What was the net income for Canopy Lawn Care in 2024?
Canopy_Lawn_Care Franchise · 2025 FDDAnswer from 2025 FDD Document
ED STATEMENTS OF INCOME FOR THE YEARS ENDING SEPTEMBER 30, 2024, 2023, AND 2022
| 2024 | 2023 ("As Restated") | 2022 ("As Restated") | |
|---|---|---|---|
| Revenue | |||
| Fencing and rail revenues | $ 24,961,275 | $ 23,390,797 | $ 16,879,944 |
| Franchise royalties and fees | 31,551,158 | 21,471,627 | 13,380,514 |
| Product sales | 11,624,045 | 9,875,832 | 8,878,823 |
| Residential and commercial roofing | 5,849,769 | 4,131,506 | - |
| Window and door installation | 3,448,901 | 1,058,329 | - |
| Franchise fees | 12,430,539 | 10,807,586 | 5,641,473 |
| Ancillary | 7,854,946 | 5,721,908 | 2,553,819 |
| Advertising fund contributions | 4,525,890 | 3,075,049 | 2,159,470 |
| 102,246,523 | 79,532,634 | 49,494,043 | |
| Cost of Product Sales | 26,068,176 | 24,051,826 | 16,544,077 |
| Operating Expenses | 45,261,207 | 37,487,987 | 21,404,407 |
| Income from Operations | 30,917,140 | 17,992,821 | 11,545,559 |
| Other Income (Expense) | |||
| Depreciation and amortization | (10,773,355) | (7,910,727) | (5,494,567) |
| Other income | 315,233 | (161,414) | 38,521 |
| (10,458,122) | (8,072,141) | (5,456,046) | |
| Net Income Before Noncontrolling Interest | 20,459,018 | 9,920,680 | 6,089,513 |
| Loss Attributable to Noncontrolling Interest | 176,630 | 120,083 | - |
| Net Income Attributable to Outdoor Living | $ |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 55)
What This Means (2025 FDD)
According to Canopy Lawn Care's 2025 Franchise Disclosure Document, the net income attributable to Outdoor Living Brands Holdco, LLC, which had acquired a controlling interest in Canopy Lawn Care, was $20,635,648 for the year 2024. This figure represents the consolidated net income, reflecting the financial performance of Outdoor Living Brands Holdco, LLC, after incorporating the earnings attributable to Canopy Lawn Care.
It is important to note that Outdoor Living Brands Holdco, LLC acquired 60% of Canopy Lawn Care's outstanding equity on June 13, 2023. As a result, the consolidated financial statements include Canopy Lawn Care's assets, liabilities, and operations from the date of purchase through September 30, 2023. The remaining earnings or losses of Canopy Lawn Care that are not attributable to Outdoor Living Brands Holdco, LLC are presented separately as noncontrolling interest in the consolidated financial statements.
For a prospective Canopy Lawn Care franchisee, this indicates the financial health of the parent company, Outdoor Living Brands Holdco, LLC, and its ability to support the franchise system. However, it is essential to understand that the net income figure reflects the overall performance of Outdoor Living Brands Holdco, LLC, and not solely the performance of Canopy Lawn Care. A potential franchisee should review the complete financial statements and related notes to gain a comprehensive understanding of the financial performance of both Outdoor Living Brands Holdco, LLC and Canopy Lawn Care.