{"id":21159,"date":"2026-08-22T13:37:33","date_gmt":"2026-08-22T04:37:33","guid":{"rendered":"https:\/\/tomorrowaccess.com\/?page_id=21159"},"modified":"2026-10-27T14:19:13","modified_gmt":"2026-10-27T05:19:13","slug":"jersey-mikes-bonus-2026","status":"publish","type":"page","link":"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/jersey-mikes-bonus-2026","title":{"rendered":"The company was profitable. $210 million of cash flowed out of the core business. The line that explains the gap is not on the income statement"},"content":{"rendered":"<style>html,body{max-width:100vw !important;overflow-x:hidden !important;}main,main>.entry-content,main>.wp-block-post-content,main>.wp-block-post-content.is-layout-constrained,main>.wp-block-post-content.is-layout-constrained>*,main .wp-block-group,main .wp-block-post-content{max-width:100% !important;padding-left:0 !important;padding-right:0 !important;margin-left:0 !important;margin-right:0 !important;}main#wp--skip-link--target{padding:0 !important;margin-top:0 !important;max-width:100% !important;}@media (max-width:720px){h1,h2,h3,p,li,td,th,div,a{word-break:normal !important;line-break:auto !important;overflow-wrap:anywhere !important;}}main .wp-block-post-content>.alignfull{margin-left:calc(-1*var(--wp--style--root--padding-left,20px)) !important;margin-right:calc(-1*var(--wp--style--root--padding-right,20px)) !important;max-width:none !important;width:auto !important;}<\/style>\n<div class=\"alignfull\" style=\"background:#fafafa;width:100%;\">\n<div style=\"max-width:1000px;margin:0 auto;padding:80px 20px 0;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;\"><a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\" style=\"text-decoration:none;color:inherit;display:block;\"><\/p>\n<div style=\"text-align:left;margin-bottom:40px;\">\n<div style=\"width:100%;height:5px;background:#1a1a1a;\"><\/div>\n<div style=\"margin-top:26px;font-family:'Hiragino Mincho ProN','Yu Mincho',serif;font-size:32px;font-weight:700;color:#1a1a1a;letter-spacing:0.04em;line-height:1;margin-bottom:14px;word-break:keep-all;line-break:strict;\">S-1 <span style=\"color:#daa241;\">Journal<\/span><\/div>\n<div style=\"display:flex;align-items:center;flex-wrap:wrap;gap:14px;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;margin-bottom:26px;word-break:keep-all;line-break:strict;\"><span style=\"font-size:11px;letter-spacing:0.18em;color:#1a1a1a;font-weight:700;min-width:0;box-sizing:border-box;\">S-1 EXPLAINED \u00b7 TEN QUESTIONS<\/span><span style=\"font-size:11px;color:#ccc;\">|<\/span><span style=\"font-size:12px;letter-spacing:0.04em;color:#666;font-weight:400;min-width:0;box-sizing:border-box;\">The IPO filing, read on the facts alone<\/span><\/div>\n<div style=\"width:100%;height:1px;background:#daa241;\"><\/div>\n<\/div>\n<p><\/a><\/div>\n<div style=\"font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;color:#1a1a1a;word-break:keep-all;line-break:strict;overflow-wrap:anywhere;max-width:720px;margin:0 auto;padding:8px 20px 0;\">\n<p style=\"font-size:12px;letter-spacing:0.25em;font-weight:700;color:#daa241;margin:0 0 14px;\">BREAKING \u00b7 ANSWER KEY<\/p>\n<h1 style=\"font-family:'Hiragino Mincho ProN','Yu Mincho',serif;font-size:clamp(26px,5vw,38px);font-weight:700;line-height:1.55;margin:0 0 18px;word-break:keep-all;line-break:strict;\">The company was profitable. $210 million of cash flowed out of the core business. The line that explains the gap is not on the income statement<\/h1>\n<p style=\"font-size:13px;color:#666;letter-spacing:0.04em;margin:0 0 44px;\">August 21, 2026 \u00b7 NYSE listing, ticker JMKE (first trade July 30) \u00d7 424B4<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">On July 30, 2026, Jersey Mike&#8217;s listed on the New York Stock Exchange. Going public also means putting the financial statements for the year it was acquired somewhere strangers can read them.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">Two numbers in those statements do not fit together.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">For the period from January 16 to December 28, 2025, the company reported net income of $59 million. Total revenues were $696 million and operating income $151 million. Over that same period, cash used in operating activities was $210 million. Cash was flowing out of the core business of a company that was making money.