What periods are covered by the consolidated financial statements for Precision Door Service?
Precision_Door_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
company management services, interest and royalties.
Notes to Consolidated Financial Statements ($000's)
The Company has both the intent and ability to reinvest foreign earnings, therefore deferred tax liabilities have not been recorded on either unremitted earnings, components of other comprehensive income, or applicable foreign withholding taxes.
10. Related Party Transactions
On September 1, 2021, a Monitoring Agreement was entered into with Kohlberg Kravis Roberts & Co and Harvest Partners under which the Company will pay certain fees and expenses under the terms of the Monitoring Agreement. For the years ended December 31, 2024 and 2023, the Company recognized management and board fees and expenses of $3,641 and $4,638, respectively, in the Management and board fees and expenses line item in the Company's consolidated statements of operations. Additionally, the Company paid $750 to a related party in the year ended December 31, 2024 for services related to the 2024 VFN Facility. These costs are included in general and administrative expenses on the Consolidated Statement of Operations.
11. Contingencies
The Company is engaged in various legal proceedings incidental to its normal business activities. Management has determined that it is not probable that the Company has incurred any loss contingencies as defined in FASB ASC Topic 450, Contingencies*.* Accordingly, no liabilities have been accrued for these matters as of December 31, 2024 and 2023.
Source: Item 21 — Financial Statements (FDD page 91)
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, Precision Door Service's financial statements include specific references to financial data from the years 2022 and 2023. For example, the company recognized fees and expenses of $4,638 for the period ending December 31, 2023, and $5,747 for the period ending December 31, 2022, related to a Monitoring Agreement. Depreciation expense was $20,219 for the year ended December 31, 2023, and $13,946 for the year ended December 31, 2022.
Additionally, the deferred revenue recognized from January 1, 2023, through December 31, 2023, was $20,133, while the deferred revenue recognized from January 1, 2022, through December 31, 2022, was $12,893. The company also states that no liabilities have been accrued for loss contingencies as of December 31, 2023, and 2022. Company contributions recognized totaled $2,599 for the year ended December 31, 2023, and $2,261 for the year ended December 31, 2022 for the employee 401K plan.
These figures indicate that the consolidated financial statements likely provide a comparative analysis of the company's financial performance over these two years. A prospective franchisee can review these figures to understand the financial health and trends within Precision Door Service. Reviewing these figures will allow a franchisee to understand the financial health and trends within Precision Door Service.