued and outstanding at December 29, 2024 and December 31, 2023, respectively	607	599
Additional paid-in capital	649,045	634,099
Accumulated deficit	(53,822)	(72,747)
Accumulated other comprehensive loss	(441)	(667)
Total equity	$ 595,389	$ 561,284

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ 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

Stock-Based Compensation - Schedule of Fair Value Non-vested Options at Grant Dates (Details)	12 Months Ended
	Dec. 29, 2024 $ / shares shares
NUMBER OF OPTIONS
Beginning balance (in shares) \| shares	1,234,031
Vested (in shares) \| shares	(874,575)
Forfeited (in shares) \| shares	(35,211)
Ending balance (in shares) \| shares	324,245
WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Beginning balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 7.36
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	7.76
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	4.82
Ending balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 6.55

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 29, 2024

Accounting Policies [Abstract]

Schedule of Property Plant and Equipment Useful Life

Depreciation is computed using the straight-line method over the following estimated useful lives:


Building and land improvements			30 to 40 years
Leasehold improvements			3 to 20 years
Furniture and fixtures			2 to 10 years
Equipment (including capitalized software)			2 to 15 years
Vehicles			3 to 10 years

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022	Dec. 26, 2021
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, state		$ 23,500
Contingent consideration liability revaluation		612	$ 0	$ (165)
Valuation allowance		57,664	48,111	$ 41,754	$ 35,863
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount			$ (1,200)
Advent Acquisition
Operating Loss Carryforwards [Line Items]
Contingent consideration liability		$ 1,200
Contingent consideration liability revaluation	$ 600

Nature of Business and Organization	12 Months Ended
Nature of Business and Organization	Dec. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Organization	Nature of Business and Organization First 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. The Company’s outstanding stock was purchased by funds affiliated with or managed by Advent International L.P. on August 21, 2017 (the “Advent Acquisition”). The Company operates restaurants through its wholly owned subsidiary, First Watch Restaurants, Inc., and is a franchisor through its wholly owned subsidiary, First Watch Franchise Development Co. As of December 29, 2024 and December 31, 2023, the Company operated 489 company-owned restaurants and 425 company-owned restaurants, respectively, and had 83 franchise-owned restaurants and 99 franchise-owned restaurants, respectively.

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Income Tax Disclosure [Abstract]
Income taxes at federal statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal tax effect	5.90%	5.80%	12.50%
FICA tip credit	(30.30%)	(19.90%)	(44.20%)
Other tax credits	(0.20%)	0.00%	0.00%
Valuation allowance for federal and state	34.10%	17.60%	46.70%
Stock-based compensation	1.80%	3.40%	4.20%
Secondary Offerings - costs	1.00%	0.60%	3.20%
Other permanent items	0.40%	0.50%	0.60%
Rate change	(0.50%)	0.60%	1.70%
Other	(0.70%)	0.00%	(0.60%)
Total	32.50%	29.60%	45.10%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 29, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Debt

12 Months Ended

Dec. 29, 2024

Debt Disclosure [Abstract]

Debt

Long-term debt, net consisted of the following:


	DECEMBER 29, 2024			DECEMBER 31, 2023
(in thousands)	Balance		Interest Rate	Balance		Interest Rate
Term Facility	$	98,125	6.93%	$	92,500	7.70%
Delayed Draw Term Facility	95,672		6.93%	—
Revolving Credit Facility	—			30,000		7.72%
Finance lease liabilities	2,766			1,076
Financing obligation	3,050			3,050
Less: Unamortized debt discount and deferred issuance costs	(1,342)			(1,231)
Total Debt, net	198,271			125,395
Less: Current portion of long-term debt	(9,228)			(5,628)
Long-term debt, net	$	189,043		$	119,767

Credit Facilities

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.

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 December 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. In addition, an unused commitment fee of between 37.5 and 50 basis points is paid on the undrawn commitments under the New Revolving Credit Facility and New Delayed Draw Term Facility, also depending on the Total Rent Adjusted Net Leverage Ratio. Refer to Note 11, Interest Rate Swaps, for information about the variable-to-fixed interest rate swap agreements entered in June 2023 and May 2024.

Loans drawn under the New Delayed Draw Term Facility amortize at the same rate per annum applicable to loans under the New Term Facility. The New Term Facility and New Delayed Draw Term Facility are subject to amortization of principal, payable in quarterly installments equal to (i) 1.9% of the original principal amount of the term loans in Fiscal 2024, (ii) 4.4% of the original principal amount of the term loans in the fiscal year ending December 28, 2025, (iii) 5.0% of the original principal amount of the term loans in the fiscal year ending December 27, 2026, (iv) 6.9% of the original principal amount of the term loans in the fiscal year ending December 26, 2027 and (v) 9.4% of the original principal amount of the term loans in the fiscal year ending December 31, 2028. The remaining principal amount outstanding is payable at maturity. The New Term Facility, New Delayed Draw Term Facility and New Revolving Credit Facility mature on January 5, 2029.

Principal payments due on the outstanding debt, excluding finance lease liabilities and financing obligations, as of December 29, 2024 are as follows:


FISCAL YEAR	(in thousands)
2025	8,641
2026	9,875
2027	13,578
2028	18,516
2029	143,187
	$	193,797

Interest Expense

The following table summarizes our interest expense:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Interest expense	$	(14,257)	$	(8,063)	$	(5,232)
Capitalized interest	$	1,617	$	—	$	—
Total interest expense, net	$	(12,640)	$	(8,063)	$	(5,232)

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:


	DECEMBER 29, 2024				DECEMBER 31, 2023
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Facility	$	98,125	$	97,933	$	92,500	$	92,201
Delayed Draw Term Facility	$	95,672	$	95,484	$	—	$	—
Revolving Credit Facility	$	—	$	—	$	30,000	$	29,897

Letter of Credit

The Company utilizes standby letters of credit to satisfy workers’ compensation and general liability insurance requirements. The contract amount of the letters of credit approximates fair value. As of December 29, 2024 and December 31, 2023, the open letters of credit totaled approximately $1.7 million and $1.1 million, respectively, and there were no draws against the letters of credit. The Company pays participation fees for the letters of credit based on a varying percentage of the amount not drawn.

Debt Covenants

The Credit Facilities are guaranteed by all of FWR’s wholly-owned domestic restricted subsidiaries, subject to customary exceptions, and by AI Fresh Parent, Inc., a Delaware corporation and the direct parent company of FWR (“Holdings”), and are secured by associated collateral agreements that pledge a lien on substantially all of FWR’s and each guarantor’s assets, including fixed assets and intangibles, in each case, subject to customary exceptions.

Under the Credit Agreement, FWR (and in certain circumstances, Holdings) and its restricted subsidiaries are subject to customary affirmative, negative and financial covenants, maintenance of certain ratios, restrictions on additional indebtedness and events of default for facilities of this type (with customary grace periods, as applicable, and lender remedies). FWR was in compliance with covenants under the Credit Agreement as of December 29, 2024 and December 31, 2023.

- 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
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Interest Rate Swaps	12 Months Ended
Interest Rate Swaps	Dec. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	Interest Rate Swaps On June 23, 2023, the Company entered into variable-to-fixed interest rate swaps to hedge a portion of the cash flows of the Company’s variable rate debt. The 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 pays 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 pays 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 of the fair value hierarchy. Amounts reported in Other comprehensive income (loss) 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 fiscal years ended December 29, 2024 and December 31, 2023, a total of $1.0 million and $0.5 million was reclassified from Other comprehensive income (loss) as a reduction to interest expense, respectively. Over the next 12 months, the Company estimates that $0.2 million will be reclassified as an increase to interest expense.

Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Dec. 29, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 8,641
2026	9,875
2027	13,578
2028	18,516
2029	143,187
Carrying Value	$ 193,797

Debt - Long-Term Debt, Net (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Balance	$ 193,797
Finance lease liabilities	2,766	$ 1,076
Less: Unamortized debt discount and deferred issuance costs	(1,342)	(1,231)
Total Debt, net	198,271	125,395
Less: Current portion of long-term debt	(9,228)	(5,628)
Long-term debt, net	189,043	119,767
Financing obligation \| Other Debt
Debt Instrument [Line Items]
Balance	3,050	3,050
Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Balance	$ 98,125	$ 92,500
Interest Rate	6.93%	7.70%
Delayed Draw Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Balance	$ 95,672	$ 0
Interest Rate	6.93%
Revolving Credit Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Balance	$ 0	$ 30,000
Interest Rate		7.72%

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Debt Disclosure [Abstract]
Interest Expense, Debt	$ (14,257)	$ (8,063)	$ (5,232)
Interest Costs Capitalized	1,617	0	0
Interest expense	$ (12,640)	$ (8,063)	$ (5,232)

Income Taxes

12 Months Ended

Dec. 29, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense consisted of the following:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Current provision:
Federal	$	(326)	$	(217)	$	—
State	(1,952)		(2,158)		(1,007)
Total current provision	(2,278)		(2,375)		(1,007)
Deferred provision:
Federal	(7,031)		(8,896)		(4,562)
State	208		581		(115)
Total deferred provision	(6,823)		(8,315)		(4,677)
Income tax expense	$	(9,101)	$	(10,690)	$	(5,684)

A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	FISCAL YEAR
	2024		2023		2022
Income taxes at federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax effect	5.9		5.8		12.5
FICA tip credit	(30.3)		(19.9)		(44.2)
Other tax credits	(0.2)		—		—
Valuation allowance for federal and state	34.1		17.6		46.7
Stock-based compensation	1.8		3.4		4.2
Secondary Offerings - costs	1.0		0.6		3.2
Other permanent items	0.4		0.5		0.6
Rate change	(0.5)		0.6		1.7
Other	(0.7)		—		(0.6)
Total	32.5	%	29.6	%	45.1	%

The effective income tax rate for Fiscal 2024, Fiscal 2023 and Fiscal 2022 was different than the blended federal and state statutory rate mainly 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, (iii) impacts of executive stock-based compensation and (iv) non-deductible costs associated with the Secondary Offerings and the Registration Statement on Form S-3.

The components of deferred tax assets and liabilities were as follows:


(in thousands)	DECEMBER 29, 2024		DECEMBER 31, 2023
Deferred income tax assets
FICA tip credit	$	59,671	$	49,946
State tax credits	48		—
Net operating loss	17,462		22,964
Operating lease liabilities	155,540		123,718
Organizational costs	520		477
Interest limitation	416		383
Accrued compensation	2,781		2,758
Deferred revenues	492		522
Stock-based compensation	3,512		3,552
Research expenses	590		393
Interest rate swaps	146		221
Other	1,748		1,272
Valuation allowance	(57,664)		(48,111)
Total deferred income tax assets	185,262		158,095
Deferred income tax liabilities
Operating lease right-of-use assets	(132,054)		(104,810)
Depreciation	(48,303)		(41,583)
Intangible assets	(37,123)		(37,033)
Total deferred income tax liabilities	(217,480)		(183,426)
Net deferred income tax liabilities	$	(32,218)	$	(25,331)

Tax Carryforwards

The amount and expiration dates of tax carryforwards as of December 29, 2024 are as follows:


(in thousands)	EXPIRATION DATE	AMOUNT
Federal net operating loss carryforwards	Indefinite	$	77,780
General business tax credits (carried forward 20 years)	2028 - 2044	$	59,842

The Company also has state net operating loss carryforwards of $23.5 million.

Section 382 of the Internal Revenue Code limits the ability of a company to utilize attribute carryforwards if there is a change in ownership of more than 50% of shareholders over a rolling three-year period. The Company experienced an ownership change in March 2024 associated with the Secondary Offerings. Management completed an analysis and concluded that no carryforwards will expire unused due to the application of Section 382.

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.

Valuation Allowance

Based upon an evaluation of the Company's deferred tax assets, Management has recognized a valuation allowance of $57.7 million and $48.1 million as of December 29, 2024 and December 31, 2023, respectively. The valuation allowance primarily relates to the Company’s federal tax credit carryforwards that are not expected to be realized prior to the statutory expiration of the carryforward.

Management continues to monitor and evaluate 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 portion of the 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. During the year ended December 31, 2023, a release of the valuation allowance related to certain state loss carryforwards decreased income tax expense by approximately $1.2 million.

Changes in the deferred tax asset valuation allowance were as follows:


	(in thousands)
Balance as of December 26, 2021	$	(35,863)
Increase	(5,891)
Balance as of December 25, 2022	(41,754)
Increase	(6,357)
Balance as of December 31, 2023	(48,111)
Increase	(9,553)
Balance as of December 29, 2024	$	(57,664)

The Company is subject to examination by federal, state and local jurisdictions, where applicable. As of December 29, 2024, the tax years that remain subject to examination by major tax jurisdictions under the statute of limitations are from the year 2013 and forward.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 14
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Intangible Assets, Net

12 Months Ended

Dec. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets, net consisted of the following:


		DECEMBER 29, 2024
(in thousands)	Weighted Average Useful Lives	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Registered trademarks, trade names, domains, liquor licenses	Indefinite	$	139,202	$	—	$	139,202
Franchise rights	7 years	40,771		(12,377)		28,394
		$	179,973	$	(12,377)	$	167,596


		DECEMBER 31, 2023
(in thousands)	Weighted Average Useful Lives	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Registered trademarks, trade names, domains, liquor licenses	Indefinite	$	139,103	$	—	$	139,103
Franchise rights	8 years	18,813		(6,730)		12,083
		$	157,916	$	(6,730)	$	151,186

Total amortization expense related to definite-lived intangible assets was $5.6 million, $1.5 million and $1.0 million in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.

Estimated future amortization of definite-lived intangible assets as of December 29, 2024 is as follows:


FISCAL YEAR	(in thousands)
2025	$	6,549
2026	$	6,169
2027	$	5,606
2028	$	4,766
2029	$	3,103
Thereafter	$	2,201

Transaction Expenses (Income), Net - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 29, 2024 USD ($) restaurant	Dec. 31, 2023 USD ($)	Dec. 25, 2022 USD ($) shares
Business Acquisition [Line Items]
Acquisition-related costs		$ 1,595	$ 2,062	$ 0
Secondary offering costs		1,259	1,031	$ 1,957
Sale of stock, maximum shares \| shares				5,000,000
Contingent consideration liability revaluation		(612)	$ 0	$ 165
Advent Acquisition
Business Acquisition [Line Items]
Contingent consideration liability revaluation	$ (600)
Previously Reported \| Advent Acquisition
Business Acquisition [Line Items]
Contingent consideration liability revaluation		$ 600		$ (200)
Franchise-owned restaurants
Business Acquisition [Line Items]
Number of restaurants with lease modification \| restaurant		1

Condensed Financial Information of Registrant (Parent Company Only) (Tables)

12 Months Ended

Dec. 29, 2024

Condensed Financial Information Disclosure [Abstract]

CONSOLIDATED BALANCE SHEETS

FIRST WATCH RESTAURANT GROUP, INC.

(PARENT COMPANY ONLY)

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)


	DECEMBER 29, 2024		DECEMBER 31, 2023
Assets
Investment in subsidiaries	$	595,389	$	561,284

Equity
Preferred stock; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding	$	—	$	—
Common stock; $0.01 par value; 300,000,000 shares authorized; 60,700,090 and 59,891,705 shares issued and outstanding at December 29, 2024 and December 31, 2023, respectively	607		599
Additional paid-in capital	649,045		634,099
Accumulated deficit	(53,822)		(72,747)
Accumulated other comprehensive loss	(441)		(667)
Total equity attributable to First Watch Restaurant Group, Inc.	$	595,389	$	561,284

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

FIRST WATCH RESTAURANT GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)


	FISCAL YEAR
	2024		2023		2022
Equity in net income of subsidiaries
Net income and comprehensive income	$	19,151	$	24,718	$	6,907
Net income per common share attributable to First Watch Restaurant Group, Inc. - basic	$	0.31	$	0.43	$	0.12
Net income per common share attributable to First Watch Restaurant Group, Inc. - diluted	$	0.30	$	0.41	$	0.11
Weighted average number of common shares outstanding - basic	60,365,393		59,531,404		59,097,512
Weighted average number of common shares outstanding - diluted	62,351,222		61,191,613		60,140,045

Leases - Supplemental Information Related to Leases (Details)	Dec. 29, 2024	Dec. 31, 2023
Weighted-average remaining lease term (in years)
Operating leases	13 years 3 months 18 days	13 years 9 months 18 days
Finance leases	15 years	2 years 9 months 18 days
Weighted-average discount rate
Operating leases	7.70%	8.30%
Finance leases	6.20%	6.90%

Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment Useful Life (Details)	Dec. 29, 2024
Minimum \| Building and land improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Minimum \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Minimum \| Equipment (including capitalized software)
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Minimum \| Vehicles
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Maximum \| Building and land improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Maximum \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Maximum \| Equipment (including capitalized software)
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Maximum \| Vehicles
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Goodwill

12 Months Ended

Dec. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying value of goodwill were as follows:


(in thousands)
Balance as of December 25, 2022	$	345,219
Additions - acquisitions	14,664
Balance as of December 31, 2023	359,883
Additions - acquisitions	38,682
Balance as of December 29, 2024	$	398,565

Intangible Assets, Net - Schedule of Estimated Future Amortization of Definite-lived Intangible Assets (Details) $ in Thousands	Dec. 29, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 6,549
2026	6,169
2027	5,606
2028	4,766
2029	3,103
Thereafter	$ 2,201

