As of what dates are the combined consolidated balance sheets for the Securitization Entities (Carl's Jr. Restaurants LLC, Carl's Jr. SPV Guarantor LLC, Carl's Jr. Funding LLC, Hardee's Restaurants LLC, Hardee's SPV Guarantor LLC and Hardee's Funding LLC) included in Exhibit J for Carls?
Carls Franchise · 2024 FDDAnswer from 2024 FDD Document
Attached to this disclosure document as Exhibit J are the audited combined consolidated financial statements of the Securitization Entities (Carl's Jr. Restaurants LLC, Carl's Jr. SPV Guarantor LLC, Carl's Jr. Funding LLC, Hardee's Restaurants LLC, Hardee's SPV Guarantor LLC and Hardee's Funding LLC), which comprise (1) the combined consolidated balance sheets as of January 29, 2024 and January 30, 2023, and the related combined consolidated statements of income, members' deficit, and cash flows for the fiscal years then ended, and the related notes to the combined consolidated financial statements; and (2) the combined consolidated balance sheets as of January 30, 2023 and January 31, 2022, and the related combined consolidated statements of income, members' deficit, and cash flows for the fiscal years then ended, and the related notes to the combined consolidated financial statements.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 79–80)
What This Means (2024 FDD)
According to Carls's 2024 Franchise Disclosure Document, Exhibit J includes the audited combined consolidated financial statements for the Securitization Entities, which are Carl's Jr. Restaurants LLC, Carl's Jr. SPV Guarantor LLC, Carl's Jr. Funding LLC, Hardee's Restaurants LLC, Hardee's SPV Guarantor LLC, and Hardee's Funding LLC. These statements comprise combined consolidated balance sheets as of January 29, 2024, and January 30, 2023.
Exhibit J also contains the related combined consolidated statements of income, members' deficit, and cash flows for the fiscal years then ended, along with related notes. Additionally, Exhibit J includes combined consolidated balance sheets as of January 30, 2023, and January 31, 2022, with their corresponding statements of income, members' deficit, and cash flows for the fiscal years then ended, including notes.
Prospective franchisees should review these financial statements carefully to understand the financial performance and position of the Securitization Entities, as these entities hold the restaurant businesses, franchising assets, real estate, and other productive assets of CKE Restaurants and its subsidiaries. Understanding these statements can help a franchisee assess the financial stability and operational efficiency of the overall Carls system.