What was the total amount of Aplus's credit facility repayments in 2022?
Aplus Franchise · 2024 FDDAnswer from 2024 FDD Document
e | 394 | | Balance at December 31, 2023 | $ 978 | | | |
The accompanying notes are an integral part of these consolidated financial statements.
Year Ended December 31,
SUNOCO LP CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| OPERATING ACTIVITIES: | |||
| Net income | $ 394 | $ 475 | $ 524 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and accretion | 187 | 193 | 177 |
| Amortization of deferred financing fees | 8 | 7 | 7 |
| Gain on disposal of assets | (7) | (13) | (14) |
| Loss on extinguishment of debt | — | — | 36 |
| Non-cash unit-based compensation expense | 17 | 14 | 16 |
| Deferred income tax | 13 | 28 | 10 |
| Inventory adjustments | 114 | (5) | (190) |
| Equity in earnings of unconsolidated affiliates | (5) | (4) | (4) |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable | 34 | (312) | (231) |
| Receivables from affiliates | (5) | (3) | (1) |
| Inventories | (182) | (172) | 38 |
| Other assets | 47 | (94) | (95) |
| Accounts payable | (101) | 390 | 296 |
| Accounts payable to affiliates | 61 | 50 | (20) |
| Accrued expenses and other current liabilities | 43 | — | 9 |
| Other non-current liabilities | (18) | 7 | (15) |
| Net cash provided by operating activities | 600 | 561 | 543 |
| INVESTING ACTIVITIES: | |||
| Capital expenditures | (215) | (186) | (174) |
| Distributions from unconsolidated affiliates in excess of cumulative earnings | 9 | 8 | 9 |
| Cash paid for acquisitions, net of cash acquired | (111) | (318) | (256) |
| Proceeds from disposal of property and equipment | 31 | 32 | 34 |
| Other | (2) | — | — |
| Net cash used in investing activities | (288) | (464) | (387) |
| FINANCING ACTIVITIES: | |||
| Senior Notes borrowings | 500 | — | 800 |
| Senior Notes repayments | — | — | (1,252) |
| Credit Facility borrowings | 3,283 | 4,127 | 1,922 |
| Credit Facility repayments | (3,772) | (3,808) | (1,341) |
| Loan origination costs | (5) | — | — |
| Cash distribution to unitholders, including incentive distributions | (371) | (359) | (357) |
| Net cash used in financing activities | (365) | (40) | (228) |
| Net increase (decrease) in cash and cash equivalents | (53) | 57 | (72) |
| Cash and cash equivalents at beginning of period | 82 | 25 | 97 |
| Cash and cash equivalents at end of period | $ 29 | $ 82 | $ 25 |
| Year Ended December 31, | |||
| 2023 | 2022 | 2021 | |
| SUPPL |
Source: Item 22 — CONTRACTS (FDD page 68)
What This Means (2024 FDD)
According to Aplus's 2024 Franchise Disclosure Document, the company made $3,808 million in credit facility repayments during the year 2022. This figure reflects the total amount of principal repaid on the company's revolving credit facility during that year.
For a prospective Aplus franchisee, understanding these figures is crucial for assessing the financial health and stability of the franchisor. Large repayments indicate a strong cash flow and the ability to manage debt effectively. However, it's also important to consider the context of these repayments, such as the overall debt level and the company's growth strategy.
It is important to note that these repayments are part of Aplus's broader financing activities, which also include borrowings and other debt-related transactions. Reviewing the complete cash flow statement provides a more comprehensive view of the company's financial management. Franchisees should also inquire about the terms and conditions of the credit facility to fully understand the implications for Aplus's financial flexibility and future growth.