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">Read down the operating section of the cash flow statement and one line turns the sign around. &#8220;Payment of assumed transaction bonus liability.&#8221; The amount is negative $411 million.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">Start from net income of $59 million, add back the non-cash items such as $96 million of depreciation and amortization, work through the changes in working capital, and the running total just before that line is positive $198 million. Then $411 million is subtracted, and after one last adjustment it lands at negative $210 million.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">So where does the $411 million appear as an expense?<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">It does not appear on the income statement. The prospectus says so. The transaction bonuses of $411 million the founder paid in 2025 &#8220;were not included in our Consolidated Statement of Operations.&#8221;<\/p>\n<figure style=\"margin:44px 0;\"><img decoding=\"async\" src=\"https:\/\/tomorrowaccess.com\/wp-content\/uploads\/2026\/08\/jersey-mikes-figure-answercheck-bonus-fig1-split-en-pc.png\" alt=\"The income statement and the operating section of the cash flow statement for the post-acquisition period, January 16 to December 28, 2025, side by side. Income statement: total revenues $696 million, operating income $151 million, net income $59 million. Cash flow statement: a running total of plus $198 million before this line, payment of assumed transaction bonus liability of minus $411 million, other adjustments of plus $3 million, and net cash used in operating activities of minus $210 million\" style=\"display:block;width:100%;height:auto;border:1px solid #e6e6e6;\"\/><\/figure>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">What happened is set out in the notes to the financial statements. On January 16, 2025, a buyer controlled by affiliates of Blackstone acquired a majority of the company, in what the prospectus calls the Sponsor Acquisition. In connection with it, a one-time discretionary transaction bonus of $411 million was paid to employees, officers, and contractors. The prospectus says the bonus was included within the liabilities the company assumed. The company facilitated the payment through its own payroll shortly after the acquisition date. At the discretion of the Seller, the prospectus says. That Seller is Original 56ers, Inc., formerly named Jersey Mike&#8217;s Inc., which the prospectus describes as a corporation controlled by the founder. In the management discussion of the financials, the same $411 million is called transaction bonuses paid by the founder.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">Settling an assumed liability shows up on the cash flow statement rather than the income statement. The prospectus states that the transaction bonus &#8220;is reflected as an operating cash outflow during the Successor period on the Company&#8217;s Consolidated Statement of Cash Flows.&#8221; Look at the purchase price allocation and the $411 million sits on the liabilities-assumed side, as &#8220;Transaction bonus payable and other transaction accrued expenses.&#8221; It is not that the amount went unrecorded. It did not appear on the income statement.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">Set the amount against the revenue of the same period. Total revenues were $696 million. The $411 million is roughly 60% of that (my calculation). Cash equal to 60% of that period&#8217;s revenue left the company through payroll without being recorded as an expense.<\/p>\n<figure style=\"margin:44px 0;\"><img decoding=\"async\" src=\"https:\/\/tomorrowaccess.com\/wp-content\/uploads\/2026\/08\/jersey-mikes-figure-answercheck-bonus-fig2-scale-en-pc.png\" alt=\"Total revenues of $696 million for the same period against the $411 million payment of assumed transaction bonus liability. The $411 million is about 60% of revenues, calculated from the disclosed amounts\" style=\"display:block;width:100%;height:auto;border:1px solid #e6e6e6;\"\/><\/figure>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">The prospectus has a name for this kind of spending. &#8220;On-the-line.