What was the total revenue for The CKE Securitization Entities related to company-operated restaurants, including Carls?
Carls Franchise · 2024 FDDAnswer from 2024 FDD Document
918 (596,389)Members' equity (deficit). (251,817)549.532 53,279 780,753 1.971 (88.272)1,297,263 Total liabilities and members' equity deficit
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THE CKE SECURITIZA TION ENTITIES COMBINING CONSOLIDATING STATEMENT OF OPERATIONS (In thousands)
| | Carl's Jr. Restaurants LLC | Carl's Jr. FundingLLC | Carl's Jr. SPY Guarantor LLC | Hardee's Restaurants LLC | Hardee's FundingLLC | Hardee's SPY Guarantor LLC | Eliminations | The CKE Securitization Entities | |-------------------------------------|-------------------------------|--------------------------|---------------------------------|-----------------------------|------------------------|-------------------------------|--------------------|---------------------------------------| | Revenue: | | | | | | | | | | Company-operated restaurants $ | 111 ,433 | $ | $ | $ 242,820 | $ | $ | $ | 354,253 $ | | Franchised restaurants and other | 168,244 | 5,579 | | 122,587 | 11,835 | | (17,414) | 290,831 | | Total revenue | 279,677 | 5,579 | | 365,407 | 11 ,835 | | (17,414) | 645,084 | | Operating costs and expenses: | | | | | | | | | | Company-operated restaurants: | | | | | | | | | | Food and packaging | 28,226 | | | 70,215 | | | | 98,441 | | Payroll and other employee benefits | 34,365 | | | 81 ,844 | | | | I 16,209 | | Occupancy and other | 33,772 | | | 80,939 | | | (17,414) | 97,297 | | Total company-operated restaurants | 96,363 | | | 232,998 | | | (17,414) | 311 ,947 | | Franchised restaurants and other | 66,917 | | | 24,089 | | | | 91 ,006 | | Advertising | 6,774 | | | 12,502 | | | | 19,276 | | General and administrative | 6,694 | 23,462 | I | (724) | 26,515 | | | 55,948 | | Facility action charges, net | 526 | | | 3,063 | | | | 3,589 | | Total operating costs and expenses | 177,274 | 23,462 | I | 271 ,928 | 26,515 | | (17,414) | 481 ,766 | | Operating income (loss) | 102,403 | (17,883) | (I) | 93,479 | (14,680) | | | 163,318 | | Interest expense | (1 ,557) | (27,649) | | (6,021) | (27,525) | | | (62,752) | | Other income (loss), net | 1,13 I | 96,478 | 60,645 | 690 | 80,449 | 33,389 | (270,725) | 2,057 | | Income (loss) before income taxes | 101 ,977 | 50,946 | 60,644 | 88,148 | 38,244 | 33,389 | (270,725) | 102,623 | | Income tax expense | 3,282 | | | 1,544 | | | | 4,826 | | Net income (loss) $ | 98,695 | $ 50,946 | $ 60,644 | $ 86,604 | $ 38,244 | $ 33,389 | $ ~270,7251 $ | 97,797 |
THE CKE SECURITIZA TION ENTITIES COMBINING CONSOLIDATING STATEMENT OF OPERATIONS (In thousands)
Fiscal 2022 The CKE Carl's Jr. Carl's Jr. Carl's Jr.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 79–80)
What This Means (2024 FDD)
According to Carls's 2024 Franchise Disclosure Document, the CKE Securitization Entities, which include Carl's Jr., reported revenue from company-operated restaurants of $368,842,000 for the fiscal year 2023. The total revenue for franchised restaurants and other sources was $292,713,000. This resulted in a total revenue of $661,555,000 for the CKE Securitization Entities during fiscal year 2023.
In fiscal year 2022, the revenue from company-operated restaurants was $354,253,000, while franchised restaurants and other sources contributed $290,831,000. The total revenue for that year amounted to $645,084,000 for the CKE Securitization Entities.
For fiscal year 2021, the revenue from company-operated restaurants was $355,917,000, with franchised restaurants and other sources generating $290,427,000. The total revenue for the CKE Securitization Entities in fiscal year 2021 was $646,344,000. These figures provide insight into the revenue streams and overall financial performance of the CKE Securitization Entities, which include both company-operated and franchised Carls restaurants.