← First Watch Restaurant Group, Inc.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income | — | ($49.7m) | ($2.1m) | $6.9m | $25.4m | $18.9m | $19.4m | |
| Depreciation and amortization | $28.0m | $30.7m | $32.4m | $34.2m | $41.2m | $57.7m | $75.0m | |
| Amortization of debt discount and deferred issuance costs | $1.1m | $1.3m | $1.1m | $445k | $452k | $567k | $664k | |
| Deferred income taxes | ($12.6m) | ($20.0m) | $2.2m | $4.7m | $8.3m | $6.8m | ($10.0m) | |
| Accrued compensation and deferred payroll taxes | $643k | $2.9m | $7.0m | ($3.3m) | $3.8m | ($467k) | $3.0m | |
| Impairments and loss on disposal of assets | $33.6m | $315k | $381k | $920k | $1.4m | $525k | $448k | |
| Non-cash operating lease costs | $10.8m | $11.7m | $13.1m | $16.1m | $19.6m | $26.6m | $32.8m | |
| Non-cash loss on extinguishments and modifications of debt | — | $0 | ($961k) | ($83k) | ($123k) | $358k | $0 | |
| Operating lease liabilities | $3.1m | $8.1m | ($9.8m) | ($7.0m) | ($11.4m) | ($5.1m) | ($8.1m) | |
| Leased assets obtained in exchange for new operating lease liabilities | $70.4m | $21.3m | $33.9m | $46.0m | $88.8m | $129.1m | $114.9m | |
| Remeasurements and terminations of operating lease assets and lease liabilities | ($3.3m) | ($711k) | ($41k) | ($2.6m) | ($898k) | $5.8m | $4.8m | |
| Stock-based compensation, net of amounts capitalized | — | $750k | $8.6m | $10.4m | $7.6m | $8.5m | $10.8m | |
| Accounts receivable | ($3.2m) | $1.8m | ($535k) | ($1.7m) | $632k | ($1.7m) | $376k | |
| Inventory | ($439k) | ($203k) | ($1.1m) | ($1.0m) | ($62k) | ($508k) | ($867k) | |
| Prepaid expenses | ($439k) | $619k | ($3.2m) | ($123k) | ($1.7m) | $509k | ($868k) | |
| Deposits and other assets, current and long-term | ($1.1m) | ($446k) | $169k | $1.1m | ($2.3m) | $111k | ($5.7m) | |
| Accounts payable | ($740k) | ($866k) | $6.7m | ($3.5m) | ($1.3m) | $637k | $1.7m | |
| Accrued liabilities and other long-term liabilities | $5.6m | ($3.7m) | $5.3m | $4.7m | $6.1m | $2.6m | $6.6m | |
| Deferred revenues, current and long-term | $2.0m | ($3.1m) | $648k | $719k | ($657k) | ($136k) | $555k | |
| Other liabilities | ($458k) | $0 | $695k | ($309k) | ($368k) | ($259k) | $0 | |
| Acquisitions, net of cash acquired | ($22.8m) | $0 | $0 | $0 | $39.9m | ($78.6m) | ($56.0m) | |
| Purchase of intangible assets | $0 | ($225k) | ($371k) | ($1.1m) | ($161k) | ($100k) | ($850k) | |
| Proceeds from borrowings on revolving credit facility | $42.0m | $22.0m | $0 | $0 | $30.0m | $22.5m | $443.5m | |
| Repayments of borrowings on revolving credit facility | ($32.5m) | ($39.0m) | $0 | $0 | $0 | ($52.5m) | ($387.5m) | |
| Contingent consideration payment | ($225k) | $0 | ($9k) | ($78k) | ($198k) | ($375k) | $0 | |
| Repayment of notes payable | $0 | $0 | ($522k) | ($2.9m) | ($1.4m) | $0 | $0 | |
| Beginning of period | — | — | — | $52.1m | $49.9m | $50.0m | $21.2m | |
| Leased assets obtained in exchange for new finance lease liabilities | $2.7m | $277k | $217k | $127k | $249k | $2.1m | $9.8m | |
| Remeasurements and terminations of finance lease assets and lease liabilities | $0 | $164k | $6k | ($197k) | ($48k) | $86k | ($575k) | |
| (Decrease) Increase in liabilities from acquisition of property, fixtures and equipment | $210k | ($860k) | $144k | $2.5m | $7.0m | $2.8m | ($5.2m) | |
| Net cash provided by operating activities | $21.5m | ($18.4m) | $63.0m | $62.9m | $95.3m | $115.7m | $125.9m | |
| Capital expenditures | ($59.2m) | ($26.7m) | ($35.3m) | ($62.2m) | ($84.5m) | ($127.9m) | ($156.9m) | |
| Net cash used in investing activities | ($82.4m) | ($27.0m) | ($35.7m) | ($63.1m) | ($123.4m) | ($206.7m) | ($213.8m) | |
| Proceeds from issuance of long-term debt | $50.0m | $54.6m | $100.0m | $0 | $0 | $197.5m | $27.5m | |
| Payment of debt discount and deferred issuance costs | ($915k) | $0 | ($2.2m) | $0 | $0 | ($2.4m) | $0 | |
| Repayments of long-term debt, including finance lease liabilities | ($2.6m) | ($4.3m) | ($291.6m) | ($2.4m) | ($6.2m) | ($96.8m) | ($8.9m) | |
| Net cash provided by financing activities | $55.8m | $73.3m | ($14.3m) | ($2.0m) | $28.1m | $74.3m | $75.8m | |
| Net (decrease) increase in cash and cash equivalents | ($5.2m) | $28.0m | $13.0m | ($2.2m) | $38k | ($16.6m) | ($12.1m) | |
| Cash paid for interest, net of amounts capitalized | $18.9m | $19.8m | $16.2m | $3.4m | $8.7m | $12.3m | $15.5m | |
| Proceeds from exercise of stock options, net of employee taxes paid | $152k | $0 | $0 | $1.4m | $5.8m | $6.4m | $1.2m | |
| Cash paid for income taxes, net of refunds | $152k | $163k | $79k | $915k | $2.0m | $3.1m | $2.6m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.