What was the reported revenue for Security Experiments related to Hardees in the fiscal year 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: | ||||||||
| Cash and cash equivalents | $ 1,627 | , | $ | $ 3,555 | $ 977 | $ — | $ — | $ 7,320 |
| Cash and cash equivalents - restricted | _ | 16,053 | _ | _ | _ | _ | _ | 16,053 |
| Accounts receivable, net | 10,663 | _ | _ | 10,036 | _ | _ | _ | 20,699 |
| Due from affiliates | 6,860 | 20,696 | _ | 52,060 | 215 | _ | (79,292) | 539 |
| Inventories | 562 | _ | _ | 2,411 | _ | _ | _ | 2,973 |
| Prepaid expenses | _ | 16 | _ | 137 | 20 | _ | _ | 173 |
| Other current assets | 83 | 83 | ||||||
| Total current assets | 19,795 | 37,926 | _ | 68,199 | 1,212 | _ | (79,292) | 47,840 |
| Property and equipment, net | 83,427 | _ | _ | 266,461 | _ | _ | _ | 349,888 |
| Operating lease assets | 317,666 | _ | _ | 93,790 | _ | _ | _ | 411,456 |
| Intangible assets, net | 384,915 | _ | _ | 408,115 | _ | _ | _ | 793,030 |
| Other assets, net | 13,000 | 15,810 | 28,810 | |||||
| Total assets | $ 818,803 | $ 37,926 | $ | $ 852,375 | $ 1,212 | $ | $ (79,292) | $ 1,631,024 |
| LIABILITIES AND MEMBERS' DEFICIT Current liabilities: | ||||||||
| Current portion of long-term debt | $ | $ 5,900 | $ | $ | $ 5,900 | $ | $ — | $ 11,800 |
| Current portion of finance leases | 627 | _ | _ | 641 | _ | _ | _ | 1,268 |
| Current portion of operating leases | 59,930 | _ | _ | 16,312 | _ | _ | _ | 76,242 |
| Accounts payable | 2,849 | _ | _ | 3,358 | _ | _ | _ | 6,207 |
| Due to affiliates | (564) | 55,477 | _ | 3,779 | 25,677 | _ | (79,292) | 5,077 |
| Other current liabilities | 10,931 | 2,982 | _ | 18,435 | 2,968 | _ | _ | 35,316 |
| Total current liabilities | 73,773 | 64,359 | _ | 42,525 | 34,545 | _ | (79,292) | 135,910 |
| Long-term debt, less current portion | _ | 558,203 | _ | _ | 558,202 | _ | _ | 1,116,405 |
| Finance leases, less current portion | 5,269 | _ | _ | 9,159 | _ | _ | _ | 14,428 |
| Operating leases, less current portion | 269,290 | _ | _ | 80,987 | _ | _ | _ | 350,277 |
| Other long-term liabilities | 68,431 | (1) | _ | 194,080 | _ | _ | _ | 262,510 |
| Total liabilities | 416,763 | 622,561 | 326,751 | 592,7 |
Source: Item 21 — Financial Statements (FDD pages 84–85)
What This Means (2025 FDD)
According to Hardees's 2025 Franchise Disclosure Document, the reported revenue for Security Experiments related to Hardee's Funding LLC in fiscal year 2024 was $255,914. The total revenue for Security Experiments was $368,842.
It is important to note that the financial statements include combined consolidated figures for CKE Securitization Entities, including Carl's Jr. Restaurants LLC, Carl's Jr. SPV Guarantor LLC, Hardee's Restaurants LLC, Hardee's SPV Guarantor LLC, and Hardee's Funding LLC. This means the revenue is not solely attributable to Hardees restaurants but is part of a larger financial picture.
Prospective franchisees should be aware that these figures are part of a consolidated statement and may not directly reflect the performance of individual Hardees franchise locations. Understanding the relationship between Security Experiments and Hardees's operations would require further clarification from the franchisor.