What is the reported total of current assets for Carl's Jr. Funding LLC?
Carls Franchise · 2024 FDDAnswer from 2024 FDD Document
| 3,730 | — | ||
|---|---|---|---|
| Contributed assets for the CKE Restaurants Acquisition (see Note 5)(1) | 3,438 | — | |
(1) Contributed property and equipment, contributed other assets and contributed assets for the CKE Restaurants Acquisition represent assets purchased by CKE Restaurants and certain of its wholly owned subsidiaries on behalf of the CKE Securitization Entities pursuant to the Management Agreement. For accounting purposes, these purchases are treated as non-cash contributions to the CKE Securitization Entities.
THE CKE SECURITIZATION ENTITIES COMBINING CONSOLIDATING BALANCE SHEET (In thousands)
January 31, 2024
| ASSETS | Carl's Jr. Restaurants LLC | Carl's Jr. Funding LLC | Carl's Jr. SPV Guarantor LLC | Hardee's Restaurants LLC | Hardee's Funding LLC | Hardee's SPV Guarantor LLC | Eliminations | The CKE Securitization Entities | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Current assets: | ||||||||||
| Cash and cash equivalents $ | 2,117 $ | 3,996 $ | — $ | 3,685 $ | 2,542 $ | — $ — $ | 12,340 | |||
| Cash and cash equivalents - restricted | — | 15,942 | — | — | — | — | — | 15,942 | ||
| Accounts receivable, net | 11,160 | — | — | 10,588 | — | — | — | 21,748 | ||
| Due from affiliates | 11,625 | 20,328 | — | 56,241 | 238 | — | (88,007) | 425 | ||
| Inventories | 559 | — | — | 2,293 | — | — | — | 2,852 | ||
| Prepaid expenses | 112 | 22 | — | 314 | 22 | — | — | 470 | ||
| Other current assets | 79 | — | — | — | — | — | — | 79 | ||
| Total current assets | 25,652 | 40,288 | — | 73,121 | 2,802 | — | (88,007) | 53,856 | ||
| Property and equipment, net | 83,156 | — | — | 270,737 | — | — | — | 353,893 | ||
| Operating lease assets | 304,577 | — | — | 91,121 | — | — | — | 395,698 | ||
| Intangible assets, net | 378,456 | — | — | 399,082 | — | — | — | 777,538 | ||
| Other assets, net | 16,259 | — | — | 15,599 | — | — | — | 31,858 | ||
| Total assets $ | 808,100 $ | 40,288 $ | — $ | 849,660 $ | 2,802 $ | — $ (88,007) $ | 1,612,843 | |||
| LIABILITIES AND MEMBERS' DEFICIT | ||||||||||
| Current liabilities: | ||||||||||
| Current portion of long-term debt $ | — $ | 5,900 $ | — $ | — $ | 5,900 $ | — $ — $ | 11,800 | |||
| Current portion of finance leases | 698 | — | — | 817 | — | — | — | 1,515 | ||
| Current portion of operating leases | 57,919 | — | — | 15,854 | — | — | — | 73,773 | ||
| Accounts payable | 2,676 | — | — | 1,791 | — | — | — | 4,467 | ||
| Due to affiliates | 658 | 57,049 | — | 5,579 | 26,710 | — | (88,007) | 1,989 | ||
| Other current liabilities | 9,737 | 2,847 | — | 19,637 | 2,832 | — | — | 35,053 | ||
| Total current liabilities | 71,688 | 65,796 | — | 43,678 | 35,442 | — | (88,007) | 128,597 | ||
| Long-term debt, less current portion | — | 554,012 | — | — |
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 79–80)
What This Means (2024 FDD)
According to Carls's 2024 Franchise Disclosure Document, Carl's Jr. Funding LLC's total current assets are detailed in the provided financial statements. One balance sheet shows total current assets of $40,288.
Another balance sheet provides a different figure for Carl's Jr. Funding LLC's total current assets, reporting it as $37,926. This discrepancy suggests that the FDD includes financial statements from different periods or audits, leading to variations in the reported figures.
A prospective Carls franchisee should carefully review the dates and context of each financial statement within the FDD to understand the specific time frame each represents. Understanding the timing and basis for these figures is essential for assessing the financial health and stability of Carl's Jr. Funding LLC.