&#8221; The term appears in quotation marks in exactly two places in the document, and it is never defined. The other one is tied to the same acquisition: a $120 million success fee the company paid on the acquisition date, which the prospectus says was recorded as an expense &#8220;in neither the Predecessor nor Successor periods.&#8221;<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">The company is not hiding this $411 million. It presents it as something that will not repeat. In connection with the acquisition, the prospectus says, it identified certain historical expenses that are a legacy of its operations as a private, founder-led organization. Those expenses, it says, are not essential to or indicative of its future operations, and it does not expect them to recur in periods following this offering. What they mainly consist of are large, founder-directed discretionary bonuses and charitable donations: $112 million in 2023, $192 million in 2024, and $11 million in fiscal 2025. The $11 million for fiscal 2025 arose before the acquisition, between January 1 and January 15; in the reconciliation table, the columns for the post-acquisition period show none. The $411 million transaction bonus is listed separately from these. And the prospectus also says that, absent this bonus and the related items, cash provided by operating activities increased by $26 million from the prior year.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">If you judge a company from one statement alone, this year splits in two. The income statement shows a company making money. The cash flow statement shows a company where a single line took out an amount equal to 60% of the period&#8217;s revenue, leaving operating cash at negative $210 million. Both are pictures of the same company over the same period. What makes them differ is not performance but the rule about which statement carries that spending.<\/p>\n<h2 style=\"font-size:22px;font-weight:700;border-left:5px solid #daa241;padding-left:14px;line-height:1.5;margin:64px 0 24px;word-break:keep-all;line-break:strict;\">What does the company that came out of the acquisition year earn from?<\/h2>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;word-break:keep-all;line-break:strict;\">That was the cash that passed through the company&#8217;s account in the year it was acquired. But how is the company that came out of it built to earn? The royalties collected across a network of 3,300 stores, nearly all of which are franchised; the securitization that borrows against intellectual property such as trademarks and software, and against the franchise agreements themselves; and the two-tier structure that keeps a majority of the voting power in the election of directors with Blackstone, above the listed company. At S-1 Journal we read the registration statement Jersey Mike&#8217;s filed itself, through ten questions. Continue here.<\/p>\n<div style=\"border:1px solid #e6e6e6;background:#ffffff;padding:30px;margin:24px 0 0;text-align:center;\"><a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/jersey-mikes-2026\" style=\"display:inline-block;background:#daa241;color:#ffffff;padding:16px 40px;font-size:15px;font-weight:700;text-decoration:none;letter-spacing:0.08em;\">Jersey Mike&#8217;s in ten questions (S-1 Journal) \u2192<\/a><\/div>\n<p style=\"margin:24px 0 0;text-align:center;\"><a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\" style=\"color:#daa241;font-size:15px;font-weight:700;text-decoration:none;letter-spacing:0.04em;\">\u2190 S-1 Journal home<\/a><\/p>\n<p><!--s1nl--><\/p>\n<div class=\"s1-nl\" id=\"s1nl-en\" style=\"max-width:680px;margin:70px auto 0;padding:30px;border:1px solid #e6e6e6;background:#ffffff;font-family:'Helvetica Neue', Helvetica, Arial, 'Hiragino Kaku Gothic ProN', '\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3', 'Noto Sans JP', 'Yu Gothic', sans-serif;word-break:keep-all;line-break:strict;box-sizing:border-box;\">\n<p style=\"font-size:12px;letter-spacing:0.25em;font-weight:700;color:#daa241;margin:0 0 10px;\">S-1 JOURNAL NEWSLETTER<\/p>\n<div style=\"font-size:20px;font-weight:700;line-height:1.6;color:#1a1a1a;margin:0 0 10px;\">When the next S-1 drops, get the reality check.<\/div>\n<p style=\"font-size:14px;line-height:1.8;color:#333333;margin:0 0 20px;\">Event-driven S-1 breakdowns and new deep dives, delivered free by email. 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Unsubscribe anytime.