In which exhibit of the Card My Yard FDD are the financial statements located?
Card_My_Yard Franchise · 2025 FDDAnswer from 2025 FDD Document
promotional efforts.
ITEM 19: FINANCIAL PERFORMANCE REPRESENTATIONS
The FTC's Franchise Rule permits a franchisor to provide information about the actual or potential financial performance of its franchised and/or franchisor-owned outlets, if there is a reasonable basis for the information, and if the information is included in the Franchise Disclosure Document. Financial performance information that differs from that included in Item 19 may be given only if: (1) a franchisor provides the actual records of an existing outlet you are considering buying; or (2) a franchisor supplements the information provided in this Item 19, for example, by providing information about possible performance at a particular location or under particular circumstances.
The following tables present historic financial performance information for our franchised locations. As indicated below, the tables in this Item 19 show results achieved during calendar year 2023 (the "Reporting Period").
No information is included in this Item 19 regarding our two company-owned locations.
We had a total of 531 Card My Yard Businesses (529 franchised locations plus 2 company-owned locations) operating as of the beginning of the Reporting Period. All franchised Card My Yard locations that were open and operating throughout all 12 months of the Reporting Period have been included in the tables below (the 21 who opened during the Reporting Period but were not open and operating for the entire period are excluded). 5 of our franchised locations ceased operation during 2024, so those 5 locations were not included in this Item 19, and the 2 company-owned locations were also excluded from this Item 19.
The tables below show the Reporting Period results for the 505 franchised Card My Yard businesses that were in operation throughout the entire Reporting Period. Of note, for Table 4, the data was not available for all of the historical period more than seven years ago for certain locations due to the third party provider's database limitations, and that data is not available or reported and as a result the franchises that are 7+ years old represent the 20 such franchises for which data is available. None were excluded apart for those for whom the database had no information or historical data during the relevant historical period.
Card My Yard businesses that were open for less than 12 months as of December 31, 2024, have also been excluded from the tables below.
The financial information below is from the unaudited books and records of our franchisees. This information has not been independently audited. The notes that follow the tables are an integral part of the information presented in this item and provide information to help you better understand the financial information.
Some outlets have earned this amount. Your individual results may differ. There is no assurance that you'll earn as much.
TABLE 1
| Franchise Location Class Opened Date | Number of Franchise Locations in Class Cohort | Average | Median | Minimum | Maximum | Number of Franchises that Attained or Exceeded Average | |---|---|---|---|---|---|---| | Franchise Locations | 68 | $38,644 | $34,711 | $6,384 | $112,851 | 30 (44%) | | Opened in 2017 (Locations | | | | | | | | that are 7+ years old) | | | | | | | | Franchise Locations | 27 | $28,730 | $25,764 | $10,235 | $57,965 | 11 (41%) | | Opened in 2018 (Locations | | | | | | | | that are 6 years old) | | | | | | | | Franchise Locations | 54 | $25,791 | $20,874 | $3,009 | $58,415 | 20 (37%) | | Opened in 2019 (Locations | | | | | | | | that are 5 years old) | | | | | | | | Franchise Locations | 177 | $18,416 | $15,120 | $1,598 | $79,501 | 69 (39%) | | Opened in 2020 (Locations | | | | | | | | that are 4 years old) | | | | | | | | Franchise Locations | 103 | $10,436 | $7,409 | $1,276 | $42,918 | 35 (34%) | | Opened in 2021 (Locations | | | | | | | | that are 3 years old) | | | | | | | | Franchise Locations | 36 | $12,812 | $9,453 | $1,890 | $38,654 | 14 (39%) | | Opened in 2022 (Locations | | | | | | | | that are 2 year old) | | | | | | | | Franchise Locations | 40 | $9,183 | $7,521 | $1,298 | $28,648 | 14 (35%) | | Opened in 2023 (Locations | | | | | | | | that are 1 year old) | | | | | | | | System (all franchise | 505 | $19,721 | $14,973 | $1,276 | $112,851 | 193 (38%) | | locations over 1 year | | | | | | | | old) | | | | | | | | This represents all the franchise locations opened in a certain year and are grouped by age. For example, the 68 | | | | | | | | locations opened in 2017 are 7+ years old. This group of locations earned average gross sales per franchise location of | | | | | | | | $38,644 from activities in 2024. | | | | | | | This represents all the franchise locations opened in a certain year and are grouped by age.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 84)
What This Means (2025 FDD)
Based on the 2025 Card My Yard Franchise Disclosure Document excerpts, the specific exhibit containing the financial statements is not explicitly mentioned. The excerpts provided focus on various aspects of the franchise agreement, including definitions, financial performance representations in Item 19, site selection procedures, and franchisee obligations, but do not reference a particular exhibit for the financial statements.
Item 19 discusses financial performance representations and indicates that written substantiation of the data used in preparing this financial performance representation will be made available to you upon reasonable request. This suggests that while some financial information is provided in Item 19, the full financial statements may be available separately.
A prospective Card My Yard franchisee should ask the franchisor directly which exhibit contains the financial statements to gain a comprehensive understanding of the company's financial health and performance. This information is crucial for making an informed investment decision.