For what annual periods are Jersey Mikes' audited financial statements provided?
Jersey_Mikes Franchise · 2025 FDDAnswer from 2025 FDD Document
To the Board of Managers of Jersey Mike's Franchise Systems, LLC and Affiliates:
Opinion
We have audited the consolidated financial statements of Jersey Mike's Franchise Systems, LLC and Affiliates (the "Company"), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of operations, comprehensive income, changes in deficit, and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 76–77)
What This Means (2025 FDD)
According to Jersey Mike's 2025 Franchise Disclosure Document, the consolidated financial statements include balance sheets as of December 31, 2024, and 2023. The statements of operations, comprehensive income, changes in deficit, and cash flows are provided for the years ended December 31, 2024, 2023, and 2022. This provides a three-year financial history for Jersey Mike's.
This three-year overview allows prospective franchisees to analyze trends in Jersey Mike's financial performance. Reviewing multiple years helps to identify whether the brand's revenue, expenses, and profitability are stable, growing, or declining. This information is crucial for assessing the financial health and stability of the franchisor.
The independent auditor's report expresses an opinion on the fairness of the presentation of Jersey Mike's financial position as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in accordance with accounting principles generally accepted in the United States of America. This opinion adds credibility to the financial statements, as an independent firm has reviewed and attested to their accuracy and compliance with standard accounting practices.
Notes to the financial statements provide additional details and explanations of the figures presented in the primary financial statements. These notes, dated as of December 31, 2024 and 2023, and for the years then ended December 31, 2024, 2023, and 2022, offer insights into Jersey Mike's accounting policies, business operations, and any significant transactions or events that may impact the company's financial performance. Reviewing these notes is essential for a comprehensive understanding of the franchisor's financial condition.