Condensed Financial Information of Registrant (Parent Company Only) - CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Condensed Statement of Income Captions [Line Items]
Net income	$ 18,925	$ 25,385	$ 6,907
Comprehensive income	$ 19,151	$ 24,718
Net income (loss) per common share - basic (in dollars per share)	$ 0.31	$ 0.43	$ 0.12
Net income (loss) per common share - diluted (in dollars per share)	$ 0.30	$ 0.41	$ 0.11
Weighted average common shares outstanding - basic (in shares)	60,365,393	59,531,404	59,097,512
Weighted average common shares outstanding - diluted (in shares)	62,351,222	61,191,613	60,140,045
Parent Company
Condensed Statement of Income Captions [Line Items]
Net income	$ 19,151	$ 24,718	$ 6,907
Comprehensive income	$ 19,151	$ 24,718	$ 6,907
Net income (loss) per common share - basic (in dollars per share)	$ 0.31	$ 0.43	$ 0.12
Net income (loss) per common share - diluted (in dollars per share)	$ 0.30	$ 0.41	$ 0.11
Weighted average common shares outstanding - basic (in shares)	60,365,393	59,531,404	59,097,512
Weighted average common shares outstanding - diluted (in shares)	62,351,222	61,191,613	60,140,045

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

+ References

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments We enter into various purchase obligations in the ordinary course of business, generally of a short-term nature. These purchase obligations include commitments for inventory purchases, marketing-related contracts, corporate sponsorships, software/license commitments and service contracts. We also enter into long-term, exclusive contracts with vendors to supply us with certain goods and services, however, they generally do not include firm minimum purchase commitments. Unconditional Purchase obligations The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services (“unconditional purchase obligations”). Future payments of noncancellable unconditional purchase obligations with a remaining term in excess of one year were $11.7 million and $4.8 million as of December 29, 2024 and December 31, 2023, respectively. The majority of these purchase obligations are due within three years, however commitments with various vendors extend through 2029. The Company’s unconditional purchase obligations primarily consist of payments for subscriptions, technology, restaurant level services, and marketing-related platforms. In July 2022, Management entered into an agreement with a vendor to purchase product. The agreement will remain in effect through the later of (i) the purchase of 585,940 gallons of product or (ii) 5 years from the effective date of the agreement. The remaining minimum purchase commitment as of December 29, 2024 was approximately $5.3 million. Legal Proceedings The Company is subject to legal proceedings, claims and liabilities that arise in the ordinary course of business. The amount of the ultimate liability with respect to these matters was not material as of December 29, 2024. In the event any litigation losses become probable and estimable, the Company will recognize any 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. In 2023, the Company expensed $0.8 million in General and administrative expenses associated with the State of Delaware Abandoned or Unclaimed Properly Voluntary Disclosure Program, into which the Company had applied and been accepted in 2022. In the second quarter of 2024, $0.7 million of the previously accrued amount was paid to the State of Delaware in resolution of escheat matters arising from 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 - Operating and Finance Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
OPERATING LEASES
2025	$ 57,876
2026	75,245
2027	75,376
2028	74,728
2029	74,392
Thereafter	656,547
Total future minimum lease payments	1,014,164
Less: imputed interest	(402,884)
Total present value of lease liabilities	611,280
FINANCE LEASES
2025	603
2026	(861)
2027	378
2028	365
2029	343
Thereafter	4,477
Total future minimum lease payments	5,305
Less: imputed interest	(2,539)
Total present value of lease liabilities	2,766	$ 1,076
Executed operating leases that have not commenced	$ 116,100

Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
NUMBER OF OPTIONS
Options outstanding, beginning of period (in shares)	4,347,186
Options forfeited (in shares)	(35,211)
Options exercised (in shares)	(610,958)
Options outstanding, end of period (in shares)	3,701,017	4,347,186
Options exercisable, end of period (in shares)	3,376,772
WEIGHTED AVERAGE EXERCISE PRICE
Outstanding, beginning of period, weighted average exercise price (in dollars per share)	$ 10.22
Forfeited, weighted average exercise price (in dollars per share)	12.82
Exercised, weighted average exercise price (in dollars per share)	10.52
Outstanding, end of period, weighted average exercise price (in dollars per share)	10.14	$ 10.22
Exercisable, end of period, weighted average exercise price (in dollars per share)	$ 9.90
AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, beginning of period, aggregate intrinsic value	$ 42,965
Outstanding, end of period, aggregate intrinsic value	31,676	$ 42,965
Exercisable, end of period, aggregate intrinsic value	$ 29,721
WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (in years)
Outstanding, weighted average remaining contractual term	4 years 1 month 6 days	5 years 1 month 6 days
Exercisable, weighted average remaining contractual term	3 years 9 months 18 days

Property, Fixtures and Equipment - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 29, 2024 USD ($)	Dec. 31, 2023 USD ($) restaurant	Dec. 25, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Depreciation	$ 52.1	$ 39.7	$ 33.3
Tangible asset impairment charges	0.0	$ 0.5	0.0
Number of restaurants related to long lived assets \| restaurant		2
Loss on disposal of assets	0.5	$ 0.8	$ 0.9
Sale leaseback transaction, finance obligation	3.1	3.1
Leased land asset
Property, Plant and Equipment [Line Items]
Sale leaseback transaction, finance obligation	$ 1.2	$ 1.2

Segment Information

12 Months Ended

Dec. 29, 2024

Segment Reporting [Abstract]

Segment Information

Management determined the Company’s single operating segment on the basis that the Company’s Chief Operating Decision Maker (the “CODM”), the Chief Executive Officer, assesses performance and allocates resources at the Company's consolidated level. The Company’s CODM uses consolidated net income to evaluate performance and make key operating decisions, such as investments in our long-term growth strategy. This measure is also used to monitor budget against actual results.

Segment accounting policies are consistent with those described in Note 2, Summary of Significant Accounting Policies. Revenue is derived from sales of food and beverage, net discounts, by our restaurants as well as franchise royalty, system fund and initial franchise fees. The measure of total assets for the reporting segment is reported on the consolidated balance sheets as total assets. The measure of capital expenditures for the reporting segment is reported on the consolidated statements of cash flows as total capital expenditures.

The following table details consolidated net income for the segment for the periods indicated:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Total revenues	$	1,015,910	$	891,551	$	730,162
Less:
Food and beverage costs	223,097		197,374		172,561
Labor and other related expenses	335,038		294,010		238,257
Other restaurant operating expenses	151,968		134,477		114,476
Occupancy expenses	82,694		68,400		59,919
Pre-opening expenses	10,109		7,173		5,414
Stock-based compensation	8,525		7,604		10,374
General and administrative expenses(1)	104,745		95,517		74,585
Depreciation and amortization	57,715		41,223		34,230
Other segment items(2)	3,112		4,506		3,433
Interest expense	12,640		8,063		5,232
Other income, net	(1,759)		(2,871)		(910)
Income tax expense	9,101		10,690		5,684
Net income	$	18,925	$	25,385	$	6,907

(1) General and administrative expenses excludes stock-based compensation presented separately.

(2) Other segment items included in segment net income primarily includes transaction expenses, and impairments and loss on disposal of assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Accrued Liabilities (Tables)

12 Months Ended

Dec. 29, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	DECEMBER 29, 2024		DECEMBER 31, 2023
Construction liabilities	$	16,769	$	13,944
Sales tax	7,919		6,163
Self-insurance, general liability and workers’ compensation reserves	2,521		1,593
Utilities	2,156		1,657
Credit card fees	1,973		1,706
Contingent rent	1,058		1,160
Property tax	830		922
Common area maintenance	618		749
Interest payable	267		401
Other	5,496		7,335
Total accrued liabilities	$	39,607	$	35,630

Property, Fixtures and Equipment (Tables)

12 Months Ended

Dec. 29, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Fixtures and Equipment, Net


(in thousands)	DECEMBER 29, 2024		DECEMBER 31, 2023
Building and land improvements	$	1,354	$	1,354
Leased land asset	1,190		1,190
Leasehold improvements	324,389		240,976
Furniture, fixtures and equipment (including capitalized software)	223,137		179,965
Financing lease assets	5,312		3,144
Vehicles	460		460
Total property, fixtures and equipment	555,842		427,089
Accumulated depreciation	(229,227)		(181,481)
Construction-in-progress	34,779		17,474
Total property, fixtures and equipment, net	$	361,394	$	263,082

Audit Information	12 Months Ended
Audit Information	Dec. 29, 2024
Audit Information [Abstract]
Auditor firm ID	238
Auditor name	PricewaterhouseCoopers LLP
Auditor location	Tampa, Florida

