Carvel

The disclosure score is the share of franchised outlets that operated during the reporting period (Item 20 base) that the franchisor actually included in its Item 19 financial performance representation. A higher share means the reported revenue figures reflect more of the real system.

It measures how much of the franchised system that actually operated during the reporting period was disclosed in the Item 19 financial performance representation. It is a disclosure-breadth measure of top-line revenue coverage, not a measure of business quality, profitability, or returns.

0% is a measured finding: a franchised base operated and none of it was disclosed in Item 19. A no-disclosure flag means the franchisor made no Item 19 financial performance representation at all - there is no sample to score, but the total absence of disclosed financials is itself flagged as a material gap for a prospective buyer rather than treated as a neutral non-event. n/a means there was genuinely nothing to score for a benign reason - no franchised base had completed the period yet, the franchised revenue was disclosed on a grain that cannot be mapped to individual outlets, or the underlying data was not retrievable from the source. A coverage figure that blends geographies is shown exactly as computed - our unit base now covers all geographies the FDD disclosed, and any residual mismatch is noted in the scoring-confidence footnote. If coverage computes above 100%, a sign the two counts are still not like-for-like, the raw figure is displayed with a caution flag and marked low confidence for review, never clamped or hidden.