Where can I find the consolidated statements of cash flows in the Cinnabon FDD?
Cinnabon Franchise · 2025 FDDAnswer from 2025 FDD Document
ef Financial Officer
Consolidated Financial Statements and Report of Independent Certified Public Accountants
GoTo Foods Systems LLC and Subsidiaries
December 29, 2024 and December 31, 2023
Table of contents
| Report of Independent Certified Public Accountants | 1 |
|---|---|
| Consolidated financial statements: | |
| Consolidated balance sheets | 3 |
| Consolidated statements of operations | 4 |
| Consolidated statements of changes in member's equity | 5 |
| Consolidated statements of cash flows | 6 |
| Notes to consolidated financial statements | 7 |
1100 Peachtree Street NE, Suite 1400 Atlanta, GA 30309
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GRANT THORNTON LLP REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Member GoTo Foods Systems LLC and Subsidiaries
Opinion
We have audited the consolidated financial statements of GoTo Foods Systems LLC (a Delaware limited liability company) and subsidiaries (the "Company"), which comprise the consolidated balance sheets as of December 29, 2024 and December 31, 2023, and the related consolidated statements of operations, changes in member's equity, and cash flows for the years ended December 29, 2024, December 31, 2023, and December 25, 2022, and the related notes to the consolidated financial statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 29, 2024 and December 31, 2023, and the results of its operations and its cash flows for the years ended December 29, 2024, December 31, 2023, and December 25, 2022 in accordance with accounting principles generally accepted in the United States of America.
Basis for opinion
We conducted our audits of the consolidated financial statements in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of management for the financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date the consolidated financial statements are available to be issued.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.
In performing an audit in accordance with US GAAS, we:
- Exercise professional judgment and maintain professional skepticism throughout the audit.
Source: Item 23 — Receipts (FDD pages 114–399)
What This Means (2025 FDD)
According to the 2025 Cinnabon FDD, the consolidated statements of cash flows can be found in Item 23, which pertains to receipts and includes the financial statements. Specifically, the report includes the consolidated statements of operations, changes in member's equity, and cash flows for the years ended December 29, 2024, December 31, 2023, and December 25, 2022. These statements are integral to understanding the financial performance of GoTo Foods Systems LLC and its subsidiaries, which include Cinnabon.
The report on these statements was prepared by Grant Thornton LLP, an independent certified public accounting firm. Their opinion is that the consolidated financial statements present fairly the financial position, results of operations, and cash flows of the company for the specified periods, in accordance with accounting principles generally accepted in the United States of America.
Item 23 also includes the consolidated statements of cash flows in thousands of dollars. For example, the cash flows from operating activities section shows net income of $253,964,000 in 2024, $248,990,000 in 2023, and $208,711,000 in 2022. It also details adjustments to reconcile net income to net cash provided by operating activities, such as depreciation and amortization expense, provision for credit losses, and changes in operating assets and liabilities. These figures provide insight into the cash-generating abilities of the Cinnabon parent company and its financial management practices.