What was the total accumulated amortization for Carls' intangible assets in 2022?
Carls Franchise · 2024 FDDAnswer from 2024 FDD Document
| ACCETE | Carl's Jr. | F | Carl's Jr. | Carl's Jr. SPV | R | Hardee's estaurants LLC | F | Hardee's | rdee's SPV | Eliminations | Se | The CKE curitization Entities | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| taurants LLC | unding LLC | Guarantor LLC | Funding LLC | trantor LLC | ||||||||||||
| ASSETS Current assets: | ||||||||||||||||
| Cash and cash equivalents | S | 1,627 | S | 1.161 | S | _ | $ | 3,555 | S | 977 | S | _ | $ | S | 7,320 | |
| Cash and cash equivalents - restricted | _ | 16,053 | _ | _ | _ | - | _ | 16,053 | ||||||||
| Accounts receivable, net | 10,663 | _ | 10,036 | _ | 20,699 | |||||||||||
| Due from affiliates | 6,860 | 20,696 | - | 52,060 | 215 | _ | (79,292) | 539 | ||||||||
| Inventories | 562 | _ | _ | 2,411 | - | 2,973 | ||||||||||
| Prepaid expenses | _ | 16 | - | 137 | 20 | - | 173 | |||||||||
| Other current assets | 83 | _ | 83 | |||||||||||||
| Total current assets | 19,795 | 37,926 | 68,199 | 1,212 | _ | (79,292) | 47,840 | |||||||||
| Property and equipment, net | 83,427 | 266,461 | 349,888 | |||||||||||||
| Operating lease assets | ******* | 317,666 | - | 93,790 | - | - | - | 411,456 | ||||||||
| Intangible assets, net | ****** | 384,915 | _ | 408,115 | _ | _ | 793,030 | |||||||||
| Other assets, net | 13,000 | - | 15,810 | _ | 28,810 | |||||||||||
| Total assets. | S | 818,803 | $ | 37,926 | S | $ | 852,375 | $ | 1,212 | $ | $ | (79,292) | S | 1,631,024 | ||
| LIABILITIES AND MEMBERS' DEFICIT | ||||||||||||||||
| Current liabilities: | ||||||||||||||||
| Current portion of long-term debt | s | _ | 8 | 5,900 | 5 | - | $ | - | 5 | 5,900 | $ | 1 | 8 | - | 5 | 11,800 |
| Current portion of finance leases | 627 | _ | _ | 641 | _ | _ | _ | 1,268 | ||||||||
| Current portion of operating leases | 59,930 | _ | 16,312 | _ | _ | 76,242 | ||||||||||
| Accounts payable | 2,849 | _ | _ | 3,358 | _ | _ | 6,207 | |||||||||
| Due to affiliates | (564) | 55,477 | _ | 3,779 | 25,677 | _ | (79,292) | 5,077 | ||||||||
| Other current liabilities | 10,931 | 2,982 | _ | 18,435 | 2,968 | - | 35,316 | |||||||||
| Total current liabilities | 73,773 | 64,359 | _ | 42,525 | 34,545 | _ | (79,292) | 135,910 | ||||||||
| Long-term debt, less current portion | _ | 558,203 | _ | - | 558,202 | 1,116,405 | ||||||||||
| Finance leases, less current portion | 5,269 | _ | 9,159 | - | - | 14,428 | ||||||||||
| Operating leases, less current portion | 269,290 | _ | _ | 80,987 | _ | _ | 350,277 | |||||||||
| Other long-term liabilities | 68,431 | -(1) | 194,080 | - | 262,510 | |||||||||||
| Total liabilities | 416,763 | 622,561 | 326,751 | 592,747 | (79,292) | 1,879,530 | ||||||||||
| Members' equity (deficit): | ||||||||||||||||
| Members' equity (deficit) | 402,040 | (584,635) | Π| - | 525,624 | (591,535) | _ | _ | (248,506) | |||||||
| Total liabilities and members' equity deficit | s | 818,803 | $ | 37,926 | S | S | 852,375 | S | 1,212 | $ | _ | $ | (79,292) | S | 1,631,024 |
THE CKE SECURITIZATION ENTITIES COMBINING CONSOLIDATING BALANCE SHEET (In thousands)
January 31, 2022 The CKE Carl's Jr. Carl's Jr. Carl's Jr. SPV Hardee's Hardee's Hardee's SPV Securitization Restaurants LLC Restaurants LLC Funding LLC Guarantor LLC Funding LLC Guarantor LLC Eliminations Entities ASSETS Current assets: 3,473 S 1.755 $ Cash and cash equivalents 7,313 $ 20,002 $ 32,543 Cash and cash equivalents - restricted. 16,059 16,059 Accounts receivable, net. 11,220 10,468 21,689 Due from affiliates 14.572 17,205 59,951 202 (88, 272)3,658 Inventories 555 2,575 3.130 13 13 Prepaid expenses 5,688 3,159 8,873 Other current assets 24 24 Total current assets 39,372 53,279 79,626 1,971 (88, 272)85,976 80,869 261,016 Property and equipment, net 341,885 Long-term investments 417,096 426,139 843,235 Intangible assets, net Other assets, net 12,195 13,972 26,167 Total assets 549.532 53.279 780,753 1.971 $ (88,272) S 1.297,263 LIABILITIES AND MEMBERS' DEFICI
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 79–80)
What This Means (2024 FDD)
Based on the 2024 Franchise Disclosure Document, the excerpt does not explicitly state the total accumulated amortization for Carls' intangible assets as of January 31, 2022. However, the balance sheet does show the net value of intangible assets. To calculate the accumulated amortization, one would need to know the original cost of the intangible assets and subtract the net value.
The provided financial statements include the CKE Securitization Entities Combining Consolidating Balance Sheet as of January 31, 2022, which lists "Intangible assets, net" but not the accumulated amortization. The balance sheet includes various assets and liabilities for Carl's Jr. and Hardee's, but the specific figure for accumulated amortization of intangible assets is not disclosed.
A prospective franchisee should request the detailed breakdown of the intangible assets and their accumulated amortization from Carls to fully understand the financial position of the company. This information is crucial for assessing the value and potential risks associated with the franchise.