What was the reported cash and cash equivalents for The CKE Securitization Entities, including Hardees?
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 |
Source: Item 21 — Financial Statements (FDD pages 84–85)
What This Means (2025 FDD)
According to Hardees's 2025 Franchise Disclosure Document, the combined cash and cash equivalents for The CKE Securitization Entities, which includes Hardees, was reported as $12,340. Additionally, the cash and cash equivalents - restricted totaled $15,942.
It is important to note that these figures are part of the Combined Consolidated Financial Statements, which include the accounts of Carl's Jr. SPV Guarantor LLC and its subsidiaries, along with Hardee's SPV Guarantor LLC and its subsidiaries. The CKE Securitization Entities are special-purpose entities holding the restaurant businesses, franchising assets, and real estate of CKE Restaurants and its subsidiaries.
Prospective Hardees franchisees should understand that these cash and cash equivalent figures reflect the combined financial position of multiple entities under CKE Restaurants. These figures may not directly represent the financial performance or stability of the Hardees brand alone. Franchisees should review the complete financial statements and consult with a financial advisor to fully understand the financial health of The CKE Securitization Entities and its potential impact on their investment.