Business Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) $ in Thousands								12 Months Ended
	Nov. 08, 2024 USD ($) restaurant	Apr. 15, 2024 USD ($) restaurant	Jan. 22, 2024 USD ($) restaurant	Nov. 13, 2023 USD ($) restaurant	Aug. 09, 2023 USD ($) restaurant	Jun. 26, 2023 USD ($) restaurant	May 01, 2023 USD ($) restaurant	Dec. 29, 2024 USD ($) restaurant	Dec. 31, 2023 USD ($) restaurant	Dec. 25, 2022 USD ($)
Business Acquisition [Line Items]
Deferred franchise fees recognized as a result of termination of pre-existing franchise agreement								$ 413	$ 607	$ 0
Recognized amounts of identifiable assets acquired and liabilities assumed:
Goodwill								$ 398,565	$ 359,883	$ 345,219
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of acquired restaurants \| restaurant	16	21	1	6	6	5	6	22	23
Number of acquired restaurants under development \| restaurant		0	0	0	1	0	0
Purchase price (cash)	$ 49,000	$ 75,119	$ 3,002	$ 9,568	$ 14,129	$ 8,651	$ 8,177
Transaction costs incurred		1,328	211	327	400	352	362
Deferred franchise fees recognized as a result of termination of pre-existing franchise agreement		383	30	206	200	123	78
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash		32	1	9	16	6	9
Inventory		213	15	70	102	62	57
Prepaid rent and other assets		133	1	51	89	26	67
Property, fixtures and equipment		16,511	1,391	5,185	6,364	3,783	1,840
Reacquired rights		21,459	498	1,405	4,358	2,304	1,342
Goodwill		37,585	1,097	2,837	3,888	2,667	5,272
Operating right-of-use assets, net of lease positions and prepaid rent		26,199	1,251	6,418	8,432	5,199	3,088
Operating lease liabilities		(26,853)	(1,247)	(6,388)	(8,962)	(5,269)	(3,418)
Deferred revenues - gift card liabilities assumed		$ (160)	$ (5)	(19)	(51)	(127)	(80)
Accounts payable				0	(35)	0	0
Deferred tax liability				$ 0	$ (72)	$ 0	$ 0

Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employers matching contribution, annual vesting percentage	50.00%	50.00%	25.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay	6.00%	6.00%	6.00%
Define contribution 401(k) saving plan vesting period	5 years
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, cost	$ 1.9	$ 1.1	$ 0.6

Condensed Financial Information of Registrant (Parent Company Only) - CONSOLIDATED BALANCE SHEETS (Additional Information) (Detail) - $ / shares	Dec. 29, 2024	Dec. 31, 2023
Condensed Balance Sheet Statements, Captions [Line Items]
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 outstanding (in shares)	0	0
Preferred stock, shares issued (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)	60,700,090	59,891,705
Common stock, shares outstanding (in shares)	60,700,090	59,891,705
Parent Company
Condensed Balance Sheet Statements, Captions [Line Items]
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 outstanding (in shares)	0	0
Preferred stock, shares issued (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)	60,700,090	59,891,705
Common stock, shares outstanding (in shares)	60,700,090	59,891,705

Debt - Schedule of Estimated Fair Value of the Outstanding Debt, Excluding Finance Lease Liabilities and Financing Obligations (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Value	$ 193,797
Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Carrying Value	98,125	$ 92,500
Term Facility \| New Facilities \| Line of Credit \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Fair Value	97,933	92,201
Delayed Draw Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Carrying Value	95,672	0
Delayed Draw Term Facility \| New Facilities \| Line of Credit \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Fair Value	95,484	0
Revolving Credit Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Carrying Value	0	30,000
Revolving Credit Facility \| New Facilities \| Line of Credit \| 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

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+ Details

Net Income Per Common Share

12 Months Ended

Dec. 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:


	FISCAL YEAR
(in thousands, except share and per share data)	2024		2023		2022
Numerator:
Net income	$	18,925	$	25,385	$	6,907
Denominator:
Weighted average common shares outstanding - basic	60,365,393		59,531,404		59,097,512
Weighted average common shares outstanding - diluted	62,351,222		61,191,613		60,140,045
Net income per common share - basic	$	0.31	$	0.43	$	0.12
Net income per common share - diluted	$	0.30	$	0.41	$	0.11
Stock options outstanding not included in diluted net income per common share as their effect is anti-dilutive	12,552		13,656		1,787,517
Restricted stock units outstanding not included in diluted net income per common share as their effect is anti-dilutive	336,410		355		—

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 preferred stock using the two-class method, as well as for stock options and restricted stock units outstanding and unvested as of the respective periods using the treasury method.

Property, Fixtures and Equipment

12 Months Ended

Dec. 29, 2024

Property, Plant and Equipment [Abstract]

Property, Fixtures and Equipment

Property, fixtures and equipment, net consisted of the following:


(in thousands)	DECEMBER 29, 2024		DECEMBER 31, 2023
Building and land improvements	$	1,354	$	1,354
Leased land asset	1,190		1,190
Leasehold improvements	324,389		240,976
Furniture, fixtures and equipment (including capitalized software)	223,137		179,965
Financing lease assets	5,312		3,144
Vehicles	460		460
Total property, fixtures and equipment	555,842		427,089
Accumulated depreciation	(229,227)		(181,481)
Construction-in-progress	34,779		17,474
Total property, fixtures and equipment, net	$	361,394	$	263,082

Depreciation expense was $52.1 million, $39.7 million and $33.3 million during Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.

In Fiscal 2024 and Fiscal 2022, there were no impairment losses recorded. In Fiscal 2023, the Company recognized impairment losses of $0.5 million which primarily related to the long-lived assets of two company-owned restaurants due to their approved closures.

Loss on disposals of assets of $0.5 million, $0.8 million and $0.9 million were recognized in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively, primarily related to the write-off of assets retired as a result of the replacement of assets or restaurant closures.

As of December 29, 2024 and December 31, 2023, Property, fixtures and equipment, net included $1.2 million in land related to sale and leaseback transactions accounted for as financing obligations.

Income Taxes - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Income Taxes Valuation Allowance [Roll Forward]
Deferred tax assets, valuation allowance, beginning balance	$ (48,111)	$ (41,754)	$ (35,863)
Increase	(9,553)	(6,357)	(5,891)
Deferred tax assets, valuation allowance, ending balance	$ (57,664)	$ (48,111)	$ (41,754)

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Current provision:
Federal	$ (326)	$ (217)	$ 0
State	(1,952)	(2,158)	(1,007)
Total current provision	(2,278)	(2,375)	(1,007)
Deferred provision:
Federal	(7,031)	(8,896)	(4,562)
State	208	581	(115)
Deferred income taxes	(6,823)	(8,315)	(4,677)
Income tax expense	$ (9,101)	$ (10,690)	$ (5,684)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

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-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Revenues

12 Months Ended

Dec. 29, 2024

Revenue from Contract with Customer [Abstract]

Revenues

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


(in thousands)	DECEMBER 29, 2024		DECEMBER 31, 2023
Deferred revenues:
Deferred gift card revenue	$	5,385	$	5,224
Deferred franchise fee revenue - current	238		275
Total current deferred revenues	$	5,623	$	5,499
Other long-term liabilities:
Deferred franchise fee revenue - non-current	$	1,691	$	1,786

Changes in deferred gift card contract liabilities were as follows:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Deferred gift card revenue:
Balance, beginning of period	$	5,224	$	4,897	$	4,410
Gift card sales	11,492		12,329		9,627
Gift card redemptions	(10,230)		(11,198)		(8,225)
Gift card breakage	(1,266)		(1,081)		(915)
Gift card liabilities assumed through acquisitions	165		277		—
Balance, end of period	$	5,385	$	5,224	$	4,897

Gift cards are combined in one pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period.

