table_specific

What were the capital expenditures for Churchs Chicken for the year ended December 31, 2023?

Churchs_Chicken Franchise · 2025 FDD

Answer from 2025 FDD Document

, 2024

2312-4393389

2

A member firm of Ernet & Young Global Ermited

Dec December 31, 2023 December 25, 2022
Assets -
Current assets:
Cash and cash equivalents S 4,189 $ 2,640
Restricted cash 2,163 3,066
Accounts receivable, net 6,351 7,388
Inventory 735 700
Prepaid expenses and other 4,493 935
Due from member 58,588 36,281
Total current assets 76,519 51,010
Long-term assets:
Property and equipment, net 120,042 125,723
Finance lease right-of-use assets 7.131 7,586
Operating lease right-of-use assets 24,221 26,800
Trademarks and other intangible assets, net 294,128 303,260
Goodwill, net 30,160 33,930
Other assets, net 1,389 992
Total long-term assets 477,071 498,291
Total assets S 553,590 $ 549,301
Liabilities and member's equity
Current liabilities:
Accounts payable S 8,348 $ 6,382
Accrued habilities 5,614 5,164
Current maturities of long-term debt 5,637 4,216
Current finance lease liabilities 269 203
Current operating lease liabilities 3,263 2,817
Total current liabilities 1 23,131 18,782
Long-term liabilities; W. T.
Long-term finance lease liabilities 8,904 9,192
Long-term operating lease liabilities 24,849 28,294
Long-term debt, net of current maturities 322,422 320,388
Deferred credits and other long-term liabilities 17,818 17,804
Total long-term liabilities - 373,993 375,678
Commitments and contingencies -
Member's equity:
Contributed capital 122,652 139,877
Retained earnings 33,814 14,964
Total member's equity 156,466 154,841
Total liabilities and member's equity S 553,590 $ 549,301
See accommunity nates

Dec cember 31, De cember 25,
2023 2022
Revenues
Sales by company-operated restaurants S 156,268 S 141,936
Franchise revenue 58,655 54,276
Rental and other income 8,380 8,781
Total revenues 223,303 204,993
Operating costs and expenses
Company-operated restaurant expenses:
Food, beverage and packaging 48,155 45,690
Payroll and benefits 42,744 40,009
Other operating expenses 37,842 37,204
General and administrative expenses 21,716 22,378
Depreciation and amortization 19,924 18,600
Impairment, special charges and (gain) loss on asset dispositions 2,554 (954)
Total operating costs and expenses 172,935 162,927
Operating income 50,368 42,066
Interest expense, net 28,140 26,861
Income before income taxes 22,228 15,205
Income tax expense 3,378 2,905
Net income S 18,850 $ 12,300

Balance at December 26, 2021 $ 139,877 S 2,287 $ 142,164
Cumulative catch-up adjustment for ASC 842 377 377
Net income _ 12,300 1 12,300
Balance at December 25, 2022 139.877 14,964 1 154,841
Net income - 18,850 18,850
Cash dividends paid to Member (17,225) _ (17,225)
Balance at December 31, 2023 S 122,652 5 33,814 $ 156,466

Dec ember 31, December 25 5,
2023 2022
Operating activities _
Net income S 18,850 $ 12,30 00
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 26,220 24,0 18
Loss (gain) on asset dispositions 3,076 (1,6 56)
Non-cash increase in debt obligation 9 8
Non-cash operating lease adjustments (420) (2: 51)
Non-cash finance lease adjustments 233 -1 87
Changes in operating assets and liabilities:
Accounts receivable, net 1,037 (2) 74)
Inventory (35) 1
Prepaid expenses and other (3,558) 1,46 64
Accounts payable and due from member (20,341) (33,2 71)
Accrued liabilities 450 (1,60 67)
Total change in net working capital (22,447) (33,7- 47)
Other long-term assets and liabilities (1,712) (33 58)
Net cash provided by operating activities 23,809 01
Investing activities
Capital expenditures (8,498) (6,2) 80)
Net cash used in investing activities 7 (8,498) (6,2)
Financing activities
Debt borrowing 23,000 32,00 00
Principal payments on long-term debt (20,440) (29,9) 32)
Cash dividends to Member (17,225) -
Net cash (used in) provided by financing activities - (14,665) 2,00 68
Net increase (decrease) in cash, cash equivalents and restricted cash 646 (3,8 11)
Cash, cash equivalents and restricted cash at beginning of period 5,706 9,5 17
Cash, cash equivalents and restricted cash at end of period S 6,352 $ 5.70 06

Cajun Global LLC and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3.

Source: Item 11 — FRANCHISOR'S ASSISTANCE, ADVERTISING, COMPUTER SYSTEMS AND TRAINING (FDD pages 35–43)

What This Means (2025 FDD)

According to Churchs Chicken's 2025 Franchise Disclosure Document, the company's balance sheet lists its assets as of December 31, 2023. Churchs Chicken's property and equipment, net, totaled $120,042. Other long-term assets included finance lease right-of-use assets of $7,131, operating lease right-of-use assets of $24,221, trademarks and other intangible assets, net of $294,128, goodwill, net of $30,160, and other assets, net of $1,389. The total long-term assets for Churchs Chicken amounted to $477,071.

Additionally, the cash paid for amounts included in the measurement of lease liabilities for operating cash flows from finance leases was $552, and financing cash flows from finance leases totaled $255 for the year ended December 31, 2023.

It is important to note that this balance sheet reflects the assets of the Churchs Chicken corporation itself. It does not reflect the initial investment or ongoing capital expenditures that a franchisee would typically incur to establish and operate a Churchs Chicken franchise location. For information on typical franchisee costs, refer to Item 7 of the Franchise Disclosure Document. Prospective franchisees should carefully review the complete FDD and consult with a financial advisor to understand the full scope of potential capital expenditures.

Disclaimer: This information is extracted from the 2025 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.
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