What were the outstanding receivables from affiliates for Hardees as of January 31, 2024?
Hardees Franchise · 2025 FDDAnswer from 2025 FDD Document
| Carl's Jr. Restaurants LLC | Carl's Jr. Funding LLC | Carl's Jr. SPV Guarantor LLC | Hardee's Restaurants LLC | Hardee's Funding LLC | Hardee's SPV Guarantor LLC | Eliminations | The CKE Securitization Entities | |
|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||
| Current assets: | ф 1.24 7 | -a • | - $ 3.393 | , e 2.20 5 | Ф | s | e 10.501 | |
| Cash and cash equivalents | 52 $ — | - $ 3,397 | 7 $ 3,385 | » — | » — | $ 10,581 | ||
| Cash and cash equivalents - restricted | 18,1 | - - | _ | _ | 18,147 | |||
| Accounts receivable, net | , | - 12,702 | _ | (06, 071) | 23,790 | |||
| Due from affiliates | * | * | - 57,488 | _ | (86,871) | 2,458 | ||
| Inventories | - 2,459 | _ | _ | 2,987 | ||||
| Prepaid expenses | - 539 | _ | _ | 721 | ||||
| Other current assets | _ | |||||||
| Total current assets | · · · · · · · · · · · · · · · · · · · | 14 | - 76,585 | , | _ | (86,871) | 58,684 | |
| Property and equipment, net | · · · · · · · · · · · · · · · · · · · | - 259,388 | _ | _ | 343,242 | |||
| Operating lease assets | · · · · · · · · · · · · · · · · · · · | - 87,023 | _ | _ | 370,418 | |||
| Intangible assets, net | - 388,702 | _ | _ | 760,749 | ||||
| Other assets, net | 16,104 | - 22,269 | 38,373 | |||||
| Total assets | $ 781,599 | $ 39,14 | - $ 833,967 | $ 3,627 | $ | $ (86,871) | $ 1,571,466 | |
| LIADH ITHEC AND MEMBERS' DEFICIT | ||||||||
| LIABILITIES AND MEMBERS' DEFICIT Current liabilities: | ||||||||
| Current portion of long-term debt | s | · $ 5.90 | 00 $ _ | - s - | - $ 5.900 | s | s | $ 11,800 |
| Current portion of finance leases | -,- | - 921 | , | _ | _ | 1,512 | ||
| Current portion of operating leases | _ | - 15,846 | _ | _ | 73,887 | |||
| Accounts payable | ' | 3 - | - 1,470 | _ | _ | 3.073 | ||
| Due to affiliates | ' | _ | - 7,533 | (86,871) | 2,141 | |||
| Other current liabilities | · · · · · · · · · · · · · · · · · · · | - 19,945 - 19,945 | · · · · · · · · · · · · · · · · · · · | (60,671) | 36,700 | |||
| Total current liabilities | - 45,715 | (86,871) | 129,113 | |||||
| Long-term debt, less current portion | ' | , | - 45,715 | , | _ | (80,871) | 1,112,394 | |
| Finance leases, less current portion | ' | _ | - - 15,783 | · · · · · · · · · · · · · · · · · · · | _ | _ | 21,279 | |
| • | _ | - 13,783 - 77,068 | _ | _ | 314,846 | |||
| Operating leases, less current portion | · · · · · · · · · · · · · · · · · · · | _ | ||||||
| Other long-term liabilities | - 171,552 | (9/, 971) | 235,470 | |||||
| Total liabilities | 378,238 | 622,0 | - | 310,118 | 589,566 | · | (86,871) | 1,813,102 |
| Members' equity (deficit): | 402.261 | (500.0) | 17) | 500.046 | (505.020) | (241, 626) | ||
| Members' equity (deficit) | 403,361 | 523,849 | (241,636) | |||||
| Total liabilities and members' deficit | $ 781,599 | $ 39,14 | - $ 833,967 | $ 3,627 | $ (86,871) | $ 1,571,466 |
THE CKE SECURITIZATION ENTITIES COMBINING CONSOLIDATING BALANCE SHEET
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Source: Item 21 — Financial Statements (FDD pages 84–85)
What This Means (2025 FDD)
According to Hardees's 2025 Franchise Disclosure Document, as of January 31, 2024, Hardee's Restaurants LLC had $56,241 outstanding in receivables from affiliates, while Hardee's Funding LLC had $238 outstanding. These figures represent the amounts owed to these specific Hardees entities by other related entities within the CKE Restaurants system.
For a prospective Hardees franchisee, understanding the financial relationships between the franchisor and its affiliates can provide insight into the overall financial health and stability of the Hardees organization. Monitoring receivables from affiliates can be an indicator of how efficiently the franchisor manages its internal financial operations and how well the various entities within the system support each other financially.
It's important to note that these receivables are subject to eliminations during the consolidation of financial statements, as indicated by the ($88,007) figure in the 'Eliminations' column. This means that when the financial results of all related entities are combined, these intercompany balances are removed to avoid double-counting and to present a clearer picture of the overall financial position of the CKE Securitization Entities. The final amount after eliminations is $425.