Changes in deferred franchise fee contract liabilities were as follows:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Deferred franchise fee revenue:
Balance, beginning of period	$	2,061	$	2,768	$	2,536
Cash received	559		288		530
Franchise revenues recognized	(278)		(388)		(298)
Business combinations - franchise revenues recognized	(413)		(607)		—
Balance, end of period	$	1,929	$	2,061	$	2,768

Revenues recognized disaggregated by type were as follows:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Restaurant sales:
In-restaurant dining sales	$	829,048	$	716,960	$	571,048
Third-party delivery sales	97,444		91,433		82,049
Take-out sales	77,863		68,699		66,084
Total restaurant sales	$	1,004,355	$	877,092	$	719,181

Franchise revenues:
Royalty and system fund contributions	$	10,864	$	13,464	$	10,683
Initial fees	278		388		298
Business combinations - revenues recognized	413		607		—
Total franchise revenues	$	11,555	$	14,459	$	10,981
Total revenues	$	1,015,910	$	891,551	$	730,162

Deferred revenues as of December 29, 2024 are expected to be recognized as follows:


FISCAL YEAR	(in thousands)
2025	$	5,623
2026	$	287
2027	$	258
2028	$	236
2029	$	199
Thereafter	$	711

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stockholders’ Equity	12 Months Ended
Stockholders’ Equity	Dec. 29, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity The Company is authorized to issue 300,000,000 common stock shares with a par value of $0.01 per share and 10,000,000 preferred stock shares with a par value of $0.01 per share pursuant to the Company’s Amended and Restated Certificate of Incorporation. Each share of common stock entitles the holder to one vote for each share of common stock held and common stockholders will not have cumulative voting rights. Common stockholders are entitled to receive dividends, as and if declared by the board of directors. In addition, all common stockholders are entitled to share equally on a share-for-share basis in any assets available for distribution to common stockholders upon liquidation, dissolution, or winding up of the Company after payment is made to the preferred stockholders. During Fiscal 2024, funds managed by Advent International L.P. sold 6,000,000 and 8,000,000 shares through Secondary Offerings that were completed on March 12, 2024 and November 13, 2024, respectively. The selling stockholders sold an additional 900,000 shares of common stock on March 12, 2024 pursuant to the terms of the underwriter’s option associated with the secondary public offering. All net proceeds from the sale of the shares of common stock were distributed to the selling stockholders. During Fiscal 2023, funds managed by Advent International L.P. sold 3,500,000 and 3,000,000 shares through Secondary 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 public offering. All net proceeds from the sale of the shares of common stock were distributed to the selling stockholders. During Fiscal 2022, funds managed by Advent sold 4,500,000 shares of the Company’s common stock through a Secondary Offering. The selling stockholders sold an additional 675,000 shares of common stock on October 6, 2022 pursuant to the terms of the underwriter’s option associated with the Secondary Offering. All net proceeds from the sale of the shares of common stock were distributed to the selling stockholders. No cash dividends were declared or paid in Fiscal 2024, Fiscal 2023 and Fiscal 2022.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 29, 2024

Accounting Policies [Abstract]

Fiscal Period

Basis of Presentation

The accompanying consolidated financial statements of the Company have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

Principles of Consolidation

The Company’s consolidated financial statements include the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

The Company does not hold ownership interests in any franchisee and does not provide financial support to franchisees. As a result, the Company’s franchise relationships are not variable interest entities and are not consolidated.

Use of Estimates

The preparation of 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 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.

Business Combinations

The Company’s business combinations are accounted for using the purchase method of accounting. The consideration transferred in a business combination, identifiable assets acquired and liabilities assumed are measured at their estimated fair value as of the date of the acquisition. Goodwill is recognized for the amount by which the purchase consideration exceeds the fair values of the net assets acquired. Costs incurred in connection with business combinations are expensed as incurred. The results of operations of the businesses that were acquired are included as of their respective dates of acquisition.

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.

Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable inputs and the last is considered unobservable. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.


Level 1			Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2			Observable inputs available other than quoted prices included in Level 1
Level 3			Unobservable inputs based on assumptions that cannot be determined by observable market data

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 are used as an element of the Company’s interest rate risk management strategy. The intent of these instruments is to reduce cash flow exposure to variability in expected 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 (Loss) and subsequently reclassified into earnings at the time of the Company’s debt-interest payments. The Company has elected to record cash flows from interest rate swaps within operating activities, the same category as the items being hedged, in its Consolidated Statements of Cash Flows.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents include all cash balances and highly liquid investments with an original maturity of three months or less. Amounts receivable from credit card processors are considered cash equivalents because they are highly liquid and are typically converted to cash within three business days.

Amounts included in restricted cash represent those required to be set aside by a contractual agreement for the settlement of insurance claims.

Concentrations of Credit Risk

Financial instruments, which potentially subject the Company to concentrations of market and credit risk, are cash and cash equivalents and restricted cash. At times, cash balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses to date as a result of these risks. Management periodically assesses the quality of the financial institutions and believes that the risk related to these deposits is minimal.

Accounts Receivable

Accounts receivable consist primarily of receivables from franchisees, receivables from third-party delivery providers, receivables from gift card sales and vendor rebates. The Company believes all amounts to be collectible based on a variety of factors it evaluates, including historical experience, current economic conditions and other factors.

Inventory

Inventory consists primarily of food and beverage costs and is stated at the lower of cost (determined by the first-in, first-out method) or net realizable value. Adjustments are not deemed necessary to reduce inventory to net realizable value due to the rapid turnover and utilization of inventory.

Leases

The Company’s restaurant facilities, corporate offices and certain restaurant equipment are leased under various agreements having initial terms expiring between 2025 and 2040. Restaurant facility leases generally have renewal periods of five to 20 years, exercisable at the option of the Company. At the commencement of each lease, an evaluation is performed to determine whether (i) the contract involves the use of property or equipment, (ii) the Company controls the use of the asset and (iii) the Company has the right to direct the use of the asset. Management determines the classification of lease contracts as operating or finance leases. The majority of the Company’s real estate leases are classified as operating leases and the majority of the Company’s equipment leases are classified as finance leases.

For operating leases with lease terms greater than 12 months, a lease liability is recognized for future fixed lease payments and a corresponding right-of-use asset is recognized representing the Company’s right to use the underlying asset during the lease term. The lease liability is initially measured as the present value of the future fixed lease payments that will be made over the lease term using the Company’s incremental borrowing rate as there are no implicit rates provided in the lease contracts. The Company’s incremental borrowing rate is based on a market yield implied by the Company’s outstanding secured term loan interpolated for various maturities using the Company’s synthetic credit rating, which was determined using a regression analysis of rated publicly-traded comparable companies and their financial data. Occupancy expense, which includes the effects of free rent periods and rent escalation clauses within certain of the Company’s leases, is recognized on a straight-line basis over the lease term. Tenant improvement allowances are amortized on a straight-line basis over the term of the lease as a reduction of lease expense. The lease term, which commences on the date the Company has the right to control the use of the property, includes the Company’s options to extend the lease to the extent it is reasonably certain that the renewal options will be exercised.

Leases with indexed rent escalation clauses are recorded using the index that existed at lease commencement or upon the latest modification requiring remeasurement. Subsequent changes in the index are recorded as variable lease expense. Contingent rent payments, which are based on a percentage of sales for certain restaurant facilities, are recorded as variable lease expense when the Company determines that such sales levels will be achieved. In addition to fixed lease payments, certain of the Company’s real estate leases also require payment of a proportionate share of property taxes, insurance and maintenance costs, which are expensed as incurred in the Consolidated Statements of Operations and Comprehensive Income (Loss) and future variable rent obligations are not included within the lease liabilities on the Consolidated Balance Sheets.

The operating lease right-of-use asset is measured at the amount of the lease liability with adjustments for (i) rent prepayments made prior to or at lease commencement, (ii) landlord incentives and (iii) favorable and unfavorable leasehold positions. The depreciable life of an operating lease right-of-use asset is limited by the lease term. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.

Fixed lease and non-lease components of the Company’s restaurant facility leases are accounted for as a single lease component. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets, however, they are recognized on a straight-line basis over the lease term in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Finance lease liabilities and corresponding finance lease assets are recognized at an amount equal to the present value of the minimum lease payments over the lease term. The amortization of finance lease assets is recognized over the shorter of the lease term or useful life of the underlying asset within Depreciation and amortization. The interest expense related to finance leases, including any variable lease payments, is recognized in Interest expense. Finance lease assets are classified in Property, fixtures and equipment, net and current maturities and long-term portions of finance lease liabilities are classified within Current portion of long-term debt and Long-term debt, net, respectively.

Property, Fixtures and Equipment

Property, fixtures and equipment, including capitalized software, are stated at cost less accumulated depreciation. Refurbishments and improvements that increase the productive capacity or extend the useful life of assets are capitalized and depreciated over their estimated useful lives. Repair and maintenance costs are expensed as incurred. Leasehold improvements are depreciated over the shorter of their useful life or the lease term. The carrying amount of assets sold, replaced or retired and the related accumulated depreciation are eliminated at the time of disposal and any resulting gains and losses on disposal are recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Direct internal costs associated with the acquisition, development, design and construction of company-owned restaurants are capitalized as these costs have a future benefit to the Company. Once a restaurant opens, these costs are depreciated and recorded in Depreciation and amortization.

Goodwill and Indefinite-lived Intangible Assets

Goodwill and indefinite-lived intangible assets are evaluated for impairment annually on the first day of the fourth quarter of the fiscal year, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company has one reporting unit for goodwill impairment testing purposes.

Management may elect to perform a qualitative assessment to determine whether it is more likely than not that the reporting unit and/or asset group is impaired. If the qualitative assessment is not performed, or if it is not more likely than not that the estimated fair value of the reporting unit and indefinite-lived intangible assets exceeds the respective carrying value, a quantitative analysis is required.

The fair value of the indefinite-lived intangibles is determined through a relief from royalty method using certain unobservable inputs that fall within Level 3 of the fair value hierarchy. The respective carrying values are compared to the related estimated fair values and an impairment loss is recognized in an amount equal to the excess of the carrying value over estimated fair values.

