Does the Aplus FDD include a balance sheet for Sunoco LP?
Aplus Franchise · 2024 FDDAnswer from 2024 FDD Document
| Report of Independent Registered Public Accounting Firm (PCAOB ID Number 248) | F-2 |
|---|---|
| Consolidated Balance Sheets | F-4 |
| Consolidated Statements of Operations and Comprehensive Income | F-5 |
| Consolidated Statements of Equity | F-6 |
| Consolidated Statements of Cash Flows | F-7 |
| Notes to Consolidated Financial Statements | F-8 |
| 1.Organization and Principles of Consolidation | F-8 |
| 2. Summary of Significant Accounting Policies | F-8 |
| 3. Acquisitions and Divestitures | F-13 |
| 4. Accounts Receivable, net | F-14 |
| 5. Inventories, net | F-14 |
| 6. Property and Equipment, net | F-15 |
| 7. Goodwill and Other Intangible Assets | F-15 |
| 8. Accrued Expenses and Other Current Liabilities | F-16 |
| 9. Long-Term Debt | F-17 |
| 10. Other Non-Current Liabilities | F-18 |
| 11. Related-Party Transactions | F-19 |
| 12. Revenue | F-19 |
| 13. Commitments and Contingencies | F-22 |
| 14. Assets Under Operating Leases | F-24 |
| 15. Interest Expense, net | F-25 |
| 16. Income Tax Expense | F-25 |
| 17. Partners' Capital | F-26 |
| 18. Unit-Based Compensation | F-28 |
| 19. Segment Reporting | F-28 |
| 20. Net Income per Common Unit | F-30 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors of Sunoco GP LLC and Unitholders of Sunoco LP
Opinion on the financial statements
We have audited the accompanying consolidated balance sheets of Sunoco LP (a Delaware limited partnership) and subsidiaries (the "Partnership") as of December 31, 2023 and 2022, the related consolidated statements of operations and comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 68)
What This Means (2024 FDD)
According to Aplus's 2024 Franchise Disclosure Document, the document includes the consolidated balance sheets of Sunoco LP and its subsidiaries as of December 31, 2023, and 2022. The FDD also contains the related consolidated statements of operations and comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes. An independent registered public accounting firm has audited these financial statements and has expressed an opinion that they present fairly the financial position of the Partnership as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
The inclusion of these audited financial statements provides prospective Aplus franchisees with detailed insight into the financial health and performance of Sunoco LP. This allows potential franchisees to assess the financial stability of the parent company and understand how it has performed over the past three years. The balance sheets offer a snapshot of the company's assets, liabilities, and equity at specific points in time, while the statements of operations, equity, and cash flows reveal how the company has generated revenue, managed its capital, and utilized cash.
The audit by an independent accounting firm adds credibility to the financial statements, as it confirms that they have been prepared in accordance with generally accepted accounting principles (GAAP) and that they fairly represent the company's financial position and performance. This can give prospective franchisees confidence in the accuracy and reliability of the financial information provided. The report also confirms that the Partnership's internal control over financial reporting as of December 31, 2023, is based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"), and an unqualified opinion was expressed.