What was the value of Benihana's property and equipment, net of accumulated depreciation, as of December 31, 2021?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
inancial statements. We believe that our audit provides a reasonable basis for our opinion.
/s/ Plante & Moran PLLC
We served as the Company's auditor from 2018 to 2021.
Boulder, Colorado
March 19, 2021
F-4
THE ONE GROUP HOSPITALITY, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share information)
| December 31, 2021 | December 31, 2020 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 23,614 | $ 24,385 |
| Accounts receivable | 11,356 | 5,777 |
| Inventory | 3,915 | 2,490 |
| Other current assets | 3,666 | 1,348 |
| Due from related parties | 376 | 376 |
| Total current assets | 42,927 | 34,376 |
| Property and equipment, net | 69,638 | 67,344 |
| Operating lease right-of-use assets | 85,395 | 80,960 |
| Deferred tax assets, net | 12,313 | 13,226 |
| Intangibles, net | 15,505 | 16,313 |
| Other assets | 3,199 | 2,446 |
| Security deposits | 858 | 904 |
| Total assets | $ 229,835 | $ 215,569 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liab |
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, the value of property and equipment, net of accumulated depreciation, was $69,638 as of December 31, 2021. This figure represents the book value of Benihana's physical assets like buildings, equipment, and furniture after accounting for depreciation.
For a prospective franchisee, this number provides insight into the capital intensity of Benihana's operations. It reflects the investment Benihana has made in its physical infrastructure to support its restaurants. A higher number might suggest a more established or capital-intensive business model.
It's important to note that this is a historical figure and may not directly translate to the investment required for a new franchise. However, it can be a useful benchmark when evaluating the overall financial health and asset base of Benihana. Additionally, depreciation and amortization related to property and equipment amounted to $9.9 million for the year ended December 31, 2021.