Management performed a qualitative annual impairment assessment for goodwill and indefinite-lived intangible assets as of the first day of the fourth quarter of Fiscal 2024 and Fiscal 2023 and concluded that impairment of both goodwill and indefinite-lived intangible assets was not more likely than not. As a result, a quantitative assessment was not required.

Definite-Lived Intangible Assets

Intangible assets with definite lives consist of franchise rights which arose from the purchase price allocation in connection with the Advent Acquisition and also include reacquired rights from the Company’s acquisitions of franchised restaurants. Definite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

When evaluating the carrying amount for recoverability, the total future undiscounted net cash flows expected to be generated by the asset are compared to the carrying amount. If the total future undiscounted net cash flows are less than the carrying amount, this may be an indicator of impairment. An impairment loss is recognized when the asset’s carrying value exceeds its estimated fair value. Fair value is generally estimated using a discounted cash flow model using unobservable inputs that fall within Level 3 of the fair value hierarchy.

Impairment Assessment of Long-lived Assets

Long-lived assets deployed at company-owned restaurants include (i) property, fixtures and equipment, (ii) operating lease right-of-use asset, net of the related operating lease liability and (iii) reacquired rights to the extent the restaurant had been previously acquired by the Company.

When circumstances indicate that the carrying value may not be recoverable, an evaluation for impairment is performed at the lowest level of identifiable cash flows, which is at the individual restaurant level. If the total future undiscounted net cash flows are less than the carrying value of the long-lived assets at the individual restaurant level, the fair value is determined based on discounted future net cash flows expected to result from the use and eventual disposition of the assets, which are unobservable inputs that fall within Level 3 of the fair value hierarchy. An impairment loss is recognized in an amount equal to the excess of the carrying value over the estimated fair value.

Insurance Reserves

The Company is self-insured for employee group health claims and Ohio workers’ compensation. The Company also carries retention levels and per-claim deductibles associated with other workers’ compensation and general liability insurance programs. Stop loss coverage is maintained with third-party insurers to limit loss exposure.

We record liabilities for unresolved and incurred but not reported claims at the anticipated cost below applicable retention levels or per-claim deductible amounts. Insurance reserve liabilities are established at the balance sheet date using actuarial assumptions and historical data including the frequency and severity of claims. The establishment of the reserves utilizing estimates and assumptions is based, in part, on the premise that historical claims experience is indicative of current and future expected activity, which could differ significantly. If actual results are not consistent with our estimates or assumptions, the Company may be exposed to losses or gains that could be material.

Revenue Recognition

Revenues from food and beverage sales are reported, net of discounts and taxes. For in-restaurant dining and take-out sales, revenues are recognized when payment is tendered. For delivery sales made through the Company’s mobile application and website, the Company controls the delivery services and recognizes revenue, including delivery fees, when the delivery partner transfers the food and beverage to the customer. With respect to sales made through delivery partners’ mobile applications or websites, the Company recognizes revenue, excluding delivery fees collected by the delivery partner, when control of the food and beverage is transferred to the delivery partner. Payment is received from the delivery partner subsequent to the transfer of food and beverage and the payment terms are short-term.

Franchise revenues include initial franchise fees and ongoing sales-based royalty and system fund contributions, which are used for advertising, marketing and public relations programs and materials. The license granted to develop and operate a restaurant is the distinct performance obligation that is transferred to the franchisee. Ancillary promised services, such as training, which are not considered distinct within the context of the franchise agreement, are combined with the franchise license and are considered one distinct performance obligation. Payments for initial franchise fees are received either upon execution of the franchise agreement and/or upon opening of the restaurant. These payments are deferred and recognized as revenue throughout the contractual term of the related franchise agreement. Unamortized deferred franchise fees are recognized as revenue upon the termination of franchise agreements with franchisees. The short-term and long-term unamortized portion of these liabilities are included in Deferred revenues and in Other long-term liabilities, respectively.

Royalty and system fund contributions from franchisees are based on a percentage of sales and are recognized as revenue in the period the sales occurred.

Gift cards are sold at restaurants and certain retail venues. Deferred revenues include liabilities established for the value of the gift cards when sold. Revenue is recognized from gift card sales upon redemption by the customer. Management estimates the amount of gift cards for which the likelihood of redemption is remote, referred to as “breakage,” using historical gift card redemption patterns. The estimated breakage is recognized over the expected period of redemption as the remaining gift card values are redeemed, which is generally over a period of two years. Utilizing this method, Management estimates both the breakage and the time period of redemption. If actual redemption patterns vary from these estimates, actual gift card breakage income may differ from the amounts recorded. Estimates of the redemption period and breakage rate applied are updated periodically. Gift card liabilities are included in Deferred revenues.

Food and Beverage Costs

The components of food and beverage costs at company-owned restaurants fluctuate directly with sales volumes and are impacted by changes in commodity prices or promotional activities.

Pre-opening Expenses

Pre-opening expenses are costs incurred to open new company-owned restaurants. Pre-opening expenses include pre-opening rent expense, which is recognized during the period between the date of possession of the restaurant facility and the restaurant opening date. In addition, pre-opening expenses include manager salaries, recruiting expenses, employee payroll and training costs, which are recognized in the period in which the expense was incurred. Pre-opening expenses can fluctuate from period to period, based on the number and timing of new company-owned restaurant openings.

Consideration Received from Vendors

The Company receives consideration from certain vendors for volume rebates and allowances. The Company accounts for consideration from a vendor as a reduction of the purchase price of the goods or services acquired from the vendor.

Advertising Costs

Advertising costs are recognized as incurred or, in the case of advertisements, when the advertisement occurs.

Debt Discount and Deferred Issuance Costs

Debt discount and deferred issuance costs incurred in connection with the issuance of long-term debt are recorded as reductions of long-term debt and are amortized over the term of the related debt. Amortization expense of debt discount and deferred issuance costs is included in Interest expense.

Income Taxes

Income taxes are accounted for under the asset and liability method of accounting. Under this method, deferred tax assets or liabilities are recognized for the estimated future tax effects attributable to temporary differences between the carrying value and the tax basis of assets and liabilities as well as tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applicable in the years in which the differences are expected to be recovered or settled. Changes in deferred tax assets or liabilities are recognized in Income tax expense.

Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable income will be available against which the deductible temporary differences can be utilized. Realization of deferred tax assets is dependent upon the availability of taxable income and a valuation allowance for deferred tax assets is provided when it is more likely than not that a portion of the deferred tax assets will not be realized. In the assessment for realization of deferred tax assets, Management considers all sources of taxable income including (i) taxable income in any available carry back period, (ii) scheduling of anticipated reversal of taxable temporary differences, (iii) tax-planning strategies and (iv) taxable income expected to be generated in the future other than from reversing temporary differences and carryforwards. Management continues to evaluate the rationale for recording a valuation allowance on its deferred tax assets and as the Company increases earnings and utilizes deferred tax assets, it is possible the valuation allowance could be reduced or eliminated.

Interest and penalties, when incurred, are recognized in Other (expense) income, net.

Stock-Based Compensation

Stock-based compensation is recognized in General and administrative expenses based on the fair value of the stock-based awards on the date of grant. The fair value of performance-based awards is recognized as expense when the achievement of the performance condition is probable. Stock-based compensation expense for time-based awards is expensed over the requisite service period.

The fair value of restricted stock units (“RSU”) is determined by the market price of the Company’s stock on the date the RSU is granted. The fair value of stock option awards is determined using the Black-Scholes option pricing model. Determining the fair value of stock option awards at the grant date requires judgment, including estimating the expected term that the stock option awards will be outstanding prior to exercise, volatility, dividend yield and risk-free interest rate. The assumptions underlying these valuations represented Management’s best estimate, which involved inherent uncertainties and the application of Management’s judgment. As a result, if Management had used significantly different assumptions or estimates, the fair value of stock option awards and stock-based compensation expense could have been materially different.

Stock option exercises and restricted stock unit vesting is settled with authorized but unissued shares of the Company’s common stock. Forfeitures of stock-based awards are recognized as they occur.

Summary of Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In November 2023, the 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 Company adopted ASU No, 2023-07 on December 29, 2024. See Note 19, Segment Information, for further detail.

New Accounting Pronouncements

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.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which establishes new disclosure requirements related to purchases of inventory, employee compensation, selling expenses, depreciation and intangible amortization. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027 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.

