What are the two sets of EBITDA figures presented in the Bigfoot Forestry FPR?

According to Bigfoot Forestry's 2025 Franchise Disclosure Document, the Financial Performance Representation (FPR) presents two distinct EBITDA figures. The first, simply labeled "EBITDA," is calculated based on the actual expenses incurred by the company-owned outlet. This figure doesn't account for imputed fees and costs that a franchisee would typically incur. For the measuring year, the EBITDA for the company-owned outlet was $389,004, representing 52.7% of gross sales.

The second figure is "Adjusted EBITDA," which is calculated to illustrate the potential financial performance if the company-owned outlet were a franchised outlet. This calculation takes into account imputed fees and costs, including brand fund fees, imputed marketing expenses, royalty fees, and technology fees. The adjusted EBITDA for the company-owned outlet, considering these imputed fees and costs, was $336,677, which is 45.6% of gross sales.

These two figures provide prospective franchisees with a clearer understanding of the potential financial performance of a Bigfoot Forestry franchise. The EBITDA figure reflects the actual performance of the company-owned outlet, while the Adjusted EBITDA figure offers a more realistic view of what a franchisee might expect to earn after accounting for the various fees and costs associated with franchising. It is important to note that the FPR is based on the performance of a single company-owned outlet and that individual results may vary. The FDD also states that there is no assurance that a franchisee will earn as much.