As of December 31, 2024, are the Noodles & Company balance sheets audited?
Noodles_Company Franchise · 2025 FDDAnswer from 2025 FDD Document
The following consolidated financial statements of Noodles & Company are attached to this disclosure document as Exhibit F: Audited consolidated balance sheets of Noodles & Company as of December 31, 2024 and January 2, 2024 and the related consolidated statements of operations, stockholders' equity and cash flows for each of the three years ended December 31, 2024, January 2, 2024, and January 3, 2023.
To the Shareholders and the Board of Directors of Noodles & Company
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Noodles & Company (the Company) as of December 31, 2024 and January 2, 2024, the related consolidated statements of operations, stockholders' equity (deficit) and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and January 2, 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 97–98)
What This Means (2025 FDD)
According to Noodles & Company's 2025 Franchise Disclosure Document, the consolidated balance sheets as of December 31, 2024, have been audited. The FDD includes as Exhibit F the audited consolidated balance sheets for Noodles & Company as of December 31, 2024, and January 2, 2024. These audits also incorporate the related consolidated statements of operations, stockholders' equity, and cash flows for each of the three years leading up to December 31, 2024.
The inclusion of audited financial statements provides potential franchisees with an added level of assurance regarding the financial health and stability of Noodles & Company. An independent registered public accounting firm has reviewed these statements and provided an opinion on their fairness and conformity with U.S. generally accepted accounting principles.
The report from the independent accounting firm confirms that the audits were conducted according to the standards of the Public Company Accounting Oversight Board (PCAOB). These standards require the auditors to plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement. This process includes obtaining an understanding of internal control over financial reporting, though the auditors do not express an opinion on the effectiveness of the company's internal controls.