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 29, 2024 segment
Segment Reporting [Abstract]
Number of Operating Segments	1

Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Receivables [Abstract]
Receivables from third-party delivery providers	$ 1,445	$ 1,559
Receivables from franchisees	987	1,390
Receivables from vendors	1,657	873
Receivables related to gift card sales	1,683	1,585
Other receivables	1,463	125
Total accounts receivable	$ 7,235	$ 5,532

Nature of Business and Organization - Additional Information (Details)	Dec. 29, 2024 state restaurant	Dec. 31, 2023 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	489	425
Franchise-owned restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	83	99

Subsequent Events (Details) - Series of Individually Immaterial Business Acquisitions $ in Thousands									12 Months Ended
	Feb. 12, 2025 USD ($) restaurant	Nov. 08, 2024 USD ($) restaurant	Apr. 15, 2024 USD ($) restaurant	Jan. 22, 2024 USD ($) restaurant	Nov. 13, 2023 USD ($) restaurant	Aug. 09, 2023 USD ($) restaurant	Jun. 26, 2023 USD ($) restaurant	May 01, 2023 USD ($) restaurant	Dec. 29, 2024 restaurant	Dec. 31, 2023 restaurant
Subsequent Event [Line Items]
Number of acquired restaurants \| restaurant		16	21	1	6	6	5	6	22	23
Purchase price (cash) \| $		$ 49,000	$ 75,119	$ 3,002	$ 9,568	$ 14,129	$ 8,651	$ 8,177
Subsequent Event
Subsequent Event [Line Items]
Number of acquired restaurants \| restaurant	3
Purchase price (cash) \| $	$ 7,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 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

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Leases [Abstract]
Operating cash flows - operating leases	$ 48,467	$ 47,930	$ 39,546
Operating cash flows - finance leases	64	92	130
Financing cash flows - finance leases	$ 590	$ 558	$ 514

Stock-Based Compensation - Schedule of Unrecognized Stock-based Compensation Expense (Details) $ in Thousands	12 Months Ended
	Dec. 29, 2024 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock compensation expense	$ 509
REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)	3 months 18 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock compensation expense	$ 10,647
REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)	1 year 8 months 12 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.

+ References

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 29, 2024

Accounting Policies [Abstract]

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 fiscal years ended December 29, 2024 (“Fiscal 2024”), December 31, 2023 (“Fiscal 2023”) and December 25, 2022 (“Fiscal 2022”) contained 52 weeks, 53 weeks and 52 weeks, respectively. The accompanying consolidated financial statements of the Company have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

Principles of Consolidation

The Company’s consolidated financial statements include the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

Business Combinations

Fair Value of Financial Instruments


Level 1			Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2			Observable inputs available other than quoted prices included in Level 1
Level 3			Unobservable inputs based on assumptions that cannot be determined by observable market data

Interest Rate Swaps

Cash and Cash Equivalents and Restricted Cash

Amounts included in restricted cash represent those required to be set aside by a contractual agreement for the settlement of insurance claims.

Concentrations of Credit Risk

Accounts Receivable

Inventory

Leases

Property, Fixtures and Equipment

Depreciation is computed using the straight-line method over the following estimated useful lives:


Building and land improvements			30 to 40 years
Leasehold improvements			3 to 20 years
Furniture and fixtures			2 to 10 years
Equipment (including capitalized software)			2 to 15 years
Vehicles			3 to 10 years

Goodwill and Indefinite-lived Intangible Assets

Definite-Lived Intangible Assets

Impairment Assessment of Long-lived Assets

Insurance Reserves

Estimated unpaid claims and other insurance liabilities of $3.9 million and $2.3 million were recorded in the accompanying Consolidated Balance Sheets as of December 29, 2024 and December 31, 2023, respectively.

Revenue Recognition

Royalty and system fund contributions from franchisees are based on a percentage of sales and are recognized as revenue in the period the sales occurred.

Food and Beverage Costs

The components of food and beverage costs at company-owned restaurants fluctuate directly with sales volumes and are impacted by changes in commodity prices or promotional activities.

Pre-opening Expenses

Consideration Received from Vendors

Advertising Costs

Advertising costs are recognized as incurred or, in the case of advertisements, when the advertisement occurs. Advertising costs were $8.5 million, $7.2 million and $6.4 million during Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively, and are included in General and administrative expenses, Other restaurant operating expenses and Pre-opening expenses.

Debt Discount and Deferred Issuance Costs

Income Taxes

Interest and penalties, when incurred, are recognized in Other (expense) income, net.

Stock-Based Compensation

Summary of Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

New Accounting Pronouncements

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 - Summary of Tax Credit Carryforwards (Details) $ in Thousands	Dec. 29, 2024 USD ($)
Income Tax Disclosure [Abstract]
Federal net operating loss carryforwards	$ 77,780
General business tax credits (carried forward 20 years)	$ 59,842

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 229,227	$ 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)	60,700,090	59,891,705
Common stock, shares outstanding (in shares)	60,700,090	59,891,705

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets, net consisted of the following:


		DECEMBER 29, 2024
(in thousands)	Weighted Average Useful Lives	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Registered trademarks, trade names, domains, liquor licenses	Indefinite	$	139,202	$	—	$	139,202
Franchise rights	7 years	40,771		(12,377)		28,394
		$	179,973	$	(12,377)	$	167,596


		DECEMBER 31, 2023
(in thousands)	Weighted Average Useful Lives	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Registered trademarks, trade names, domains, liquor licenses	Indefinite	$	139,103	$	—	$	139,103
Franchise rights	8 years	18,813		(6,730)		12,083
		$	157,916	$	(6,730)	$	151,186

Schedule of Indefinite-Lived Intangible Assets

Intangible assets, net consisted of the following:


		DECEMBER 29, 2024
(in thousands)	Weighted Average Useful Lives	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Registered trademarks, trade names, domains, liquor licenses	Indefinite	$	139,202	$	—	$	139,202
Franchise rights	7 years	40,771		(12,377)		28,394
		$	179,973	$	(12,377)	$	167,596


		DECEMBER 31, 2023
(in thousands)	Weighted Average Useful Lives	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Registered trademarks, trade names, domains, liquor licenses	Indefinite	$	139,103	$	—	$	139,103
Franchise rights	8 years	18,813		(6,730)		12,083
		$	157,916	$	(6,730)	$	151,186

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated future amortization of definite-lived intangible assets as of December 29, 2024 is as follows:


FISCAL YEAR	(in thousands)
2025	$	6,549
2026	$	6,169
2027	$	5,606
2028	$	4,766
2029	$	3,103
Thereafter	$	2,201

Accounts Receivable (Tables)

12 Months Ended

Dec. 29, 2024

Receivables [Abstract]

Accounts Receivable

Accounts receivable consisted of the following:


(in thousands)	DECEMBER 29, 2024		DECEMBER 31, 2023
Receivables from third-party delivery providers	$	1,445	$	1,559
Receivables from franchisees	987		1,390
Receivables from vendors	1,657		873
Receivables related to gift card sales	1,683		1,585
Other receivables	1,463		125
Total accounts receivable	$	7,235	$	5,532

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Numerator
Net income	$ 18,925	$ 25,385	$ 6,907
Denominator
Weighted average common shares outstanding - basic (in shares)	60,365,393	59,531,404	59,097,512
Weighted average common shares outstanding - diluted (in shares)	62,351,222	61,191,613	60,140,045
Net income (loss) per common share - basic (in dollars per share)	$ 0.31	$ 0.43	$ 0.12
Net income (loss) per common share - diluted (in dollars per share)	$ 0.30	$ 0.41	$ 0.11
Stock options
Denominator
Stock options and restricted stock units outstanding not included in diluted net income per common share as their effect is anti-dilutive (in shares)	12,552	13,656	1,787,517
Restricted stock units
Denominator
Stock options and restricted stock units outstanding not included in diluted net income per common share as their effect is anti-dilutive (in shares)	336,410	355	0

Segment Information (Tables)

12 Months Ended

Dec. 29, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table details consolidated net income for the segment for the periods indicated:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Total revenues	$	1,015,910	$	891,551	$	730,162
Less:
Food and beverage costs	223,097		197,374		172,561
Labor and other related expenses	335,038		294,010		238,257
Other restaurant operating expenses	151,968		134,477		114,476
Occupancy expenses	82,694		68,400		59,919
Pre-opening expenses	10,109		7,173		5,414
Stock-based compensation	8,525		7,604		10,374
General and administrative expenses(1)	104,745		95,517		74,585
Depreciation and amortization	57,715		41,223		34,230
Other segment items(2)	3,112		4,506		3,433
Interest expense	12,640		8,063		5,232
Other income, net	(1,759)		(2,871)		(910)
Income tax expense	9,101		10,690		5,684
Net income	$	18,925	$	25,385	$	6,907

(1) General and administrative expenses excludes stock-based compensation presented separately.

(2) Other segment items included in segment net income primarily includes transaction expenses, and impairments and loss on disposal of assets.

