$JMKE

Jersey Mike's Subs Inc.

CIK:0002127043|SEC Filings

Condensed Consolidated Statements of Operations - Jersey Mike's Holdco, LLC And Subsidiaries - USD ($) $ in Millions		3 Months Ended		5 Months Ended	6 Months Ended
	Jan. 15, 2025	Jun. 28, 2026	Jun. 29, 2025	Jun. 29, 2025	Jun. 28, 2026
Total revenues	$ 28	$ 208	$ 189	$ 328	$ 393
Operating expenses:
General and administrative expenses	19	66	34	73	144
Advertising expenses	8	54	41	85	115
Depreciation and amortization	0	25	25	46	51
Company-owned stores expenses	1	11	8	14	19
Total operating expenses	28	156	108	218	329
Gain on sale of company-owned stores	0	14	0	0	14
Operating income	0	66	81	110	78
Interest income	(1)	(2)	(2)	(5)	(3)
Interest expense	5	31	24	42	61
Loss on debt extinguishment	0	0	0	0	7
Income (loss) before income tax expense	(4)	37	59	73	13
Income tax expense	0	0	0	0	0
Net income (loss)	(4)	37	59	73	13
Total comprehensive income (loss)	(4)	37	59	73	13
Royalties and other revenues
Total revenues	19	138	124	216	260
Advertising revenue
Total revenues	7	57	54	94	108
Company-owned stores sales
Total revenues	$ 2	$ 13	$ 11	$ 18	$ 25

Condensed Consolidated Statements of Cash Flows - Jersey Mike's Holdco, LLC And Subsidiaries - USD ($) $ in Millions		5 Months Ended	6 Months Ended
	Jan. 15, 2025	Jun. 29, 2025	Jun. 28, 2026
Cash flows from operating activities:
Net income (loss)	$ (4)	$ 73	$ 13
Adjustments to reconcile net income (loss) to cash provided  by (used in) operating activities:
Depreciation and amortization	0	46	51
Amortization of debt discount and deferred financing costs	0	8	6
Gain on sale of company-owned stores	0	0	(14)
Loss on debt extinguishment	0	0	7
Equity-based compensation expense	0	0	6
Lease-related exit costs	0	0	6
Changes in operating assets and liabilities
Accounts receivable, net	4	4	1
Prepaid expenses and other assets	(3)	(3)	1
Accounts payable, accrued expenses, and other liabilities	3	4	27
Payment of assumed transaction bonus liability	0	(411)	0
Other, net	0	2	1
Net cash provided by (used in) operating activities	0	(277)	105
Cash flows from investing activities:
Purchases of property and equipment	0	(4)	(1)
Capitalized software development costs	0	(3)	(3)
Repayment of notes receivable	5	2	2
Acquisition of franchised stores	0	0	(23)
Proceeds from sale of company-owned stores	0	0	18
Net cash provided by (used in) investing activities	5	(5)	(7)
Cash flows from financing activities:
Proceeds from issuance of securitization debt	0	0	760
Payments on long-term debt	0	(8)	(746)
Debt issuance costs	0	(1)	(15)
Members’ distributions, net	14	(134)	(78)
Net cash provided by (used in) financing activities	14	(143)	(79)
Net increase (decrease) in cash, cash equivalents, and restricted cash	19	(425)	19
Cash, cash equivalents, and restricted cash at beginning of the year	843	572	246
Cash, cash equivalents, and restricted cash at end of the period	862	147	265
Supplemental cash flow information:
Cash paid for interest	$ 0	$ 18	$ 53

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($)	Jun. 28, 2026	Feb. 24, 2026
Current assets:
Cash	$ 1	$ 1
Total assets	1	1
Liabilities and Stockholders’ equity
Total liabilities	0	0
Commitments and contingencies (Note 9)
Stockholders’ equity
Total stockholders’ equity	1	1
Total liabilities and members’ equity	1	1
Common Class A
Stockholders’ equity
Share capital	0	0
Common Class B
Stockholders’ equity
Share capital	$ 1	$ 1