Earnings Claims of Top Franchises Revealed

Earnings Claims of Top Franchises Revealed

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FDD Talk 2014: Our Latest Views on School of Rock’s Average Annual Gross Revenue and Student Enrollment

by Franchise Chatter on June 25, 2014

in Franchise Earnings, Music Education Franchise



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School of Rock 2

Highlights of School of Rock’s Item 19 Financial Performance Representations (2014 FDD)

  • The table below provides the average annual Gross Revenue for 16 company-owned School of Rock businesses and 68 franchised School of Rock businesses (the “Designated Schools”).
  • “Company-owned” refers to the School of Rock businesses owned and operated by the franchisor’s affiliate, School of Rock, LLC.
  • The Designated Schools only include those company-owned and franchised School of Rock businesses that were open during the 18-month period from July 1, 2012 to December 31, 2013. The Designated Schools do not include two franchised School of Rock businesses and one company-owned School of Rock business that had been open for 18 months, but closed during the 18-month reporting period.
  • Three company-owned businesses that were sold by School of Rock to franchisees during the 18-month period are included below as “franchised” locations.
  • The Designated Schools all operate under the name “School of Rock” and conduct a business similar to the type of business that you will operate.
  • The table below also provides the average student enrollment at each of the Designated Schools as of January 1, 2013 and December 31, 2013. School of Rock also provides the average percentage increase in enrollment during that time period.
  • Gross Revenue means all revenue generated at, from, or in connection with the operation of the School, including from sales of all products and services conducted at, from, or with respect to the Designated School. Gross Revenue does not include the sale of products or services for which refunds have been made in good faith to customers, discounts, the sale of equipment or furnishings used in the operation of the School, or any sales taxes or other taxes you collect from customers and pay directly to the appropriate taxing authority.
  • School of Rock includes gift certificate, gift card, or similar program payments in Gross Revenue when the gift certificate, gift card, other installment, or applicable credit is redeemed.
  • Student enrollment figures are based on the total number of enrolled students as of January 1, 2013 and December 31, 2013 respectively.
  • The number of company-owned Designated Schools that attained or exceeded the average annual Gross Revenue figure for 2013 was 7 (44%).
  • The number of company-owned Designated Schools that attained or exceeded the average student enrollment figure as of January 1, 2013 was 9 (56%) and as of December 31, 2013 was 6 (38%).
  • The number of company-owned Designated Schools that attained or exceeded the average percentage increase in total enrollment in 2013 was 8 (50%). Four of the company-owned Designated Schools had a decrease in total enrollment in 2013.
  • The number of franchised Designated Schools that attained or exceeded the average annual Gross Revenue figure for 2013 was 31 (46%).
  • The number of franchised Designated Schools that attained or exceeded the average student enrollment figure as of January 1, 2013 was 30 (44%) and as of December 31, 2013 was 30 (44%).
  • The number of franchised Designated Schools that attained or exceeded the average percentage increase in total enrollment in 2013 was 30 (44%). Sixteen of the franchised Designated Schools had a decrease in total enrollment in 2013.
  • To make the financial performance representations in Item 19, School of Rock relied on the Gross Revenue and student enrollment information collected through its billing and accounting system. School of Rock has not audited or verified this information.

Company-Owned



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