Stockholders’ Equity (Details)						12 Months Ended
Stockholders’ Equity (Details)	Nov. 13, 2024 shares	Mar. 12, 2024 shares	Jun. 13, 2023 shares	May 18, 2023 shares	Oct. 06, 2022 shares	Dec. 29, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 25, 2022 USD ($) shares
Class of Stock [Line Items]
Common stock authorized (in shares)						300,000,000	300,000,000
Common stock, par value (in dollars per share) \| $ / shares						$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)						10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares						$ 0.01	$ 0.01
Number of vote for each shares of common stock entitles \| vote						1
Cash dividends \| $						$ 0	$ 0	$ 0
Secondary Public Offering
Class of Stock [Line Items]
Shares of common stock sold (in shares)	8,000,000	6,000,000	3,000,000	3,500,000				4,500,000
Over-Allotment Option
Class of Stock [Line Items]
Shares of common stock sold (in shares)		900,000	450,000	525,000	675,000

Business Acquisitions (Tables)

12 Months Ended

Dec. 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:


	DATE OF ACQUISITION
(dollars in thousands)	JANUARY 22, 2024		APRIL 15, 2024
Number of acquired restaurants	1		21
Number of acquired restaurants under development	—		—
Purchase price (cash)	$	3,002	$	75,119
Transaction costs incurred	$	211	$	1,328
Deferred franchise fees recognized as a result of termination of pre-existing franchise agreement	$	30	$	383
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
Goodwill	$	1,097	$	37,585
Operating right-of-use assets, net of lease positions and prepaid rent	$	1,251	$	26,199


Operating lease liabilities	$	(1,247)	$	(26,853)
Deferred revenues - gift card liabilities assumed	$	(5)	$	(160)

During Fiscal 2023, the Company acquired substantially all the assets associated with 23 franchise operated First Watch restaurants. The details of each acquisition are as follows:


	DATE OF ACQUISITION
(dollars in thousands)	MAY 1, 2023		JUNE 26, 2023		AUGUST 9, 2023		NOVEMBER 13, 2023
Number of acquired restaurants	6		5		6		6
Number of acquired restaurants under development	—		—		1		—
Purchase price (cash)	$	8,177	$	8,651	$	14,129	$	9,568
Transaction costs incurred	$	362	$	352	$	400	$	327
Deferred franchise fees recognized as a result of termination of pre-existing franchise agreement	$	78	$	123	$	200	$	206
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	9	$	6	$	16	$	9
Inventory	$	57	$	62	$	102	$	70
Prepaid rent and other assets	$	67	$	26	$	89	$	51
Property, fixtures and equipment	$	1,840	$	3,783	$	6,364	$	5,185
Reacquired rights	$	1,342	$	2,304	$	4,358	$	1,405
Goodwill (primarily expected synergies and assembled workforce; tax deductible)	$	5,272	$	2,667	$	3,888	$	2,837
Operating right-of-use assets, net of lease positions and prepaid rent	$	3,088	$	5,199	$	8,432	$	6,418
Operating lease liabilities	$	(3,418)	$	(5,269)	$	(8,962)	$	(6,388)
Accounts payable	$	—	$	—	$	(35)	$	—
Deferred tax liability	—		$	—	$	(72)	$	—
Deferred revenues - gift card liabilities assumed	$	(80)	$	(127)	$	(51)	$	(19)

Leases - Lease Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 527,674	$ 420,001
Finance lease assets	2,724	1,033
Total lease assets	530,398	421,034
Operating lease liabilities - current	55,704	40,281
Operating lease liabilities - non-current	555,576	441,290
Finance lease liabilities - current	587	628
Finance lease liabilities - non-current	2,179	448
Total lease liabilities	$ 614,046	$ 482,647
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, fixtures and equipment, net of accumulated depreciation of $229,227 and $181,481, respectively	Property, fixtures and equipment, net of accumulated depreciation of $229,227 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

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Sep. 19, 2021 USD ($) anniversary	Aug. 31, 2021 anniversary	Oct. 31, 2021 USD ($)	Dec. 29, 2024 USD ($) compensationPlan $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 25, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of compensation plans \| compensationPlan				2
Fair value of vested stock options				$ 6,800	$ 7,100	$ 7,400
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value				6,600	5,700	$ 1,100
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares						$ 6.81
Stock-based compensation				8,500	7,600	$ 10,400
Share-based payment arrangement, expense, tax benefit				800	600	2,100
Proceeds from exercise of stock options, net of employee taxes paid				6,429	5,827	1,425
Share-based payment arrangement, exercise of option, tax benefit				$ 2,300	1,600	$ 300
Vesting on first anniversary of initial public offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting amount, percentage		33.33%
Vesting on second anniversary of initial public offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting amount, percentage	33.33%
Vesting on 273rd day following second anniversary of initial public offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting amount, percentage	33.33%
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares				$ 24.08
Granted (in shares) \| shares				475,328
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, vested				$ 4,700	$ 700
Restricted stock units \| Three Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares				353,683
Award vesting period				3 years
Restricted stock units \| One Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares				50,049
Award vesting period				1 year
Restricted stock units \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares				71,596
Award vesting period				2 years
Annual vesting amount, percentage				50.00%
Restricted stock units \| Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Annual vesting amount, percentage				50.00%
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares) \| shares				6,416,126	5,218,292	4,034,072
Total common stock shares issued and outstanding on last day of fiscal year, percentage				2.00%
Requisite service period				3 years
Share-based payment award, expiration period				10 years
2017 Options Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period		3 years
Number of anniversary of initial public offering \| anniversary	2	2
Fair value of vested stock options	$ 300
2017 Options Plan \| Performance-based option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period				5 years
Share-based payment award, expiration period				10 years
Shares authorized for grant (in shares) \| shares				6,138,240
Time based award and stock compensation expense, amount			$ 2,400
Performance based option awards forfeited			$ 5,600

Revenues (Tables)

12 Months Ended

Dec. 29, 2024

Revenue from Contract with Customer [Abstract]

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

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


(in thousands)	DECEMBER 29, 2024		DECEMBER 31, 2023
Deferred revenues:
Deferred gift card revenue	$	5,385	$	5,224
Deferred franchise fee revenue - current	238		275
Total current deferred revenues	$	5,623	$	5,499
Other long-term liabilities:
Deferred franchise fee revenue - non-current	$	1,691	$	1,786

Changes in deferred gift card contract liabilities were as follows:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Deferred gift card revenue:
Balance, beginning of period	$	5,224	$	4,897	$	4,410
Gift card sales	11,492		12,329		9,627
Gift card redemptions	(10,230)		(11,198)		(8,225)
Gift card breakage	(1,266)		(1,081)		(915)
Gift card liabilities assumed through acquisitions	165		277		—
Balance, end of period	$	5,385	$	5,224	$	4,897

Changes in deferred franchise fee contract liabilities were as follows:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Deferred franchise fee revenue:
Balance, beginning of period	$	2,061	$	2,768	$	2,536
Cash received	559		288		530
Franchise revenues recognized	(278)		(388)		(298)
Business combinations - franchise revenues recognized	(413)		(607)		—
Balance, end of period	$	1,929	$	2,061	$	2,768

Disaggregation of Revenue

Revenues recognized disaggregated by type were as follows:


	FISCAL YEAR
(in thousands)	2024		2023		2022
Restaurant sales:
In-restaurant dining sales	$	829,048	$	716,960	$	571,048
Third-party delivery sales	97,444		91,433		82,049
Take-out sales	77,863		68,699		66,084
Total restaurant sales	$	1,004,355	$	877,092	$	719,181

Franchise revenues:
Royalty and system fund contributions	$	10,864	$	13,464	$	10,683
Initial fees	278		388		298
Business combinations - revenues recognized	413		607		—
Total franchise revenues	$	11,555	$	14,459	$	10,981
Total revenues	$	1,015,910	$	891,551	$	730,162

Schedule of Deferred Revenues Expected to be Recognized

Deferred revenues as of December 29, 2024 are expected to be recognized as follows:


FISCAL YEAR	(in thousands)
2025	$	5,623
2026	$	287
2027	$	258
2028	$	236
2029	$	199
Thereafter	$	711

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 29, 2024 USD ($) reportingUnit distinctPerformanceObligation	Dec. 31, 2023 USD ($)	Dec. 25, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Financing receivable, allowance for credit loss	$ 0	$ 0
Direct operating costs	$ 1,200,000	1,000,000
Number of reporting units \| reportingUnit	1
Impairment of intangible assets, finite-lived	$ 0	0	$ 0
Liability for unpaid claims and claims adjustment expense, incurred claims	$ 3,900,000	2,300,000
Number of distinct performance obligations \| distinctPerformanceObligation	1
Gift card redeemable period	2 years
Advertising expense	$ 8,500,000	$ 7,200,000	$ 6,400,000
Minimum
Property, Plant and Equipment [Line Items]
Lessee, operating lease, renewal term	5 years
Maximum
Property, Plant and Equipment [Line Items]
Lessee, operating lease, renewal term	20 years