<\/p>\n<form action=\"https:\/\/tomorrowaccess.com\/wp-json\/s1\/v1\/waitlist\" method=\"post\" onsubmit=\"return s1nlSubmit_en(this)\" style=\"display:flex;gap:10px;flex-wrap:wrap;margin:0;\"><input type=\"hidden\" name=\"source\" value=\"s1nl-en-nojs\"><input type=\"email\" name=\"email\" required placeholder=\"Your email\" style=\"flex:1;min-width:200px;padding:13px 16px;font-size:15px;font-family:inherit;border:1px solid #e6e6e6;background:#fafafa;color:#000000;border-radius:0;box-sizing:border-box;\"><button type=\"submit\" style=\"background:#daa241;color:#ffffff;border:0;border-radius:0;padding:13px 28px;font-size:14px;font-weight:700;letter-spacing:0.08em;font-family:inherit;cursor:pointer;\">Subscribe free<\/button><\/form>\n<p style=\"font-size:11px;color:#999999;line-height:1.7;margin:10px 0 0;\">By subscribing you agree to receive emails from S-1 Journal.<\/p>\n<p><script>function s1nlSubmit_en(f){var b=f.querySelector(\"button\");b.disabled=true;var em=(f.querySelector(\"input[type=email]\").value||\"\").trim();fetch(f.action,{method:\"POST\",headers:{\"Content-Type\":\"application\/json\"},body:JSON.stringify({email:em,source:location.pathname})}).then(function(r){return r.json()}).then(function(j){if(j&&j.ok){document.getElementById(\"s1nl-en\").innerHTML=\"<\/p>\n<p style=\\\"font-size:16px;font-weight:700;color:#1a1a1a;margin:0;\\\">\u2713 You're in. See you at the next S-1.<\/p>\n<p>\";}else{b.disabled=false;alert(\"Something went wrong. Please try again later.\");}}).catch(function(){b.disabled=false;alert(\"Something went wrong. Please try again later.\");});return false;}<\/script><\/div>\n<p><!--\/s1nl--><\/p>\n<div class=\"s1-x-follow\" style=\"max-width:680px;margin:30px auto 0;padding:0;text-align:center;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;font-size:14px;line-height:1.8;letter-spacing:0.04em;color:#666666;word-break:normal;overflow-wrap:break-word;line-break:strict;\">Filing-day updates on X: <a href=\"https:\/\/x.com\/S1Journal_EN\" target=\"_blank\" rel=\"noopener\" style=\"color:#daa241;border-bottom:1px solid #daa241;text-decoration:none;\">@S1Journal_EN<\/a><\/div>\n<div style=\"border-top:1px solid #e6e6e6;margin:56px 0 0;padding:20px 0 48px;\">\n<p style=\"font-size:12px;color:#888;line-height:1.8;margin:0;word-break:keep-all;line-break:strict;\">This article is based on the prospectus Jersey Mike&#8217;s Subs Inc. filed with the SEC on July 31, 2026 (Form 424B4, prospectus dated July 29, 2026), its Form 8-A12B and NYSE listing certification (both filed July 30, 2026), and its Form 8-K (filed August 4, 2026). The net income, total revenues, operating income and cash used in operating activities in this article all refer to the post-acquisition period from January 16 to December 28, 2025, and their scope differs from the quarterly and pre-acquisition figures the company discloses separately. The store count is 3,300 as of March 29, 2026; the yearly expense figures are for the years stated in the text. &#8220;Roughly 60%&#8221; and &#8220;positive $198 million before this line&#8221; are calculated from the individual lines disclosed in the prospectus. Cash used in operating activities is not the change in cash itself: over the same period, cash, cash equivalents and restricted cash fell from $572 million to $246 million. The &#8220;$26 million increase from the prior year&#8221; is the prospectus&#8217;s own full-year-to-full-year comparison. Statements about accounting treatment all rest on the prospectus&#8217;s own explanation and express no judgment as to whether that treatment is right. Share prices after the listing are outside the scope of this article, and nothing here is a recommendation to buy or sell any security.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>S-1 Journal S-1 EXPLAINED \u00b7 TEN QUESTIONS|The IPO filing, read on the facts alone BREAKING \u00b7 ANSWER KEY The co [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":24363,"parent":20744,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"Jersey Mike's transaction bonus","_yoast_wpseo_title":"The $411 million that never touched the income statement %%sep%% %%sitename%%","_yoast_wpseo_metadesc":"Jersey Mike's reported $59M of net income for 2025 and used $210M of cash in operations. 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