As of what dates are the combined consolidated balance sheets presented in the Carls Jr. financial statements?
Carls_Jr Franchise · 2025 FDDAnswer from 2025 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 27, 2025 and January 29, 2024, 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 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. Each of the CKE Securitization Entities (other than CJR) has agreed absolutely and unconditionally to guarantee to assume our duties and obligations under the franchise agreements entered into by us, should we become unable to perform our duties and obligations. A copy of those guarantees are attached as part of Exhibit J to this disclosure document.
Also attached as Exhibit J are the audited consolidated financial statements for CJR's indirect corporate parent, CKE Restaurants Holdings, Inc. ("CKR") (formerly known as CKE Restaurants, Inc.), which comprise (1) consolidated balance sheets as of January 27, 2025 and January 29, 2024, and the related consolidated statements of operations, comprehensive income, equity, and cash flows for the fiscal years then ended, and the related notes to the consolidated financial statements; and (2) consolidated balance sheets as of January 29, 2024 and January 30, 2023, and the related consolidated statements of operations, comprehensive income, equity, and cash flows for the fiscal years then ended, and the related notes to the consolidated financial statements. As noted in Item 1, CKR will be providing required support and services to franchisees under a Management Agreement with us. CKR's financial statements are being provided for disclosure purposes only. CKR is not a party to any agreement that we sign with franchisees, nor does CKR guarantee our obligations under any agreement that we sign with franchisees.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 75)
What This Means (2025 FDD)
According to the 2025 FDD, 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) are presented as of January 27, 2025, and January 29, 2024. These financial statements also include related combined consolidated statements of income, members' deficit, and cash flows for the fiscal years then ended, along with notes.
Additionally, the FDD includes combined consolidated balance sheets as of January 29, 2024, and January 30, 2023, with related statements of income, members' deficit, and cash flows for those fiscal years, and accompanying notes. These statements offer a look at the financial performance of the Securitization Entities over a two-year period.
The 2025 Carls Jr. FDD also includes audited consolidated financial statements for CKE Restaurants Holdings, Inc. (CKR), Carls Jr.'s indirect corporate parent. These statements include consolidated balance sheets as of January 27, 2025, and January 29, 2024, along with statements of operations, comprehensive income, equity, and cash flows for the corresponding fiscal years. There are also consolidated balance sheets as of January 29, 2024, and January 30, 2023, with their related financial statements for those years. CKR's financial statements are included for informational purposes, as CKR will provide support and services to franchisees under a Management Agreement.